Global Commercial Refrigeration Equipment Market Outlook
Revenue, 2024
Forecast, 2034
CAGR, 2024 - 2034
Commercial refrigeration equipment includes a range of devices like fridges and freezers that are commonly used in settings such as food and beverage industries and pharmaceutical sectors to store perishable items safely for an extended period of time while maintaining their quality intact. One noticeable shift in the industry is the growing popularity of refrigeration systems that incorporate IoT technology for constant monitoring along with the surge in consumer interest towards frozen food items. Overall these tools play a role in ensuring the longevity and safety of products, across various sectors.
Market Key Insights
- The Commercial Refrigeration Equipment market is projected to grow from $43.8 billion in 2024 to $79.9 billion in 2034. This represents a CAGR of 6.2%, reflecting rising demand across Supermarkets & Hypermarkets, Food Service Industry and Food Processing Industry.
- Daikin Industries Ltd., United Technologies Corporation, Johnson Controls International Plc. are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Commercial Refrigeration Equipment market and are expected to observe the growth CAGR of 4.0% to 6.0% between 2024 and 2030.
- Emerging markets including Indonesia, Brazil and South Africa are expected to observe highest growth with CAGR ranging between 7.1% to 8.6%.
- Transition like Energy Efficiency Revolution is expected to add $5.3 billion to the Commercial Refrigeration Equipment market growth by 2030
- The Commercial Refrigeration Equipment market is set to add $36.1 billion between 2024 and 2034, with manufacturer targeting Food Service & Hotels and Hospitality End-Users projected to gain a larger market share.
- With Rising demand in food and beverage industry, and Technological advancements in commercial refrigeration equipment, Commercial Refrigeration Equipment market to expand 82% between 2024 and 2034.
Opportunities in the Commercial Refrigeration Equipment
The evolving demands of customers offer an opportunity for growth in the Commercial Refrigeration Equipment sector with a rising preference for eco friendly refrigeration options and advanced functionalities like remote monitoring and control becoming more prevalent, among consumers today.
Growth Opportunities in North America and Asia-Pacific
North America Outlook
North America holds a position in the commercial refrigeration equipment market with a strong focus on the United States market specifically. The regions expansion is primarily influenced by the thriving food and beverage sector that demands modern refrigeration options. Notable industry giants like Carrier Corporation and Johnson Controls contribute to the environment, in this market. Despite the scenario created by these key players there are chances for businesses to thrive through technological progress and unique product offerings. The strict energy efficiency rules in the region also boost the need, for commercial refrigeration equipment that saves energy.
Asia-Pacific Outlook
In the Asia Pacific region – particularly driven by China and India – there is an increase in the need for commercial refrigeration devices due to factors like fast urban growth and rising incomes along with the expansion of retail businesses playing a crucial role here. Competition between global brands is intense in this market as they strive to provide affordable and cutting edge solutions to consumers. The flourishing food service sector in the region and the rising demand for cold storage facilities create prospects, for manufacturers of commercial refrigeration equipment.
Market Dynamics and Supply Chain
Driver: Rising Demand in Food and Beverage Industry, and Stringent Government Regulations
The market is also seeing an expansion as a result of technological progress in Commercial Refrigeration Equipment field. The emergence of energy saving and environmentally friendly refrigeration systems equipped with functionalities such as self defrost mechanisms, temperature supervision and digital controls are also predicted to propel market advancement. These innovations are also especially advantageous, for commercial uses where energy usage and operational effectiveness hold significant importance.
Restraint: High Energy Consumption
Opportunity: Technological Innovations and Untapped Markets
Numerous unexplored market opportunities exist in developing nations where the need for Commercial Refrigeration Equipment is projected to rise. The rapid expansion of areas along, with the growth of the retail industry and increased consumer expenditures are key factors fuel ing this demand. Entities able to enter these markets stand to gain a competitive edge.
Challenge: High Initial Investment
Supply Chain Landscape
ArcelorMittal
Nucor Corporation
Emerson Electric
Johnson Controls
Daikin Industries
United Technologies Corporation
Hussmann Corporation
Carrier Corporation
ArcelorMittal
Nucor Corporation
Emerson Electric
Johnson Controls
Daikin Industries
United Technologies Corporation
Hussmann Corporation
Carrier Corporation
Applications of Commercial Refrigeration Equipment in Supermarkets & Hypermarkets, Food Service & Food Processing
Supermarkets and large retail stores heavily rely on refrigeration units for storing perishable items such as dairy products and frozen foods in multi level display fridges and chest freezers to maintain their freshness and quality for a longer period of time. Companies, like Carrier Corporation and Daikin Industries stand out in this industry for offering energy high capacity refrigeration solutions that cater to the needs of these establishments.
In the food service sector such as restaurants and cafes and catering services; there is a dependence placed upon commercial refrigeration tools like undercounter refrigerators and walk in coolers among others to uphold food quality and safety measures while minimizing wastage of food items for an optimal experience The top players, in this field encompass True Manufacturing and Hussmann Corporation which are esteemed for their top notch and long lasting refrigeration solutions.
In the food processing sector commercial refrigeration equipment is essential for preserving both materials and finished goods effectively and efficiently. The industry primarily relies on refrigeration systems and blast freezers which play a crucial role in extending the shelf life of food items while preserving their nutritional content intact. Major players in this field such, as Johnson Controls and Emerson Electric Co. are well known for their durable and high performing refrigeration systems.
Recent Developments
Carrier Commercial Refrigeration introduced a range of energy efficient commercial refrigeration units to expand their product offerings and strengthen their position, in the market.
Johnson Controls has revealed their acquisition of a company that specializes in commercial refrigeration equipment. This move is aimed at solidifying their standing, in the market and broadening their array of products.
Daikin Industries has incorporated cutting edge cooling technologies into their refrigeration equipment to enhance energy efficiency and operational effectiveness.