Commercial Refrigeration Equipment Market by Product, End-user, and Geography - Forecast and Analysis 2023-2027

The commercial refrigeration equipment market is estimated to grow at a CAGR of 7.4% between 2022 and 2027. The size of the market is forecast to increase by USD 17,886.21 million. The growth of the market depends on several factors, including the need to increase the storage life of food products, the market expansion by end-users, and the growing focus on merchandising refrigerated food and beverages. 

This report extensively covers market segmentation by product (walk-in coolers, display cases, refrigerator for drinks, and ice-making machines), end-user (retail, restaurants, hotels, and catering units), and geography (APAC, North America, Europe, 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. 

What will the Size of the Commercial Refrigeration Equipment Market be During the Forecast Period?

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Parent Market Analysis 

Technavio categorizes the global commercial refrigeration equipment market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, the global electrical components and equipment market, covers companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment. Our research report has extensively covered external factors influencing the parent market growth during the forecast period. 

Commercial Refrigeration Equipment Market: Key Drivers, Trends, Challenges, and Customer Landscape

The need to increase the storage life of food products is notably driving the commercial refrigeration equipment market growth, although factors such as the rising preference for pre-used and rented commercial refrigeration equipment may impede the market growth. 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 decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.   

Key Commercial Refrigeration Equipment Market Driver

The need to increase the storage life of food products is a key factor driving the global commercial refrigeration equipment market growth. The shelf life of food products is dependent on factors such as storage conditions. The storage of food products at an inadequate temperature will lead to degradation and losses to commercial spaces like food service establishments. A commercial refrigerator is a key component used by food service establishments.

Refrigeration is essential for maintaining nutritional and microbial quality. Also, for frozen food products, quality and safety are reliant on the food being maintained at a sufficiently low temperature throughout its life to prevent the growth of bacteria and pathogens. The storage temperature is also essential to minimize the growth of spoilage microbes. Hence, proper refrigeration has beneficial effects on food quality. It minimizes moisture transport and maintains the flavour, colour, and texture of food products. This, in turn, is driving the growth of the global commercial refrigeration equipment market.

Key Commercial Refrigeration Equipment Market Trend

The growing demand for energy-efficient models of commercial refrigeration equipment will fuel the global commercial refrigeration equipment market growth. End-users mainly prefer to use commercial refrigeration equipment that provides cost-saving benefits in terms of energy consumption. One of the ways that help end-users ensure minimum energy consumption is the use of ENERGY STAR-certified commercial refrigeration equipment. Commercial refrigeration equipment that has ENERGY STAR certification is 20% more energy efficient on average than standard commercial refrigeration equipment.

ENERGY STAR-certified commercial refrigeration equipment is designed with special components, such as Electronically Commutated Motor (ECM) evaporators and condenser fan motors. Also, it is equipped with hot gas anti-sweat heaters and high-efficiency compressors that help in reducing energy consumption and utility bills. The energy efficiency of ENERGY STAR-certified models varies based on the door type. This, in turn, is expected to drive the growth of the global commercial refrigeration equipment market focus during the forecast period.

Key Commercial Refrigeration Equipment Market Challenge

The rising preference for pre-used and rented commercial refrigeration equipment is the major challenge to the global commercial refrigeration equipment market growth. Vendors operating in the global commercial refrigeration equipment market are focusing on developing products with improved features. However, all end-users cannot invest in innovative models of commercial refrigeration equipment. Many end-users prefer to purchase low-cost commercial refrigeration equipment. They can also purchase pre-used models of commercial refrigeration equipment that cost less than new products.

End-users can get information about the availability of such models through advertisements in print media. Pre-used commercial refrigeration equipment can also be purchased from various online portals, such as Gumtree and eBay Inc. (eBay). They are also ideal for end-users that are planning to expand their refrigerated food offerings. Therefore, the rising preference for pre-used models of commercial refrigeration equipment is expected to impact the sales of new units negatively. This, in turn, can adversely affect the growth of the global commercial refrigeration equipment market in focus during the forecast period.

Key Commercial Refrigeration Equipment Market Customer Landscape

Our analysis of the Life Cycle of the Global commercial refrigeration equipment market from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the global commercial refrigeration equipment market, focusing on the adoption rates of the major regions such as the US, Canada, China, Japan, and Germany. Our researchers have included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies for 2022-2027.

Global Commercial Refrigeration Equipment Market Customer Landscape

Who are the Major Commercial Refrigeration Equipment Market Vendors?

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 

• aligroup.it - 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. The company offers a wide range of cooking equipment from braising pans to fryers and cooktops. The segment includes several brands such as Alphatech, Amana Commercial Menumaster, Ambach, Baron, and other cooking brands.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, such as

• AB Electrolux
• 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
• Welbilt Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. 

What is the Fastest-Growing Segment in the Commercial Refrigeration Equipment Market?

The market share growth by the walk-in coolers segment will be significant during the forecast period. Some prominent vendors offering walk-in coolers in the global market are Standex International and Middleby. Standex International offers walk-in coolers under its brands Nor-Lake and Master-Bilt Products, and Middleby offers walk-in coolers under its brand Celfrost. Walk-in coolers are manufactured in standard sizes and can be customized based on the end-users requirements. For instance, Standex International offers Bilt2Spec customized walk-in coolers under its brand Master-Bilt Products. The availability of such products helps vendors meet the unique requirement of their customers. 

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The walk-in coolers segment showed a gradual increase in market share, from USD 7,694.25 million in 2017, and continued to grow by 2021. Walk-in coolers are manufactured in standard sizes and can be customized based on the end-users requirements. For instance, Standex International offers Bilt2Spec customized walk-in coolers under its brand Master-Bilt Products. The availability of such products helps vendors meet the unique requirements of their customers. Vendors need to achieve certain certifications to sell their walk-in coolers in the global market. Hence, vendors are focusing on developing walk-in coolers that are compliant with the above requirements. Our report provides a brief analysis of historical and forecast market share and their segment along with their reasons for growth from 2017 to 2027.

The growth of this segment is primarily attributed to the increasing adoption of Commercial Refrigeration Equipment by residential consumers, which is driven by changing lifestyles and a growing preference for comfort.

Which are the Key Regions for Commercial Refrigeration Equipment Market?

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APAC is projected to contribute 44% by 2027. Our analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

APAC countries such as Japan, China, India, South Korea, and Australia are some of the leading contributors to the growth of the commercial refrigeration equipment market. Many vendors operating in the market are trying to increase their sales and expand their geographic presence in the region. Vendors have launched their competitively priced commercial refrigeration equipment, owing to the rising awareness of food safety in South Korea and to meet the growing demand for commercial refrigeration equipment that has greater cooling capacity. Such product launches are expected to increase the sales of commercial refrigeration equipment in the region during the forecast period. 

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to a decline in demand in APAC. In 2020 and 2021, the outbreak of the COVID-19 pandemic led to a shutdown of many food and beverage (F&B) service establishments in the region. Due to the high transmission rate of COVID-19, governments of various countries in the region announced a stringent lockdown, leading to the temporary closure of retail outlets. This resulted in a decline in demand for new refrigeration equipment from commercial establishments. However, in 2021, the lockdowns were lifted in most APAC countries due to the initiation of COVID-19 vaccination drives and other government initiatives as the pandemic was contained. This, in turn, led to growth for commercial establishments along with sales of commercial refrigeration equipment. This is expected to drive the demand for commercial refrigeration equipment in the region over the forecast period.

Segment Overview

Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2028. We have segmented the market based on type, product, distribution channel, and region.

• Product Outlook (USD Million, 2017 - 2027)
  • Walk-in coolers
  • Display cases
  • Refrigerator for drinks
  • Ice-making machines
  • Others 

• End-user Outlook (USD Million, 2017 - 2027)
  • Retail
  • Restaurants
  • Hotels
  • Catering units

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Brazil,
    • Argentina
    • Chile

  Commercial Refrigeration Equipment Market Scope
  Report Coverage	Details
  Page number	184
  Base year	2022
  Historical year	2017-2021
  Forecast period	2023-2027
  Growth momentum & CAGR	Accelerate at a CAGR of 7.4%
  Market growth 2023-2027	$17,886.21 million
  Market structure	Fragmented
  YoY growth (%)	6.5
  Regional analysis	APAC, Europe, North America, the Middle East and Africa, and South America
  Performing market contribution	APAC at 44%
  Key consumer countries	US, Canada, China, Japan, and Germany
  Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
  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.
  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.
  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.

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  What are the Key Data Covered in this Commercial Refrigeration Equipment Market Report?

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive commercial refrigeration equipment market growth during the next five years
  • Precise estimation of the commercial refrigeration equipment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the commercial refrigeration equipment industry across APAC, Europe, North America, the Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of commercial refrigeration equipment market vendors

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