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The Commercial Refrigeration Equipment Market size is estimated to grow at a CAGR of 6.86% between 2022 and 2027 and the size of the market is forecast to increase by USD 14,505.99 million. The growth of the market depends on several factors, including the need to increase the storage life of food products, market expansion by end-users, and a growing focus on merchandising refrigerated food and beverages.
This report extensively covers market segmentation by end-user (retail, restaurants, hotels, and catering units), product (walk-in coolers, display cases, refrigerators for drinks, ice-making machines, and freezers, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Commercial Refrigeration Equipment Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The need to increase the storage life of food products is a key factor driving the global commercial refrigeration equipment market growth. One of the key factors that determines the shelf life of food products is the storage conditions. The storage of food products at an inadequate temperature will result in degradation and losses to commercial spaces like food service establishments. Hence, a commercial refrigerator is a crucial component used by food service establishments.
Refrigeration is one of the most important components for maintaining nutritional and microbial quality. Also, for frozen food products, quality, and safety are highly dependent on the food being maintained at a sufficiently low temperature throughout its life to prevent the growth of bacteria and pathogens. Therefore, proper refrigeration has numerous benefits on food quality as it tends to minimize moisture transport and maintains the flavor, color, and texture of food products. This, in turn, is driving the growth of the global commercial refrigeration equipment market during the forecast period.
The growing demand for energy-efficient models of commercial refrigeration equipment will fuel the global commercial refrigeration equipment market growth. One of the main factors driving the growing preference for commercial refrigeration by end-users is its benefits, especially, cost-saving benefits in terms of energy consumption. Hence, ENERGY STAR-certified commercial refrigeration equipment helps the end-user to ensure minimum energy consumption.
For instance, commercial refrigeration equipment that has ENERGY STAR certification is 20% more energy efficient on average than standard commercial refrigeration equipment. Some of the key features of this refrigerator include special components, such as Electronically Commutated Motor (ECM) evaporators and condenser fan motors as well as equipped with hot gas anti-sweat heaters and high-efficiency compressors that help in reducing energy consumption and utility bills. Hence, such factors are expected to drive the global commercial refrigeration equipment market growth during the forecast period.
The rising preference for pre-used and rented commercial refrigeration equipment is the major challenge to the global commercial refrigeration equipment market growth. Several vendors operating in the global commercial refrigeration equipment market are innovating products with additional features. However, all end-users cannot afford to invest in improved models of commercial refrigeration equipment.
As a result, many end-users prefer to purchase low-cost commercial refrigeration equipment or pre-used models of commercial refrigeration equipment that cost less than new products. These pre-used commercial refrigeration equipment are available on various online portals, such as Gumtree and eBay Inc. (eBay). Therefore, the rising preference for pre-used models of commercial refrigeration equipment is expected to impact the market negatively. Hence, such factors can hinder the global commercial refrigeration equipment market growth during the forecast period.
The retail segment is estimated to witness significant growth during the forecast period. The retail segment of the global commercial refrigeration equipment market mainly comprises hypermarkets, supermarkets, grocery stores, convenience stores, and others. These retail stores offer different types of refrigerated food products in packaged form and they utilize these commercial refrigeration, mainly freezers and refrigerators with glass doors, for storing drinks.
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The retail segment was the largest segment and was valued at USD 12,498.82 million in 2017. Several retailers in the global commercial refrigeration equipment market are launching new variants of private-label refrigerated food products. For instance, in March 2021, Target Brands Inc. (Target) launched its new frozen meal products under its brand Good and Gather. Factors such as the increasing demand for commercial refrigeration equipment across retail outlets and the growing expansion of these retail outlets are expected to drive the growth of this segment which, in turn, will drive the growth of the commercial refrigeration equipment market during the forecast period.
Based on product, the segment is classified into walk-in coolers, display cases, refrigerators for drinks, ice-making machines, freezers, and others. Some of the main vendors in the global commercial refrigeration equipment market include Standex International and Middleby. The manufacturing of walk-in coolers is in standard sizes but can be customized as per the end-user requirements. For instance, Standex International offers Bilt2Spec customized walk-in coolers under its brand Master-Bilt Products. Hence, such factors are expected to drive the growth of this segment which, in turn, will drive the growth of the global commercial refrigeration equipment market growth during the forecast period.
APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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Some of the countries in APAC which are significantly contributing to the growth of the global commercial refrigeration equipment market include Japan, China, India, South Korea, and Australia. One of the main factors for the significant growth of the global transplant box market in APAC is the expansion of presence by prominent vendors and the launching of new products at competitive pricing by market players. There is an increasing demand for commercial refrigeration equipment in South Korea due to rising awareness of food safety in South Korea and to meet the growing demand for commercial refrigeration equipment having a greater cooling capacity. Hence such factors are expected to drive the global commercial refrigeration equipment market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global commercial refrigeration equipment market witnessed a significant slowdown due to a shutdown of many food and beverage (F and B) service establishments as well as the temporary closure of retail outlets in the region, resulting in the decline of sales of commercial refrigerators. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of business along with sales of commercial refrigeration equipment. Such factors are expected to drive the market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ali Group Srl: The company offers commercial refrigeration equipment that adapts to the load for the best cooling results, optimal temperature uniformity, and increased savings in energy consumption.
Blue Star Ltd: The company offers commercial refrigeration equipment where its upright cabinet ensures easy storage and an electronic panel ensures proper temperature control.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The commercial refrigeration equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Commercial Refrigeration Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
185 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.86% |
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Market growth 2023-2027 |
USD 14,505.99 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.9 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 42% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Electrolux, Ali Group Srl, Blue Star Ltd., Daikin Industries Ltd., Dover Corp., Felix Storch Inc., FUJIMAK Corp., HOSHIZAKI Corp., Illinois Tool Works Inc., Imbera, Lennox International Inc., Panasonic Holdings Corp., Standex International Corp., Tecumseh Products Co. LLC, TEFCOLD AS, The Middleby Corp., TURBO AIR Inc., UAB FREOR LT, Valpro Refrigeration, and Welbilt Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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