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    Commercial Refrigeration Equipment Market Report

    Commercial Refrigeration Equipment Market Report
    Report code - SR2789 Delivery - 2 Weeks
    Commercial Refrigeration Equipment Market Size, Share, Trend, Forecast, Competitive Analys See more...

    Market Highlights

    Commercial refrigeration equipment is used to preserve food, such as meat, fruits, and vegetables, by maintaining a particular temperature to lengthen the shelf life of the product. Due to the replacement of current equipment with more energy-efficient and environmentally friendly equipment, a sizable portion of the refrigerator market is anticipated to be accounted for in the near future. Many times, certain refrigeration equipment is specifically made to quickly lower food temperatures from roughly 90°C to as low as 30°C in order to remove the risk of bacterial growth.  Throughout the projection period for the commercial refrigeration market, a moderate global increase in packaged food demand is projected. The need for commercial refrigeration is anticipated to rise soon as a result of this. During the analysis period, it is also anticipated that increased food safety standards will increase demand for commercial refrigeration.

    The market for commercial refrigeration is driven by consumers' rising demand for frozen and chilled goods as a result of changing lifestyles and increased urbanization. Additionally, the industry is expected to rise as a result of the organized retail sector's quick expansion, which includes an increase in the number of supermarkets and hypermarkets. However, the industry is significantly constrained by the requirement for periodic maintenance and potential technical problems brought on by improper maintenance. On the other hand, it is anticipated that technological developments and an increase in the number of quick-service restaurants, particularly in developing nations, will create a wide range of chances for market expansion. The Commercial Refrigeration Equipment market is likely to show a promising CAGR of 4.4% in the long run to reach US$ 35.25 Billion in 2028.

    Market Segment Analysis

    Based on the product type, the Commercial Refrigeration Equipment market is segmented into deep freezers, bottle coolers, storage water coolers, commercial kitchen refrigeration, medical refrigeration, chest refrigeration, and others. Medical Refrigeration is expected to remain the largest and fastest-growing vehicle type in the market during the forecast period due to the rising demand for commercial refrigeration in hospitals and other medical institutions, particularly in emerging nations. The medical refrigeration is expected to gain traction in the near future. About one-fourth of the worldwide commercial refrigeration market share in 2019 was combined by the commercial refrigeration and medical refrigeration sectors.

    Based on the end user type, the market is segmented into full service restaurants & hotels, food processing industry, hospitals, retail pharmacies, supermarket/hypermarket, convenience stores, quick service restaurants, and others. Supermarket is expected to remain the dominant as well as the fastest growing end-user in the market during the forecast period. The supermarket/hypermarket sector held the largest market share in terms of commercial refrigeration worldwide in 2021 and is anticipated to continue dominating the market over the coming years. However, the retail pharmacy category is anticipated to increase quickly.

    In terms of regions, Asia-Pacific is expected to remain the largest market for commercial refrigeration equipment during the forecast period owing to the augment in industrialization and the high degree of implementation of automation in this region. Moreover, a rise in the number of food outlets coupled with an increase in the number of retail pharmacies and experience centers such as supermarkets/ hypermarkets are expected to provide opportunities for growth in the commercial refrigeration market. Asia-Pacific accounted for approximately two-fifths of the total commercial refrigeration market in 2019 and is expected to remain dominant during the forecast period, with major growth expected in China, India, and other developing countries. The rise in the number of full-service restaurants and quick-service restaurants as well as increase in the adoption of frozen food and confections are the major drivers fueling the commercial refrigeration market growth in these countries.

    Key Players

    The following are the key players in the commercial refrigeration equipment market:

    • Haier Electronics Group Co., Ltd
    • Frigoglass S.A.I.C
    • Illinois Tool Works Inc.
    • Panasonic Corporation
    • Dover Corporation
    •  Johnson Controls International Plc
    • United Technologies Corporation
    • Ali Group S.R.L.
    • Daikin Industries Ltd.
    • Ab Electrolux

    Research Methodology

    This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Commercial Refrigeration Equipment market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The Commercial Refrigeration Equipment market is segmented into the following categories. 

    Commercial Refrigeration Equipment Market, by Product Type

    • Car Deep Freezers (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Bottle Coolers (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Storage Water Coolers (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Commercial Kitchen Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Medical Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Chest Refrigeration (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, And Row)

    Commercial Refrigeration Equipment Market, by End User Type

    • Full-Service Restaurant & Hotels (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Food Processing Industry (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Hospitals (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Retail Pharmacies (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Supermarket/Hypermarket (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Convenience Stores (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Quick Service Restaurants (Regional Analysis: North America, Europe, Asia-Pacific, And Row)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, And Row)

    Commercial Refrigeration Equipment Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions

    The commercial refrigeration equipment market is estimated to grow at a CAGR of 4.4% by 2028, driven by rising demand for frozen and chilled goods as a result of changing lifestyles and increased urbanization. Additionally, the industry is expected to rise as a result of the organized retail sector's quick expansion, which includes an increase in the number of supermarkets and hypermarkets. However, the industry is significantly constrained by the requirement for periodic maintenance and potential technical problems brought on by improper maintenance.

    Haier Electronics Group Co., Ltd., Frigoglass S.A.I.C., Illinois Tool Works Inc., Panasonic Corporation, Dover Corporation, Johnson Controls International Plc, United Technologies Corporation, Ali Group S.R.L., Daikin Industries Ltd., Ab Electrolux are the leading players in the Commercial Refrigeration Equipment market.

    Asia-Pacific is estimated to remain dominant in the commercial refrigeration equipment market in the foreseeable future. The key economies driving the regions demand for commercial refrigeration equipment market are China, India, and Japan owing to the augment in industrialization and high degree of implementation of automation in this region.

    Asia-Pacific is estimated to remain the fastest-growing market for Commercial Refrigeration Equipment in the foreseeable future.

    Medical refrigeration due to the rising demand for commercial refrigeration in hospitals and other medical institutions, particularly in emerging nations, medical refrigeration is expected to gain traction in the near future.