Commercial refrigeration equipment plays a crucial role in food processing and storage. Refrigerators and freezers are extensively used in food services establishments such as restaurants, cafe, hotels and convenience stores to store raw materials and finished food products in optimum temperature range for freshness and quality. Growing demand for chilled and frozen foods as well as expansion of organized food retail chains and quick service restaurants is augmenting the demand for commercial refrigeration equipment globally.
The global Commercial Refrigeration Equipment Market is estimated to be valued at US$ 53.38 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trend fueling the growth of commercial refrigeration equipment market is increasing application of refrigeration systems in foodservices. With rising number of food joints as well as growing popularity of ready-to-eat food products, demand for advanced refrigeration solutions from restaurants, cafes and takeaway food stalls is gaining momentum. Manufacturers are increasingly focusing on developing more energy efficient and sustainable refrigeration solutions customized for foodservice establishments in order to capitalize on opportunities in this sector. Introduction of novel commercial refrigeration models integrated with advanced features such as automated temperature and humidity control, remote equipment monitoring and digital display is helping food business operators to improve food safety and storage capacity. This rising uptake of technologically advanced equipment in foodservices is a key growth driver for commercial refrigeration market.
Segment Analysis
The global commercial refrigeration equipment market is dominated by walk-in coolers and freezers segment. Walk-in coolers accounted for nearly 40% share of the overall market in 2024. This is because walk-in coolers offer high storage capacity and are ideal for commercial settings like supermarkets, hypermarkets, convenience stores and restaurants. They provide flexibility to store large inventory at ideal temperatures.
Key Takeaways
The global commercial refrigeration equipment market is expected to witness high growth. The global Commercial Refrigeration Equipment Market is estimated to be valued at US$ 53.38 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
Regional analysis related content comprises North America region currently dominates the market and is expected to maintain its dominance over the forecast period. This is attributed to extensive presence of organized retail sector and restaurants in countries like US and Canada.
Key players related content comprises Key players operating in the commercial refrigeration equipment market are Hussmann Corporation, Dover Corporation, Daikin, Johnstone, AHT Cooling Systems GmbH, Ali Group, ItalCold and Manitowoc Ice.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it