Global Commercial Refrigeration Equipment Market to Reach US$52.8 Billion by 2030

The global market for Commercial Refrigeration Equipment estimated at US$37.6 Billion in the year 2023, is expected to reach US$52.8 Billion by 2030, growing at a CAGR of 5.0% over the analysis period 2023-2030. Transportation Refrigeration Equipment, one of the segments analyzed in the report, is expected to record a 5.1% CAGR and reach US$15.1 Billion by the end of the analysis period. Growth in the Freezers & Refrigerators segment is estimated at 4.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$10.1 Billion While China is Forecast to Grow at 6.8% CAGR

The Commercial Refrigeration Equipment market in the U.S. is estimated at US$10.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.2 Billion by the year 2030 trailing a CAGR of 6.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.6% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.

Global Commercial Refrigeration Equipment Market - Key Trends & Drivers Summarized

Refrigeration plays an indispensable role in the modern global economy, impacting various sectors such as food preservation, healthcare, and environmental management. Commercial refrigeration equipment is a vital component in various industries, particularly in food and beverage, hospitality, retail, and healthcare. The systems are designed to store and preserve perishable goods at optimal temperatures, ensuring product safety and quality. Refrigeration is also pivotal in numerous manufacturing processes across sectors like chemical production, plastics, and mechanical engineering. Its role in scientific research further underscores its importance, with many cutting-edge projects relying on sophisticated cooling technologies.

Technological advancements have significantly enhanced the functionality, efficiency, and sustainability of commercial refrigeration equipment. Several recent innovations have been achieved in commercial refrigeration technology for storing and transporting frozen foods. Carbon dioxide (CO2) refrigeration systems have been gaining popularity as an environmentally friendly alternative to traditional HFC refrigerants. Phase Change Materials (PCMs) is another innovative concept that can absorb and release large amounts of thermal energy during phase transitions, making them an effective way to maintain temperature inside refrigerated containers during transportation. PCMs can help in reducing energy consumption and maintaining the quality of frozen foods during transportation. Also developed are solar-powered refrigeration systems that use solar panels to generate electricity, which is then used to power the refrigeration unit. Innovations such as smart refrigeration systems equipped with IoT sensors and remote monitoring capabilities allow for real-time tracking and management of temperature and energy consumption.

The growth in the commercial refrigeration equipment market is driven by several factors. Advances in refrigeration technology and the increasing adoption of energy-efficient and sustainable solutions are boosting the market. The development of cold chain warehousing, distribution & logistics also provides the cornerstone for growth in the commercial refrigeration equipment market. The expanding global trade & retail is also driving demand for transportation refrigeration equipment. The growing food and beverage industry, particularly in emerging markets, is driving demand for commercial refrigeration as businesses seek to meet consumer needs for fresh and safe products. Additionally, stringent food safety regulations and standards are compelling businesses to invest in advanced refrigeration systems to ensure compliance and maintain product integrity. The continuous innovation in refrigeration solutions to enhance performance, reduce environmental impact, and improve cost-efficiency is expected to sustain the growth of the commercial refrigeration equipment market in the coming years.