Commercial Refrigeration Equipment Market
The market for Commercial Refrigeration Equipment was estimated at $43.8 billion in 2024; it is anticipated to increase to $62.8 billion by 2030, with projections indicating growth to around $84.9 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Commercial Refrigeration Equipment Market Outlook
Revenue, 2024
$43.8B
Forecast, 2034
$79.9B
CAGR, 2025 - 2034
6.2%
The Commercial Refrigeration Equipment industry revenue is expected to be around $46.5 billion in 2025 and expected to showcase growth with 6.2% CAGR between 2025 and 2034. The strong growth in the Commercial Refrigeration Equipment market is mainly fueled by the rising demand for food preservation and the expanding needs of the sector alongside the rapid growth of supermarkets and hypermarkets worldwide. Moreover the markets significance is highlighted by the increasing emphasis on energy solutions and technological progress as well as the thriving food and beverage industry. Stringent regulations concerning the utilization of refrigerants, with minimal global warming potential also significantly impact shaping market trends.
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 has greater influence in U.S. and China market's value chain; and is expected to add $2 billion of additional value to Commercial Refrigeration Equipment industry revenue 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 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.
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
01
Driver: Rising Demand in Food and Beverage Industry, and Stringent Government Regulations
The food and beverage sector is also experiencing a rise in requests for Commercial Refrigeration Appliances mainly to uphold temperature settings for preserving the freshness and quality of perishable goods; the expanding array of eateries, supermarkets and convenience stores is also also fueling the heightened need, for cutting edge cooling options. Governments worldwide are also enforcing rules concerning the utilization of refrigerants and energy effectiveness in Commercial Refrigeration Equipment. These policies are also prompting companies to enhance their refrigeration systems to more effective and eco friendly models leading to an increase in the need, for new Commercial Refrigeration Equipment.
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.
02
Restraint: High Energy Consumption
Despite being essential in industries commercial refrigeration units are notorious for their significant energy consumption This results in higher operational expenses and environmental issues The substantial energy usage poses a notable challenge for the commercial refrigeration equipment market due to the increasing focus, on energy efficiency and sustainability Businesses might hesitate to purchase equipment that could result in increased utility costs and possible negative environmental impacts.
03
Opportunity: Technological Innovations and Untapped Markets
The market for Commercial Refrigeration Equipment is poised to experience an increase in demand thanks to technological progressions in the industry. Innovations such as refrigeration systems enabled by IoT and energy efficient models are transforming the sector. These advancements not only enhance equipment performance but also contribute to cost savings for businesses making them more appealing, to a wider customer base.
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.
04
Challenge: High Initial Investment
One major hurdle in the market for refrigeration equipment is the substantial upfront investment needed to purchase these units—especially the more advanced and energy efficient models which are quite pricey and may pose a financial challenge, for small to medium sized businesses working within limited budgets. The significant initial expense combined with maintenance and operational costs can hinder expansion within the market.
Supply Chain Landscape
1
Raw Material Procurement
ArcelorMittalNucor Corporation
2
Component Manufacturing
Emerson ElectricJohnson Controls
3
Equipment Assembly
Daikin IndustriesUnited Technologies Corporation
4
Distribution & Sales
Hussmann CorporationCarrier Corporation
1
Raw Material Procurement
ArcelorMittalNucor Corporation
2
Component Manufacturing
Emerson ElectricJohnson Controls
3
Equipment Assembly
Daikin IndustriesUnited Technologies Corporation
4
Distribution & Sales
Hussmann CorporationCarrier Corporation
Use Cases of Commercial Refrigeration Equipment in Supermarkets & Hypermarkets & Food Service Industry
Supermarkets & Hypermarkets : 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.
Food Service Industry : 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.
Food Processing Industry : 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
The sector of Commercial Refrigeration Equipment has seen expansion as a result of the increasing need across industries like food services, retail and pharmaceutical sectors. The rise in the preference, for foods and the continuous growth of supermarkets and hypermarkets have also driven the requirement for more sophisticated refrigeration options.
December 2024 : Carrier Commercial Refrigeration introduced a range of energy efficient commercial refrigeration units to expand their product offerings and strengthen their position, in the market.
October 2024 : 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.
August 2024 : Daikin Industries has incorporated cutting edge cooling technologies into their refrigeration equipment to enhance energy efficiency and operational effectiveness.
Impact of Industry Transitions on the Commercial Refrigeration Equipment Market
As a core segment of the Production Tools & Equipment industry,
the Commercial Refrigeration Equipment market develops in line with broader industry shifts.
Over recent years, transitions such as Energy Efficiency Revolution and Digital Transformation have redefined priorities
across the Production Tools & Equipment sector,
influencing how the Commercial Refrigeration Equipment market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Energy Efficiency Revolution
The commercial refrigeration equipment sector is moving towards energy models in a noticeable way due to growing environmental awareness and strict energy guidelines driving this change. This trend is affecting sectors like food and beverage as companies choose energy saving refrigeration systems to cut operating expenses and lessen their environmental impact. This shift promotes sustainability. Sparks fresh possibilities for creative designs and features, in commercial refrigeration equipment.
02
Digital Transformation
A significant shift also occurs with the incorporation of technologies into commercial refrigeration systems such as IoT devices and AI algorithms for immediate monitoring of performance issues and proactive maintenance measures, in real time periods The impact of this change reverberates across the retail sector as intelligent cooling systems empower companies to elevate product standards by minimizing wastage and enhancing customer contentment. The evolution of technology is reshaping the commercial refrigeration equipment sector. Setting the stage for an era driven by intelligent and interconnected solutions.