Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6296
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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:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product Type, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global commercial refrigeration market was valued at US$ 28.1 Billion in 2022.

We expect the global commercial refrigeration market to exhibit a CAGR of 4.5% during 2023-2028.

The rising adoption of commercial refrigeration in pharmacies, hospitals, supermarkets, hotels, restaurants, grocery and convenience stores, etc., as it ensures safe storage, enhances shelf life, maximizes freshness, etc., is primarily driving the global commercial refrigeration market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for commercial refrigeration.

Based on the product type, the global commercial refrigeration market has been segregated into chest refrigeration, deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, and others. Among these, chest refrigeration currently holds the majority of the total market share.

Based on the end user, the global commercial refrigeration market can be bifurcated into full service restaurant, quick service restaurant & hotels, food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, and others. Currently, full service restaurant, quick service restaurant & hotels exhibit a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global commercial refrigeration market include 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, etc.

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Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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