[180 Pages Report] The Commercial Refrigeration Equipment Market size was estimated at USD 43.72 billion in 2023 and expected to reach USD 47.08 billion in 2024, at a CAGR 7.08% to reach USD 70.58 billion by 2030.
Commercial refrigeration equipment is specifically designed to store perishable goods at optimal temperatures across various sectors, including food & beverage retail, restaurants, hotels, supermarkets, convenience stores, healthcare facilities, and others. Increasing demand for frozen foods and rising consumer awareness regarding food safety standards are driving the usage of commercial refrigeration equipment. The continuous growth of organized retail chains globally and stringent regulations imposed by governments on the energy efficiency of these systems are driving market growth. However, stringent regulations against fluorocarbon refrigerants and technical issues associated with commercial refrigeration equipment systems significantly impede the adoption of refrigeration equipment. In addition, the emergence of fluorocarbons refrigeration systems and improving the efficiency of refrigeration systems with natural refrigerants is expected to create tremendous opportunities for commercial refrigeration equipment market development.
Beverage refrigeration units are specifically designed to cool and display bottled and canned beverages and are commonly used in convenience stores, gas stations, bars, and restaurants. Cold room cabinets are large-scale refrigerated storage spaces used by food distributors, wholesalers, and large-scale food service establishments to store a significant amount of perishable goods. Merchandiser refrigerators & freezers are similar to display cases and are specifically designed to showcase and sell packaged food and beverages in retail settings such as supermarkets and convenience stores. Refrigerated display cases are designed to showcase and preserve food and beverages while allowing customers to view and access the products and are commonly used in supermarkets, delis, bakeries, and cafeterias. Refrigerated vending machines are widely used in commercial kitchens, restaurants, and food service establishments for convenient storage and easy access to ingredients and prepared food.
Fluorocarbons are made from hydrochlorofluorocarbon (HCFC) or hydrofluorocarbon (HFC) compounds, which are produced synthetically and are commonly used types of refrigerants in commercial refrigeration equipment due to their excellent thermal properties and low cost. The main advantages of fluorocarbons include their high efficiency, low environmental impact, and their non-toxic nature. Hydrocarbons derived from propane and butane offer a more affordable alternative and are considered safe for use in food storage applications due to their non-toxic nature. Inorganic refrigerants are used in commercial refrigeration equipment, such as mechanical systems and absorption systems. These include ammonia, carbon dioxide, air, and water/glycol mixtures, providing reliable performance with better energy efficiency, lower emissions, and longer system life.
In bakeries, commercial refrigeration equipment is essential to store and preserve perishable items such as dough, whipped cream, and other ingredients. Additionally, display cases are crucial for showcasing pastries and cakes to customers. Commercial kitchens require a variety of refrigeration equipment to store raw ingredients and prepared food items in large quantities. Reach-in refrigerators, walk-in coolers, and under-counter units are common choices in these settings. Convenience stores rely heavily on commercial refrigeration equipment to stock beverages, dairy products, snacks, and frozen goods for consumers on the go. Open-air merchandisers and glass-door refrigerators allow customers easy access while promoting impulse buys. In hotels & restaurants, the demand for commercial refrigeration equipment varies according to scale and service offerings.
In the Americas region, increasing focus on energy efficiency and integrating smart technologies, including Internet of Things (IoT) sensors, data analytics, and remote monitoring, have gained significant momentum for commercial refrigeration equipment. Commercial refrigeration equipment manufacturers in the U.S. and Canada focus on developing energy-efficient systems to reduce operating costs and environmental impact. In the Asia-Pacific region, with the rise of eCommerce and the increasing demand for perishable goods, there has been a focus on expanding the cold chain infrastructure, including the development of efficient cold storage facilities and transportation systems, which increases demand for commercial refrigeration equipment. Commercial refrigeration equipment manufacturers in India, China, and Japan are customizing their refrigerators to cater to local requirements and preferences. In the EMEA region, manufacturers are innovating commercial refrigeration equipment to meet strict energy efficiency requirements, such as the European Union's Ecodesign Directive and F-Gas Regulation. Europe has strongly emphasized sustainability and environmentally friendly solutions, including adopting natural refrigerants, such as CO2 and hydrocarbons, and promoting green building certifications.
The FPNV Positioning Matrix is pivotal in evaluating the Commercial Refrigeration Equipment Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Commercial Refrigeration Equipment Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Carrier (CARR) Boosts Refrigeration Offerings With HeatCO2OL
Carrier Global Corporation introduced the HeatCO2OL range of heat pumps to reduce direct and indirect carbon emissions effectively. These innovative devices utilize carbon dioxide as a natural refrigerant, offering sustainable cooling properties, making them ideal replacements for comfort chillers. With the HeatCO2OL range, customers can conveniently manage different temperature grades simultaneously. Incorporating high-quality components, remote monitoring, leak, electrical testing, and preventive maintenance technology ensures a low total cost of ownership. This strategic move aligns with Carrier's 2030 Environmental, Social, and Governance goals, which aim to significantly reduce carbon footprint by one gigaton. [Published On: 2023-07-07]
Johnson Controls acquires M&M Carnot to enhance sustainable Industrial Refrigeration portfolio
Johnson Controls acquired M&M Carnot for designing and manufacturing industrial refrigeration equipment and controls that utilize carbon dioxide (CO2) with a GWP of 1. This strategic acquisition positions Johnson Controls to meet the growing demand for new technologies that operate on ultra-low GWP refrigerant CO2. Moreover, with the combined engineering expertise and ultra-low-GWP technologies, Johnson Controls actively contribute to reducing customer emissions. [Published On: 2023-06-21]
Heatcraft Developing Refrigeration Equipment With Energy-Efficient Honeywell Solstice L40X Refrigerant
Honeywell developed new commercial refrigeration equipment and systems that utilize Honeywell Solstice L40X (R-455A), a hydrofluoroolefin (HFO)-blend solution with a low-global-warming-potential (GWP) below 150. By using this solution, retailers remain compliant with hydrofluorocarbon (HFC) phase-down regulations while contributing to their sustainability goals. The Honeywell Solstice L40X solution offers a high capacity and large charge size, resulting in a lower run time ratio and increased architectural flexibility. Honeywell is committed toward achieving carbon neutrality in its operations and facilities by 2035, demonstrated through their participation in the U.S. Department of Energy's Better Climate Challenge, the science-based targets initiative, and their support for the Paris Climate Agreement. [Published On: 2023-02-03]
The report delves into recent significant developments in the Commercial Refrigeration Equipment Market, highlighting leading vendors and their innovative profiles. These include AB Electrolux, Baltimore Aircoil Company by Amsted Industries Inc., BITZER Kühlmaschinenbau GmbH, Carnot Refrigeration, Carrier Global Corporation, Commercial Refrigeration Inc., Daikin Industries, Ltd, Danfoss A/S, Dover Corporation, Emerson Electric Co., Evapco, Inc., GEA Group AG, Heatcraft Worldwide Refrigeration, Henry Group Industries, Hitema International S.r.l., Ice Make Refrigeration Ltd., Illinois Tool Works Inc., Johnson Controls International PLC, LG Corporation, Liebherr-International AG, Mayekawa Mfg. Co., Ltd., Metalfrio Solutions SA, National Refrigeration Company, Panasonic Holdings Corporation, Rockwell Industries Limited, SCM Frigo S.p.A., The Middleby Corporation, Trane Technologies PLC, Western Refrigeration Pvt. Ltd., and Whirlpool Corporation.
This research report categorizes the Commercial Refrigeration Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Beverage Refrigeration
- Cold Room Cabinet
- Merchandiser Refrigerators & Freezers
- Refrigerated Display Cases
- Refrigerated Vending Machine
- Transportation Refrigeration
- Refrigerant Type
- Fluorocarbons
- Hydrocarbons
- Inorganics
- Application
- Bakeries
- Commercial Kitchens
- Convenience Stores
- Hotels & Restaurants
- Supermarkets & Hypermarkets
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Commercial Refrigeration Equipment Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Commercial Refrigeration Equipment Market?
- What are the technology trends and regulatory frameworks in the Commercial Refrigeration Equipment Market?
- What is the market share of the leading vendors in the Commercial Refrigeration Equipment Market?
- Which modes and strategic moves are suitable for entering the Commercial Refrigeration Equipment Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Commercial Refrigeration Equipment Market, by Product
- Commercial Refrigeration Equipment Market, by Refrigerant Type
- Commercial Refrigeration Equipment Market, by Application
- Americas Commercial Refrigeration Equipment Market
- Asia-Pacific Commercial Refrigeration Equipment Market
- Europe, Middle East & Africa Commercial Refrigeration Equipment Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 296]
- List of Companies Mentioned [Total: 30]
What is Commercial Refrigeration Equipment?
Commercial refrigeration is equipment that is specifically designed to store, display, and transport food products in commercial settings. This equipment includes refrigerators, freezers, coolers, ice machines, and display cases. Commercial refrigeration equipment is designed to handle the high volume of food products that supermarkets, hypermarkets, and specialty food stores handle daily.
The Need for Commercial Refrigeration Equipment:
Commercial refrigeration equipment is crucial for commercial food businesses due to the sheer volume of products and the necessity for freshness. The availability of food products in high quantities could not be accomplished without refrigerated storage spaces throughout the entire industrial food chain. Refrigeration helps to preserve the quality and safety of food products for preservation and sale. The importance of maintaining freshness and optimal temperatures for varied food products, coupled with legal restrictions in most countries, makes commercial refrigeration equipment vital for effective food storage in commercial settings.
The Rising Number of Hypermarkets, Supermarkets, and Specialty Food Stores:
Hypermarkets, supermarkets, and specialty food stores that offer a wide variety of food products are on the rise. Commercial refrigeration equipment has become increasingly important in these settings, given the need to refrigerate several thousand products while ensuring quality assurance and safety procedures are met. The rising trend of including chilled and frozen food items in the product range has also led to an increase in commercial refrigeration equipment usage.
The Benefits of Commercial Refrigeration Equipment in the Food Industry:
The benefits of commercial refrigeration equipment go beyond product safety. Effective commercial refrigeration equipment enhances worker productivity, saves energy, and reduces overall operation costs. Food businesses that use energy-efficient refrigeration equipment also benefit from increased environmental sustainability and an improved brand reputation. The use of advanced commercial refrigeration systems has made it possible to use new technologies to monitor, regulate, and manage the temperature in commercial refrigeration equipment, resulting in an improvement in product quality and longevity.
Commercial refrigeration equipment is a vital aspect of the food industry, playing a significant role in storing and distributing food products in industrial-scale quantities. The rise of supermarkets, hypermarkets, and specialty food stores has made commercial refrigeration equipment integral to the success of the food industry. Using commercial refrigeration equipment ensures that food products remain fresh and safe while simultaneously reducing operation costs. It has significantly improved product quality and brand reputation while meeting environmental sustainability targets, allowing food businesses to expand their range for potential sale.
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