Commercial refrigeration market was valued at USD 29,952 million in 2020 and projected to grow at 6.4% CAGR during the forecast period.

Introduction of the Commercial Refrigeration Equipment Market Report

Commercial refrigeration equipment refers to the refrigerators and freezers used in supermarkets, convenience stores, commercial kitchens, and restaurants. Commercial refrigeration equipment can be either self-contained or remote condensing. In self-contained, the refrigerated case and the complete refrigeration system are combined into a single unit, wherein remote condensing the compressor and condenser are located remotely from the refrigerated case.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global commercial refrigeration equipment market include increasing demand for frozen food and packaged foods owing to convenience. The freezing retains much of the food’s vitamin and mineral content without compromising on the quality and taste. According to the Policy Department for Economic, Scientific, and Quality of Life Policies, European Union, in 2020, retailers of frozen and packaged foods experienced a steep increase in sales. During the second half of March, frozen food sales have been 63% higher in France than during the same period in 2019. Similarly, packaged food sales in Germany increased by 56% during late March, compared to 2019. The growing demand for fresh and processed fruit and vegetable will boost the market during the forecast period. The deterioration of fruit and vegetables begins when fresh produce is harvested. The refrigerators & freezer units provide low temperatures, which halt the growth of fungi and other possible bacteria, ensuring the spoilage of produce is minimized.

Restraint in the Commercial Refrigeration Equipment Market

However, stringent regulation on fluorocarbons refrigeration has adverse effects on the ozone layer. For instance, in 2018, Japan amended the Ozone Layer Protection Law as a national collateral measure to reflect the Kigali Amendment and implemented measures such as controlling manufacturers and imports of Hydrofluorocarbon, which have high greenhouse effects.

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Type – Segment Analysis

Based on the type, transportation refrigeration is anticipated to grow at a higher CAGR during the forecast period. The benefit of refrigerated transportation is that it keeps products from deteriorating and losing their value during the transportation process. This type of refrigeration finds its application in food as well as for pharmaceutical products. For instance, Carrier offers transport refrigeration equipment, cold chain monitoring, and replacement components that help preserve and protect global food and pharmaceutical supply and other perishable cargo.

End-Users – Segment Analysis

Based on the end-users, supermarket & hypermarket is predicted to grow at higher CAGR during the forecast period. The increasing demand of refrigeration system in supermarket & hypermarket due to increasing need of preventing food from wastage. In supermarkets & hypermarkets, a wide range of food products is available to customers. Changing food consumption and rising international food trade contribute to the growth of market. The advanced commercial refrigerator attracts customers’ attention at the point of sales. For instance, Hussmann Corporation display merchandisers, refrigeration systems, installation, and services to food retailers globally.

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Regional – Segment Analysis:

Based on the region, Asia Pacific is projected to grow at a higher CAGR during the forecast period. The increasing demand for ready-to-eat meals and the growing working population is contributing to market growth in the region. The increasing retail industry in developing countries such as India, China, and others will propel the commercial refrigeration equipment market. According to the IBEF report 2019, the Retail market in India is estimated to grow over USD 1,200 billion by 2021.

Top Market Players

Various notable players operating in the market, include, Carrier, Hussmann Corporation, Emerson Electric Co., Danfoss, Daikin Industries, Ltd., Blue Star Limited, Voltas, Inc., Dover Corporation, AB Electrolux, Western Refrigeration Private Limited, among others.

Key Developments:

• • In 2021, Blue Pearl Energy entered the commercial refrigeration market with the acquisition of Refreco. With this new strategic partnership, Blue Pearl Energy strengthened its position in Belgium and Luxembourg.
  • In 2021, Ronin Equity Partners acquired two leading North American manufacturers of commercial refrigeration equipment, QBD and Minus Forty, both located in Canada Greater Toronto.

Segments covered in the Report:

The global commercial refrigeration equipment market has been segmented on the basis of type, refrigerant type, end-users, and regions. Based on type, the market is segmented into refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine. Based on refrigerant type, the market is segmented into hydrocarbons, fluorocarbons, and inorganics. Based on end-users, the market is segmented into hotels & restaurants, supermarket & hypermarket, bakeries, and convenience stores.

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Key questions answered in this research report:

• • At what pace is global Commercial Refrigeration Equipment market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Commercial Refrigeration Equipment market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Commercial Refrigeration Equipment market?
  • Which Type generated maximum revenues in 2020 and identify the most promising Type during the forecast period?
  • What are the various Refrigerant Type areas of global Commercial Refrigeration Equipment market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Commercial Refrigeration Equipment Market by Type

• • Refrigerator & Freezer
  • Transportation Refrigeration
  • Refrigerated Display Cases
  • Beverage Refrigeration
  • Ice Cream Merchandiser
  • Refrigerated Vending Machine

Global Commercial Refrigeration Equipment Market by Refrigerant Type

• • Hydrocarbons
  • Fluorocarbons
  • Inorganics

Global Commercial Refrigeration Equipment Market by End-Users

• • Hotels & Restaurants
  • Supermarket & Hypermarket
  • Bakeries
  • Convenience Stores

Global Commercial Refrigeration Equipment Market by Region

• • North America Commercial Refrigeration Equipment Market (Option 1: As a part of the free 25% customization)
    • North America Commercial Refrigeration Equipment Market by Type
    • North America Commercial Refrigeration Equipment Market by Refrigerant Type
    • North America Commercial Refrigeration Equipment Market by End-Users
    • US Commercial Refrigeration Equipment Market All-Up
    • Canada Commercial Refrigeration Equipment Market All-Up
  • Europe Commercial Refrigeration Equipment Market (Option 2: As a part of the free 25% customization)
    • Europe Commercial Refrigeration Equipment Market by Type
    • Europe Commercial Refrigeration Equipment Market by Refrigerant Type
    • Europe Commercial Refrigeration Equipment Market by End-Users
    • UK Commercial Refrigeration Equipment Market All-Up
    • Germany Commercial Refrigeration Equipment Market All-Up
    • France Commercial Refrigeration Equipment Market All-Up
    • Spain Commercial Refrigeration Equipment Market All-Up
    • Rest of Europe Commercial Refrigeration Equipment Market All-Up
  • Asia-Pacific Commercial Refrigeration Equipment Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Commercial Refrigeration Equipment Market by Type
    • Asia-Pacific Commercial Refrigeration Equipment Market by Refrigerant Type
    • Asia-Pacific Commercial Refrigeration Equipment Market by End-Users
    • China Commercial Refrigeration Equipment Market All-Up
    • India Commercial Refrigeration Equipment Market All-Up
    • Japan Commercial Refrigeration Equipment Market All-Up
    • Rest of APAC Commercial Refrigeration Equipment Market All-Up
  • RoW Commercial Refrigeration Equipment Market (Option 4: As a part of the free 25% customization)
    • RoW Commercial Refrigeration Equipment Market by Type
    • RoW Commercial Refrigeration Equipment Market by Refrigerant Type
    • RoW Commercial Refrigeration Equipment Market by End-Users
    • Brazil Commercial Refrigeration Equipment Market All-Up
    • South Africa Commercial Refrigeration Equipment Market All-Up
    • Saudi Arabia Commercial Refrigeration Equipment Market All-Up
    • UAE Commercial Refrigeration Equipment Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Commercial Refrigeration Equipment Market All-Up

Major Players Operating in the Commercial Refrigeration Equipment (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Carrier
  • Hussmann Corporation
  • Emerson Electric Co.
  • Danfoss
  • Daikin Industries, Ltd.
  • Blue Star Limited
  • Voltas, Inc.
  • Dover Corporation
  • AB Electrolux
  • Western Refrigeration Private Limited