Market Reports

By 2026, the commercial refrigeration equipment market will be worth $43.3 billion with a 6.2% CAGR.

Published: April 12, 2023
Author: DIGITAL MEDIA EXECUTIVE

The report Commercial Refrigeration Equipment Market by product Type, Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics), Application (Hotels & Restaurants, Supermarkets & Hypermarkets), and Region – Global Forecast to 2026″, The global commercial refrigeration equipment market is estimated to be USD 32.0 billion in 2021 and is projected to reach USD 43.3 billion by 2026, at a CAGR of 6.2%, from 2021 to 2026. Improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance, magnetic refrigeration, are opportunities for the growth of the commercial refrigeration equipment market.

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•  259 Market data Tables
•    39 Figures
•  254 Pages and in-depth TOC on Commercial Refrigeration Equipment Market – Global Forecast to 2026″

Some of the prominent key players are:

  • Carrier (US)
  • Emerson Electric Company (US)
  • Daikin (Japan)
  • Danfoss (Denmark)
  • GEA Group (Germany)

 

Opportunity: Improvements in the efficiency of refrigeration systems with the use of natural refrigerants

Several government agencies and R&D companies are focused on improving the coefficient of performance, efficiency, lifetime, and total ownership cost of commercial refrigeration systems. With the Kyoto Protocol and the recent EU F-Gas regulations, manufacturers are trying to develop natural refrigerant technologies that can boost the energy efficiency of commercial refrigeration systems. Companies such as Carnot Refrigeration, Danfoss, and Carrier Commercial Refrigeration are introducing ammonia and CO2 refrigerant technologies. Earlier, cascade refrigeration systems using CO2 and ammonia as refrigerants were confined to limited refrigeration applications. However, with the increasing awareness regarding eco-friendly refrigerants, cascade refrigeration systems are preferred for a wide range of refrigeration applications. The Clean Development Mechanism (CDM) defined in article 12 of the Kyoto Protocol encourages the use of natural refrigerants. The CDM allows a country with an emission-reduction commitment under the Kyoto Protocol to implement an emission-reduction project. Such projects can earn saleable Certified Emission Reduction (CER) credits, each equivalent to one ton of CO2, which can be counted toward meeting the Kyoto targets. These projects include the installation of energy-efficient equipment in industries.

The supermarkets & hypermarkets segment is estimated to be the largest segment of the commercial refrigeration equipment market, based on application, in 2021.

In terms of application, the supermarkets & hypermarkets segment is estimated to be the largest segment of the commercial refrigeration equipment market in 2021. Various commercial refrigeration equipment (CRE) such as display cases, refrigerated vending machines, among others, are being used as selling points in supermarkets & hypermarkets. High consumption of FMCG products including ready-to-eat salads and sandwiches and beverages, among others, are sold using CRE products to help improve customer service and engagement.

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Asia Pacific is expected to be the largest market for commercial refrigeration equipment during the forecast period.

Asia Pacific is the largest market for commercial refrigeration equipment, globally. The region consists of key revenue-generating countries, such as India and China. These countries have a large consumer base and lucrative opportunities for chilled and frozen food products. In addition, development in the automotive industry of these countries is expected to boost the growth of the refrigerated transport market in the region.

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