Commercial Refrigeration Equipment Market
Commercial Refrigeration Equipment Market Forecasts to 2032 - Global Analysis By Product (Refrigerator & Freezer, Transportation Refrigeration, Beverage Refrigeration and Other Products), Refrigerant Type, System Type, Application and By Geography
|
Years Covered |
2024-2032 |
|
Estimated Year Value (2025) |
US $46.8 BN |
|
Projected Year Value (2032) |
US $76.2 BN |
|
CAGR (2025-2032) |
7.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Commercial Refrigeration Equipment Market is accounted for $46.8 billion in 2025 and is expected to reach $76.2 billion by 2032 growing at a CAGR of 7.2% during the forecast period. Commercial refrigeration equipment refers to a range of appliances and systems designed to preserve and store perishable goods at specific temperatures in commercial settings such as supermarkets, restaurants, convenience stores, and food processing facilities. This equipment includes refrigerators, freezers, display cases, walk-in coolers, and refrigerated vending machines. It plays a crucial role in maintaining food safety, extending shelf life, and ensuring compliance with health regulations. Typically, commercial refrigeration systems are more robust and larger than residential models, offering greater cooling capacity, durability, and energy efficiency to meet the demanding requirements of commercial operations and continuous, heavy-duty usage.
According to the UNWTO, international tourist arrivals increased by approximately 172% in the first seven months of 2022 compared to the same period in 2021.
Market Dynamics:
Driver:
Rising Demand from Food & Beverage Industry
The rising demand from the food and beverage industry is significantly driving the commercial refrigeration equipment market. As consumer preferences shift toward fresh, frozen, and ready-to-eat foods, businesses are investing in advanced refrigeration solutions to ensure product quality and safety. This surge fuels innovation in energy-efficient and smart refrigeration technologies. Moreover, the expanding network of supermarkets, convenience stores, and foodservice outlets globally boosts equipment sales, positioning the sector as a key growth driver for the commercial refrigeration market.
Restraint:
High Initial Costs and Maintenance
High initial costs and ongoing maintenance expenses pose significant challenges to the commercial refrigeration equipment market. Many small and medium-sized businesses struggle to afford the upfront investment required for advanced systems, limiting their ability to upgrade or expand operations. Additionally, the high maintenance and repair costs associated with refrigeration equipment can further strain budgets. These financial burdens hinder market growth, especially in developing regions where cost sensitivity is more pronounced.
Opportunity:
Expanding Cold Chain Infrastructure
The expanding cold chain infrastructure is driving the commercial refrigeration equipment market by boosting demand for advanced, energy-efficient cooling systems. With growing needs in food safety, pharmaceuticals, and e-commerce, reliable cold storage and transportation are critical. This expansion stimulates innovation, supports global trade, and encourages investments in high-performance refrigeration units. As supply chains become more temperature-sensitive, manufacturers are scaling production, enhancing distribution, and leveraging smart technologies further accelerating market growth.
Threat:
Environmental Concerns Related to Refrigerants
Environmental concerns related to refrigerants, particularly those with high global warming potential (GWP), have a negative and hindering impact on the commercial refrigeration equipment market. Stringent regulations and the phase-out of harmful refrigerants like HFCs push manufacturers to adopt eco-friendly alternatives, which can be costly. Additionally, the transition to sustainable refrigerants often requires equipment redesigns, further increasing operational costs and complicating market adoption, limiting growth potential in some regions.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the commercial refrigeration equipment market, leading to disruptions in supply chains, production delays, and a decline in demand from sectors like hospitality and foodservice. However, increased demand from the pharmaceutical and healthcare industries for vaccine storage and the growing need for cold storage in online grocery services partially offset these losses. As recovery progressed, the market showed signs of gradual growth.
The fluorocarbons segment is expected to be the largest during the forecast period
The fluorocarbons segment is expected to account for the largest market share during the forecast period, due to its excellent thermal stability and energy efficiency. These refrigerants enhance cooling performance, ensuring reliable temperature control essential for food safety and pharmaceutical storage. Their widespread availability and cost-effectiveness make them a preferred choice in commercial settings. As businesses demand consistent and efficient refrigeration solutions, fluorocarbons continue to support market growth, especially in regions with established infrastructure and regulatory flexibility.
The ice machines segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the ice machines segment is predicted to witness the highest growth rate, due to rising demand for chilled beverages and perishable goods across hospitality, healthcare, and foodservice industries. Innovations in energy-efficient and automated ice machines are boosting operational efficiency and sustainability. Additionally, growing tourism and quick-service restaurants are increasing the need for reliable ice production. This trend is propelling market growth, as businesses prioritize hygiene, convenience, and customer satisfaction through advanced ice-making solutions.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share due to demand in food retail, hospitality, and pharmaceutical sectors. This market positively impacts the economy by boosting manufacturing, creating jobs, and encouraging technological innovation. Additionally, it supports food safety and reduces waste through improved cold chain logistics. The shift toward energy-efficient and eco-friendly refrigeration solutions also promotes environmental sustainability, aligning with regional climate goals and enhancing the overall quality of life across diverse communities.
Region with highest CAGR:
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to need for refrigerated and deep-frozen food products. It aids in minimizing food waste, improving food safety, and advancing sustainability objectives by using environmentally friendly refrigerants and intelligent technologies. Moreover, the market contributes to economic development by generating employment in the manufacturing, maintenance, and retail sectors. This continuous progress is in accordance with environmental initiatives and bolsters the flourishing foodservice and pharmaceutical sectors in the region.
Key players in the market
Some of the key players profiled in the Commercial Refrigeration Equipment Market include Carrier Global Corporation, Daikin Industries, Ltd., Dover Corporation, Emerson Electric Co., GEA Group AG, Haier Group Corporation, Illinois Tool Works Inc. (ITW), Johnson Controls International plc, Lennox International Inc., Manitowoc Company, Inc., Metalfrio Solutions S.A., Mitsubishi Electric Corporation, Panasonic Corporation, Qingdao Haier Co., Ltd., Standex International Corporation, True Manufacturing Co., Inc., Voltas Limited, Whirlpool Corporation.
Key Developments:
In January 2025, Panasonic unveiled an innovative new energy efficient approach to heating, ventilation, and air conditioning (HVAC) that uses significantly less energy than conventional technologies.
In December 2024, Panasonic announced the launch of its BalancedHome Elite and Elite Plus Series of Energy Recovery Ventilators (ERV). Available in top and side port configurations and compliant with major building codes, the new BalancedHome series ERVs are versatile and efficient, giving builders the flexibility to choose between eight different models with four different CFM levels
In November 2024, Panasonic and Arm announced a strategic partnership aimed at standardizing automotive architecture for Software-Defined Vehicles (SDVs).
Products Covered:
• Refrigerator & Freezer
• Transportation Refrigeration
• Beverage Refrigeration
• Display Showcases
• Ice Machines
• Refrigerated Vending Machines
• Other Products
Refrigerant Types Covered:
• Fluorocarbons
• Hydrocarbons
• Inorganics
System Types Covered:
• Self-Contained
• Remote Condensing
• Multiplex Condensing
Applications Covered:
• Food Service
• Food & Beverage Production
• Food & Beverage Retail
• Distribution
• Hotels and Hospitality
• Pharmaceuticals
• Biotechnology
• Chemicals
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Commercial Refrigeration Equipment Market, By Product
5.1 Introduction
5.2 Refrigerator & Freezer
5.3 Transportation Refrigeration
5.4 Beverage Refrigeration
5.5 Display Showcases
5.6 Ice Machines
5.7 Refrigerated Vending Machines
5.8 Other Products
6 Global Commercial Refrigeration Equipment Market, By Refrigerant Type
6.1 Introduction
6.2 Fluorocarbons
6.3 Hydrocarbons
6.4 Inorganics
7 Global Commercial Refrigeration Equipment Market, By System Type
7.1 Introduction
7.2 Self-Contained
7.3 Remote Condensing
7.4 Multiplex Condensing
8 Global Commercial Refrigeration Equipment Market, By Application
8.1 Introduction
8.2 Food Service
8.3 Food & Beverage Production
8.4 Food & Beverage Retail
8.4.1 Hypermarkets
8.4.2 Supermarkets
8.4.3 Convenience Store
8.4.4 Specialty Food Store
8.5 Distribution
8.6 Hotels and Hospitality
8.7 Pharmaceuticals
8.8 Biotechnology
8.9 Chemicals
8.10 Other Applications
9 Global Commercial Refrigeration Equipment Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Carrier Global Corporation
11.2 Daikin Industries, Ltd.
11.3 Dover Corporation
11.4 Emerson Electric Co.
11.5 GEA Group AG
11.6 Haier Group Corporation
11.7 Illinois Tool Works Inc. (ITW)
11.8 Johnson Controls International plc
11.9 Lennox International Inc.
11.10 Manitowoc Company, Inc.
11.11 Metalfrio Solutions S.A.
11.12 Mitsubishi Electric Corporation
11.13 Panasonic Corporation
11.14 Qingdao Haier Co., Ltd.
11.15 Standex International Corporation
11.16 True Manufacturing Co., Inc.
11.17 Voltas Limited
11.18 Whirlpool Corporation
List of Tables
1 Global Commercial Refrigeration Equipment Market Outlook, By Region (2024-2032) ($MN)
2 Global Commercial Refrigeration Equipment Market Outlook, By Product (2024-2032) ($MN)
3 Global Commercial Refrigeration Equipment Market Outlook, By Refrigerator & Freezer (2024-2032) ($MN)
4 Global Commercial Refrigeration Equipment Market Outlook, By Transportation Refrigeration (2024-2032) ($MN)
5 Global Commercial Refrigeration Equipment Market Outlook, By Beverage Refrigeration (2024-2032) ($MN)
6 Global Commercial Refrigeration Equipment Market Outlook, By Display Showcases (2024-2032) ($MN)
7 Global Commercial Refrigeration Equipment Market Outlook, By Ice Machines (2024-2032) ($MN)
8 Global Commercial Refrigeration Equipment Market Outlook, By Refrigerated Vending Machines (2024-2032) ($MN)
9 Global Commercial Refrigeration Equipment Market Outlook, By Other Products (2024-2032) ($MN)
10 Global Commercial Refrigeration Equipment Market Outlook, By Refrigerant Type (2024-2032) ($MN)
11 Global Commercial Refrigeration Equipment Market Outlook, By Fluorocarbons (2024-2032) ($MN)
12 Global Commercial Refrigeration Equipment Market Outlook, By Hydrocarbons (2024-2032) ($MN)
13 Global Commercial Refrigeration Equipment Market Outlook, By Inorganics (2024-2032) ($MN)
14 Global Commercial Refrigeration Equipment Market Outlook, By System Type (2024-2032) ($MN)
15 Global Commercial Refrigeration Equipment Market Outlook, By Self-Contained (2024-2032) ($MN)
16 Global Commercial Refrigeration Equipment Market Outlook, By Remote Condensing (2024-2032) ($MN)
17 Global Commercial Refrigeration Equipment Market Outlook, By Multiplex Condensing (2024-2032) ($MN)
18 Global Commercial Refrigeration Equipment Market Outlook, By Application (2024-2032) ($MN)
19 Global Commercial Refrigeration Equipment Market Outlook, By Food Service (2024-2032) ($MN)
20 Global Commercial Refrigeration Equipment Market Outlook, By Food & Beverage Production (2024-2032) ($MN)
21 Global Commercial Refrigeration Equipment Market Outlook, By Food & Beverage Retail (2024-2032) ($MN)
22 Global Commercial Refrigeration Equipment Market Outlook, By Hypermarkets (2024-2032) ($MN)
23 Global Commercial Refrigeration Equipment Market Outlook, By Supermarkets (2024-2032) ($MN)
24 Global Commercial Refrigeration Equipment Market Outlook, By Convenience Store (2024-2032) ($MN)
25 Global Commercial Refrigeration Equipment Market Outlook, By Specialty Food Store (2024-2032) ($MN)
26 Global Commercial Refrigeration Equipment Market Outlook, By Distribution (2024-2032) ($MN)
27 Global Commercial Refrigeration Equipment Market Outlook, By Hotels and Hospitality (2024-2032) ($MN)
28 Global Commercial Refrigeration Equipment Market Outlook, By Pharmaceuticals (2024-2032) ($MN)
29 Global Commercial Refrigeration Equipment Market Outlook, By Biotechnology (2024-2032) ($MN)
30 Global Commercial Refrigeration Equipment Market Outlook, By Chemicals (2024-2032) ($MN)
31 Global Commercial Refrigeration Equipment Market Outlook, By Other Applications (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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