Commercial Refrigeration Market

Market Overview:

The global commercial refrigeration market size reached US$ 28.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

Commercial refrigeration refers to the cold storage equipment used for cooling and removing heat from various products. It is used to preserve food and beverages, store bulk products, display perishable goods, protect inventories, and transport frozen and processed food items. It consists of a compressor, condenser, and fan that help maintain temperature, humidity, and airflow, thus preventing spoilage. Commercial refrigeration ensures safe storage, enhances shelf life, maximizes freshness, reduces wastage, and saves space. As a result, it finds extensive applications across hotels, restaurants, pharmacies, hospitals, supermarkets, and grocery and convenience stores.

Commercial Refrigeration Market Trends:

The global market is primarily being driven by the increasing demand for frozen and chilled food products due to rapid urbanization. Commercial refrigeration is widely used to preserve, transport, and store bulk quantities of frozen food products, such as meat, seafood, poultry, ice cream, bread, sausages, pizza, and ready-to-eat (RTE) meals. Furthermore, the widespread product utilization in international import and export of packaged and processed food products is acting as another growth-inducing factor. Additionally, the integration of refrigerant tracking technology and the Internet of Things (IoT) to monitor performance, schedule maintenance, reduce costs, and access consumption data is providing an impetus to market growth. Apart from this, the adoption of energy-efficient and sustainable natural refrigeration technologies, such as transcritical CO2 systems, that offer optimal performance and reliability is creating a positive outlook for the market. Moreover, the increasing product adoption in the healthcare industry for preserving and transporting vaccines and blood bags is further supporting market growth. Other factors, including the implementation of various government initiatives toward increasing food safety and reducing wastage, rising product adoption in horticulture processes, and the increasing demand from the hospitality sector, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global commercial refrigeration market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and end user.

Breakup by Product Type:

• Chest Refrigeration
• Deep Freezers
• Bottle Coolers
• Storage Water Coolers
• Commercial Kitchen Refrigeration
• Medical Refrigeration
• Others
   

Breakup by End User:

• Full Service Restaurant, Quick Service restaurant & Hotels
• Food Processing Industry
• Hospitals
• Retail Pharmacies
• Supermarket/Hypermarket
• Convenience Stores
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Electrolux, Ali Group S.r.l., Baltimore Aircoil Company Inc., Bitzer SE, Carrier Corporation, Daikin Industries Ltd., Danfoss A/S, Dover Corporation, Emerson Electric Company, Haier Inc., Johnson Controls, Panasonic Corporation.

Report Coverage: