Commercial Refrigeration Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Deep Freezers, Bottle Coolers, Storage Water Coolers, Commercial Kitchen Refrigeration, Medical Refrigeration, Chest Refrigeration & Others), By Application (Food Processing Industry, Hospitals, Retail Pharmacies, Supermarket and Hypermarket, Convenience Stores, Restaurants and Hotels, & Others) and Region, Forecast 2019-2030

Commercial Refrigeration Market size was valued at US$ 8,498.3 million in 2023 and is projected to reach a value of US$12,037.9 million by 2030, at a CAGR of 5.1% from 2024-2030. Commercial refrigeration is the use of equipment and systems to keep perishable items cool or frozen at a suitable temperature. It is used in businesses that deal with food products, such as restaurants, grocery stores, convenience stores, and hotels. The market is the industry that involves the use of cold storage equipment in commercial settings to keep perishable items frozen or cool. The growth drivers of the market are growing demand for frozen and processed food across the world, rising demand for vaccine storage units.

However, the constraints of the market are stringent regulations against the use of fluorocarbon refrigerants and energy consumption is a significant concern, as traditional systems are often power-intensive, leading to higher operational costs and environmental impact. The emerging opportunities of the market are increased consumer desire for high-quality and hygienic food storage solutions, and advancements in energy-efficient refrigeration technologies. The key trends of the market are adoption of use of smart sensors and Internet of Things (IoT) technology to monitor and manage refrigeration systems in real time, use of natural refrigerants like carbon dioxide, ammonia, and hydrocarbons, which have a lower environmental impact than traditional synthetic refrigerants are the key growth trends. 

Key Players

The leading companies highlighted in the commercial refrigeration market report include such as AHT Cooling Systems GmbH, Daikin Industries Ltd., Dover Corporation, Electrolux AB, Hussmann Corporation, Illinois Tool Works Inc., Johnson Control, Lennox International Inc., Panasonic Corporation, Whirlpool Corporation and others. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach.

Key Takeaways

•    Asia Pacific market dominated the market in 2023.
•    The North America market is expected to expand significantly  from 2024 to 2030.
•    Based on product type, the chest refrigeration segment is having highest market share in 2023.
•    By application, the restaurants and hotels segment has captured highest market share in 2023. 

Facts & Figures  

•    In July 2021, BITZER announced the launch of gas coolers for carbon dioxide (CO2) applications in commercial and light industrial refrigeration. These coolers are resistant to pressure and thermally efficient and has an advantage for systems with medium to large capacities of more than 250 kW.
•    In November 2021, Whirlpool Corporation announced investing US$ 65 million over the next few years in Ottawa, Ohio, to position the plant as the Superior Refrigeration Factory in North America. 

Key Developments

In January 2022, Carrier Commercial Refrigeration PowerCO2OL refrigeration system was installed at a COVID-19 vaccine storage facility in Spain. The system feature was it uses carbon dioxide, a natural refrigerant, as a sustainable and low-GWP refrigerant to help preserve important vaccines in Spain.

Commercial Refrigeration Market Segmentation

By Product  Type: Among all product types, the chest refrigeration is having the highest market share in 2023. A chest refrigerator is a large, horizontal appliance that stores food at a very cold temperature to freeze it. They are most widely used as chest refrigerators are designed to keep cold air trapped inside, even when the lid is opened. This reduces the workload on the compressor, which leads to lower energy consumption. 

By Application: The restaurants and hotels sector dominates the market in application segment as restaurants and hotels depend highly on commercial refrigeration to store perishable food items such as meat, dairy, fruits, vegetables, and beverages. Maintaining food quality and safety is critical in the hospitality industry, where food freshness directly impacts customer satisfaction, so to keep them fresh the refrigeration system is used.