Commercial Refrigeration Equipment Market Is Projected To Garner Revenue Of $58.31 Billion By 2030

Commercial Refrigeration Equipment Industry Overview

The global commercial refrigeration equipment market size is estimated to reach USD 58.31 billion by 2030, registering an estimated CAGR of nearly 5.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major aspects driving the market growth are the increasing consumption of frozen foods and the significant expansion of the tourism and hospitality industries.

The worldwide outbreak of the COVID-19 crisis led to the establishment of stringent containment measures, resulting in a temporary halt in the manufacturing and shipment of commercial refrigeration equipment. However, the pandemic created a strong demand for vaccine production and storage, which triggered the demand for cold storage solutions to support the mass immunization program against the coronavirus. The accelerating usage of vaccine storage units is likely to propel the demand for transportation refrigeration equipment in the subsequent years.

Commercial Refrigeration Equipment Market Segmentation

Grand View Research has segmented the global commercial refrigeration equipment market based on product, application, system type, capacity, and region:

Based on the Product Insights, the market is segmented into Transportation Refrigeration Equipment, Refrigerators & Freezers, Beverage Refrigeration, Display Showcases, Ice Merchandisers & Ice Vending Equipment and Other Equipment.

• The refrigerators and freezers segment accounted for a revenue share of more than 24.0% in 2021 across the commercial refrigeration equipment market.
• This can be attributed to the worldwide expansion of the travel and tourism industry, leading to the opening of various food joints and restaurants.
• The beverage refrigeration segment is expected to record a CAGR of more than 5.0% over the forecast period owing to the increased deployment of medium-capacity beverage coolers for travelers and vacationers.

Based on the Application Insights, the market is segmented into Food Service, Food & Beverage Retail, Food & Beverage Distribution, Food & Beverage Production and Others.

• The food and beverage distribution segment is estimated to record a substantial CAGR of nearly 5.0% from 2022 to 2030.
• The ongoing developments in cold channel logistics for transporting temperature-sensitive items are positively impacting the segmental growth.
• The food service segment captured a revenue share of around 32.0% of the overall market in 2021.
• The sizable revenue share can be credited to the increasing trend of Quick-Service Restaurants (QSRs) and food trucks in the food service industry.

Based on the System Type Insights, the market is segmented into Self-contained and Remotely Operated.

• The self-contained segment held over 85.0% market share in 2021 on account of the rising product demand owing to its advantages such as easy and cost-effective installation and low maintenance and relocation costs of the appliances.
• Remotely operated refrigerators segment is expected to register a CAGR of close to 4% by 2030 with increasing adoption across the restaurants with limited kitchen space to reduce the heat produced by the refrigerators.

Based on the Capacity Insights, the market is segmented into Less than 50 cu. Ft, 50 to 100 cu. Ft and More than 100 cu. Ft.

• The 51 cu. Ft. to 100 cu. Ft. segment held a notable revenue share of around 48.0% in 2021, owing to the rising number of specialty food stores, hypermarkets, and supermarkets across the globe.
• The rapid adoption of reach-in refrigerators with a storage capacity of 50 cu. Ft to 75 cu. Ft in the commercial spaces is supporting the segment growth further.
• The less than 50 cu. Ft. segment captured a revenue share of nearly 30.0% of the overall market in 2021.

Commercial Refrigeration Equipment Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

The increased adoption of sustainable technology equipment has urged the major market players to launch new and enhanced product offerings to effectively cater to consumer demands.

Some prominent players in the Commercial Refrigeration Equipment market include

• AB Electrolux
• Ali Group S.r.l. a Socio Unico
• AHT Cooling Systems GmbH
• Carrier
• Daikin Industries, Ltd.
• Dover Corporation
• Hussmann Corporation
• Excellence Industries
• Hillphoenix, A Dover Company
• Illinois Tool Works Inc.
• Imbera
• Lennox International Inc.
• Metalfrio Solutions S.A.
• Minus Forty Technologies Corp.
• Ojeda Usa Inc.
• Panasonic Corporation
• Qingdao Hiron Commercial Cold Channel Co., Ltd.
• True Manufacturing Co., Inc.
• Victory Refrigeration
• Whirlpool Corporation
• Zero Zone, Inc.

Order a free sample PDF of the Commercial Refrigeration Equipment Market Intelligence Study, published by Grand View Research.