Commercial Refrigeration Equipment Market Size, Status and Forecast 2030

 

Commercial Refrigeration Equipment Market Size & Trends 

The global commercial refrigeration equipment market size was valued at USD 40.82 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The rapid expansion of the hospitality and tourism sector and the growing preference among end-consumers for takeaway meals are expected to drive market growth over the forecast period. In addition, increasing regulatory implications resulting in the adoption of lower global warming potential (GWP) commercial refrigerants coupled with ongoing technological breakthroughs will also provide growth prospects for the market. 

A considerable rise in the international food trade has also boosted the demand for commercial refrigeration systems for frozen foods, processed foods, and seafood required for to storage and transportation. The continual innovations and rapid improvements in technologies, including liquid-vapor compression and ammonia absorption systems, are driving the product demand further. Various leading manufacturers are focusing on R&D activities to enhance the design and temperature control of their products to gain a competitive edge in the industry. The increasing need to control and monitor the environment of a commercial kitchen is expected to provide ample growth opportunities for the refrigeration industry over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Commercial Refrigeration Equipment Market 

Products equipped with automated or smart refrigeration controls are gaining massive traction in the market. As per the Federal Energy Management Program, commercial refrigerators with ENERGY STAR certification consume 1.89 kWh energy per day on an average, while refrigerators with lesser efficiency consume energy of around 4.44 kWh per day. The increasing demand for energy-efficient commercial refrigeration units driven by the rising awareness about their environment-friendly and cost-effective nature is encouraging the market players to develop innovative designs. 

Climate concerns related to high GWP refrigerants, such as global warming and ozone depletion, are urging manufacturers to produce alternatives. The rising demand for technologies that can address hazardous gas emissions has urged market participants to equip their products with advanced magnetic refrigeration systems. These systems also improve the energy efficiency of refrigeration equipment, thereby minimizing operational costs. As per the U.S. Department of Energy statistics, these systems are highly energy-efficient and can help in energy saving of up to 30%. 

The worldwide outbreak of the COVID-19 crisis led to the establishment of stringent containment measures, resulting in a temporary halt in the manufacturing and shipment of commercial refrigeration equipment. However, the pandemic created a strong demand for vaccine production and storage, which triggered the demand for cold storage solutions to support the mass immunization program against the coronavirus. The accelerating usage of vaccine storage units is likely to propel the demand for transportation refrigeration equipment in the subsequent years. 

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

  • The global unmanned traffic management market size was estimated at USD 164.1 million in 2023 and is projected to grow at a CAGR of 34.0% from 2024 to 2030. The growing adoption of drones in various sectors, such as agriculture, logistics, and emergency services, has created a need for effective unmanned traffic management (UTM) systems, thereby driving market growth. The demand for UTM solutions to manage airspace safely and efficiently is growing as drones are increasingly used for commercial purposes.
  • The global border security market size was estimated at USD 26.76 billion in 2023 and is expected to grow at a CAGR of 6.8% from 2024 to 2030. The market growth is driven by the increasing geopolitical tensions, cross-border crimes, and the need for advanced surveillance systems. Governments worldwide are investing heavily in modernizing their border security infrastructure to enhance national security. The market encompasses a wide range of technologies, including unmanned aerial vehicles (UAVs), biometrics, radar systems, and advanced detection and tracking systems.  

Commercial Refrigeration Equipment Market Segmentation 

Grand View Research has segmented the global commercial refrigeration equipment market report based on the product, application, system type, refrigerant, capacity, distribution channel, and region 

Commercial Refrigeration Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Transportation Refrigeration Equipment
    • Trailers
    • Trucks
    • Shipping Containers
  • Refrigerators & Freezers
    • Walk-in-Refrigerators
    • Reach-in Refrigerators
    • Chest
  • Beverage Refrigeration
  • Display Showcases
    • Ice Cream Cabinets
    • Bakery/Deli Display
    • Others
  • Ice Merchandisers & Ice Vending Equipment
  • Other Equipment 

Commercial Refrigeration Equipment System Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Self-contained
  • Remotely Operated 

Commercial Refrigeration Equipment Capacity Outlook (Revenue, USD Million, 2018 - 2030)

  • Less than 50 cu. Ft
  • 50 to 100 cu. Ft
  • More than 100 cu. Ft 

Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Food Service
  • Food & Beverage Retail
    • Hypermarkets
    • Supermarkets
    • Convenience Store
    • Specialty Food Store
    • Others
  • Hotels and Hospitality
  • Pharmaceuticals
  • Healthcare
  • Biotechnology
  • Chemicals
  • Others 

Commercial Refrigeration Equipment Refrigerant Outlook (Revenue, USD Million, 2018 - 2030)

  • Synthetic Refrigerants (HFCs, HCFCs)
  • Natural Refrigerants
    • Carbon Dioxide (CO2)
    • Ammonia (NH3)
    • Others 

Commercial Refrigeration Equipment Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • OEMs (Original Equipment Manufacturers)
  • Distributors and Wholesalers
  • Retailers 

Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • South Africa 

Order a free sample PDF of the Commercial Refrigeration Equipment Market Intelligence Study, published by Grand View Research. 

Key Companies profiled:

  • AHT Cooling Systems GmbH
  • Ali Group S.r.l. a Socio Unico
  • Carrier
  • Daikin Industries Ltd.
  • Dover Corporation
  • Electrolux AB
  • Hussmann Corporation
  • Illinois Tool Works Inc.
  • Johnson Control
  • Lennox International Inc.
  • Panasonic Corporation
  • Whirlpool Corporation 

Recent Developments

  • In January 2024, Hussmann Corporation, a retail refrigeration systems company, launched Evolve Technologies, a new offering focused on the development of technologies that facilitate the use of environmentally friendly refrigerants. 
  • In January 2022, Carrier Commercial Refrigeration installed its PowerCO2OL refrigeration system at a COVID-19 vaccine storage warehouse in Spain. This system uses carbon dioxide, a natural refrigerant, and serves as a sustainable and low global warming potential refrigerant to help preserve critical vaccines in Spain. 

 

Comments

Post a Comment

Popular posts from this blog

Industry Outlook of Fuel Cell Market 2023 Trends to 2030

  Fuel Cell Industry Overview The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment. Gather more insights about the market drivers, restrains and growth of the  Fuel Cell Market Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the countr...
Read more

Sports Analytics Market Growing Stupendously

  Sports Analytics Industry Overview The global sports analytics market size was estimated to be USD 3.52 billion in 2023 and is projected to grow at a CAGR of 21.5% from 2024 to 2030. The market growth can be attributed to the growing significance of analytics solutions for analyzing team performance, tracking individual players, monitoring injuries, and optimizing training programs. The market is further expanding due to the increasing number of sports leagues as well as national and international sports events across the globe. Gather more insights about the market drivers, restrains and growth of the  Sports Analytics Market The proliferation of wearable technology and sensors has enabled the real-time tracking of athletes, providing a large volume of data on their movements, physiological metrics, and overall performance. This granular information not only aids coaches and sports scientists in optimizing training regimens but also assists teams in making informed de...
Read more

New Tools and Technology Development will drive Private 5G Network Market in coming years

  Private 5G Network Industry Overview The global private 5G network market size was estimated at USD 2.00 billion in 2023 and is expected to grow at a CAGR of 54.1% from 2024 to 2030. Private 5G networks offer businesses and governments dedicated, secure, and high-performance connectivity. This allows them to connect to more devices, improve automation, and deliver better customer experiences. These benefits are driving the adoption of private 5G networks in various industries, including smart cities that rely on private 5G for applications such as traffic management and security, among others. Gather more insights about the market drivers, restrains and growth of the Private 5G Network Market Cellular technology, in the form of private 5G networks, is being used by businesses, organizations, and local governments across various industries. These industries include manufacturing, utilities, transportation, logistics, retail, agriculture, and those involved in smart city in...
Read more