Commercial Refrigeration Equipment Market Size, Share, Growth Analysis, By Type(Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines), By Refrigerant Type(Fluorocarbons, Hydrocarbons, Inorganics), By System Type(Self-contained, Remotely Operated), By Application(Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2180 | Region: Global | Published Date: February, 2024
Pages: 165 |Tables: 120 |Figures: 77

Commercial Refrigeration Equipment Market Insights

Global Commercial Refrigeration Equipment Market size was valued at USD 37.25 billion in 2019 and is poised to grow from USD 39.11 billion in 2023 to USD 53.23 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The rapid development of the hospitality and tourism industries as well as consumers' growing desire for takeout meals is projected to drive the market growth for commercial refrigerator equipment. Furthermore, the growing regulatory pressures that lead to the adoption of refrigerants with reduced global warming potential (GWP) along with ongoing technology advancements will also provide the commercial refrigerator equipment industry is promising growth prospects.The demand for refrigeration of frozen goods, processed foods, and seafood has also increased significantly as a result of the growth in the global food trade. The need for the product is being further fueled by the quick advancements and ongoing technological breakthroughs, such as liquid-vapor compression and ammonia absorption systems. To achieve a competitive advantage in the commercial refrigeration equipment market, a number of top manufacturers are concentrating on R&D operations to improve the design and temperature control of their products.

The end-use sectors are expected to adopt sustainable and energy-efficient refrigeration systems as the standard which should drive manufacturers to enhance their R&D and product innovation spending. Long-term market share will be attained by using energy-efficient technology to provide low global warming potential (GWP) products with rich functionality.

US Commercial Refrigeration Equipment Market is poised to grow at a sustainable CAGR for the next forcast year.

Market Snapshot - 2024-2031

Global Market Size

USD 37.25 billion

Largest Segment

Fastest Growth

reciprocating

Growth Rate

5.1% CAGR

GlobalCommercial Refrigeration Compressor Market ($ Bn)
Country Share for Asia Pacific(%)
GlobalCommercial Refrigeration Compressor Market

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Commercial Refrigeration Equipment Market Segmental Analysis

The global commercial refrigeration equipment market is segmented based on type, refrigerant type, application, and region. Based on type, the commercial refrigeration equipment market is segmented into refrigerator and freezer, transport refrigeration, refrigerated display cases, ice machines, and others. Based on refrigerant type, the commercial refrigeration equipment market is segmented into fluorocarbons, hydrocarbons, inorganics. Based on system type, the commercial refrigeration equipment market is segmented into self-contained and remotely operated. Based on application, the commercial refrigeration equipment market is segmented into food & beverage, retail stores, hotels & restaurants, chemicals & pharmaceuticals, and others. Based on region, the commercial refrigeration equipment market is categorized into North America, Europe, Asia-Pacific, and MEA.

Commercial Refrigeration Equipment Market Analysis by type

The refrigerators and freezers segment accounted for a revenue share of more than 27% in 2022 across the commercial refrigeration equipment market. This can be attributed to the global growth of travel and tourism sector, which encouraged setting up of numerous eateries and restaurants. Blast chillers, which are primarily used to quickly freeze or cool objects at lower temperatures and prevent bacterial growth in the stored item, are also included in this segment. Additionally, the widespread use of chillers by medical practitioners for the storage of vaccination tissue samples, controlled testing, and essential medications is an important factor in the segment's growth.

Due to the growing adoption of medium-capacity beverage coolers for tourists and vacationers, the beverage refrigeration market is anticipated to register a CAGR of more than 8% over the forecast period. Additionally, the growing practice of "grab and go" and "drink and shop" among retail chains to provide customers with a better shopping experience is expected to fuel demand for beverage refrigeration equipment in the upcoming years. Additionally, the export and import services are expanding through a variety of transportation modes, including by road, sea, and air transport, which is causing the transport refrigeration segment to expand at a rapid rate. Due to quick delivery and sales services, the category has the largest market share.

Commercial Refrigeration Equipment Market Analysis by system type

The self-contained sector had over 88% of the commercial refrigeration equipment market share in 2022 owing to its benefits, including simple and affordable installation, low maintenance and relocation costs for the appliances. According to figures from the Environmental Protection Agency (EPA), self-contained commercial refrigeration equipment generated around 26% of all HFC emissions globally in 2020.

The manufacturers are being forced by the strict HFC emission standards to switch from R-404A to R-448A, which reduces the GWP of refrigeration equipment by almost 70%. In order to reduce the heat produced by the refrigerators, restaurants with small kitchens are increasingly adopting remotely operated refrigerators, which is predicted to see a CAGR of close to 4.9% by 2030. Since the compressor unit is placed outside the kitchen, these refrigerators are quieter than self-contained models. They are less energy-efficient. However, they require professionals for installation that raises the installation cost. This impedes the commercial refrigeration equipment market growth.

Commercial Refrigeration Equipment Market Analysis by application

A significant CAGR of about 7% is predicted for the food and beverage distribution market between 2023 and 2030. The segment’s growth is being favourably impacted by the ongoing improvements in cold channel logistics for the transportation of temperature-sensitive goods. Additionally, the demand for premium temperature-controlled refrigerators for various transport vehicles that can reliably distribute beverages, alcoholic beverages, fish, biopharmaceuticals, and other perishable goods is helping the commercial refrigeration equipment industry expand.

In addition, the increasing preference for sectional refrigerated trailers among capital-intensive customers in the food and beverage distribution sector will accelerate the segment's expansion in the future years. In terms of revenue, the food service industry accounted for around 35% of the total market in 2022. The significant revenue share can be attributed to the growing popularity of food trucks and Quick-Service Restaurants (QSRs) in the food service sector

GlobalCommercial Refrigeration Compressor Market BY Type

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Commercial Refrigeration Equipment Market Regional Insights

North America is expected to hold a significant revenue share of more than 36% by 2030, having dominated the global commercial refrigeration equipment market in 2022. The developed U.S. retail market is largely responsible for the considerable rise. Numerous top producers of industrial refrigeration equipment such as Excellence Industries, Illinois Tool Works Inc., Lennox International Inc., True Manufacturing Co., Standex International Corporation are well represented in the region. Additionally, the early use of smart equipment in commercial kitchens is helping the local economy grow.

Due to rising product demand caused by improving economic conditions, stable employment rates, increasing gross disposable income, and rising spending on leisure activities like travelling and eating out, the Asia-Pacific is predicted to see a CAGR of over 6% by the end of 2028. Due to the widespread use of vaccine storage units among academic institutions and biopharmaceutical firms, China and India present a significant market potential. Moreover, the rise of the regional market is projected to be aided by the booming travel and tourist sectors in Malaysia, Indonesia, and Singapore.

GlobalCommercial Refrigeration Compressor Market By Region
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Commercial Refrigeration Equipment Market Dynamics

Commercial Refrigeration Equipment Market Driver

Rising investments in food and beverage industry to drive market growth

  • Food and beverage sector generates the high annual revenue for the global GDP and ranking among the top industries across all regions. Through roughly 680,000 retail stores and food service outlets, the industry serves the clientele by converting the raw farm commodities produced by its over 2 million farms into consumer food products. This increases the rate of production and consumption as well as global sales of commercial refrigeration equipment.
  • According to the research by Food and Agriculture Organization (FAO), sales in the food sector were USD 1.4 trillion in 2017, with the food and beverage sector alone accounting for US $164 billion in value added revenue. Additionally, the global usage of commercial refrigeration equipment has increased due to the rising demand for consumer and ready-to-eat food and beverage items.

Adoption of advanced magnetic refrigeration technology to boost market growth

  • The recently developed magnetic refrigeration method relies on the magneto caloric effect, which causes a change in temperature when a reversible magnetic field is applied. A powerful magnetic field is applied to the refrigerant, aligning numerous magnetic dipoles and decreasing the equipment's internal temperature. This magnetic refrigeration technology can be integrated since it is affordable, environmentally friendly, robust, safe, and uses less energy overall, making it suitable for use in commercial refrigeration equipment all over the world.

Adoption of advanced magnetic refrigeration technology to boost market growth

  • The recently developed magnetic refrigeration method relies on the magneto caloric effect, which causes a change in temperature when a reversible magnetic field is applied. A powerful magnetic field is applied to the refrigerant, aligning numerous magnetic dipoles and decreasing the equipment's internal temperature. This magnetic refrigeration technology can be integrated since it is affordable, environmentally friendly, robust, safe, and uses less energy overall, making it suitable for use in commercial refrigeration equipment all over the world.

Commercial Refrigeration Equipment Market Restraint

Higher purchasing and maintenance costs and stringent regulations against the use of fluorocarbon refrigerants to hinder market growth

  • The high cost of purchasing the equipment is projected to impede the commercial refrigerant equipment market expansion. Because commercial refrigerators, freezers, and other appliances are made for big spaces and are utilised in commercial applications, the price of the equipment varies depending on size. Therefore, the cost of obtaining and maintaining such a massive equipment becomes a barrier. Another significant factor impeding the growth of the commercial refrigeration equipment market is the consumers' lack of knowledge regarding the effective use of such refrigeration equipment. 
  • With the continuous use of HCFCs in consumer appliances, it has a drastic effect on the atmosphere. As a result, governments in throughout the world are enacting legislation to restrict the use of fluorocarbon refrigerants. By limiting their consumption, they have urged to phase out the usage of HCFCs and HFCs. The Clean Air Act launched by the U.S. Environment Protection Agency mandates the regularized application of low Global Warming Potential (GWP) refrigerants in the commercial segment.

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Commercial Refrigeration Equipment Market Competitive Landscape

The key participants in the commercial refrigerator equipment industry have been compelled to introduce new and improved product offerings in order to effectively meet consumer demand as a result of the rising usage of sustainable technology equipment. For instance, In January 2022, Carrier Commercial Refrigeration installed their PowerCO2OL refrigeration system in Spain's COVID-19 vaccine storage facility.

The leading players are also focusing on implementing various strategic initiatives to expand their position in the market, such as capacity expansion, partnerships, mergers, and acquisitions. For instance, Whirlpool Corporation announced in November 2021 that it would invest more than US $65 million over the following few years in its factory located in Ottawa, Ohio, in an effort to establish the facility as the Premium Refrigeration Factory. The company will enlarge its Ottawa facility as part of this strategic drive to support the production of high-end refrigeration goods.

Top Player's Company Profiles:

  • Carrier Corporation
  • Thermo King Corporation
  • Hussmann Corporation
  • Trane Technologies
  • True Manufacturing Company
  • Beverage-Air Corporation
  • Scotsman Ice Systems
  • Manitowoc Ice, Inc.
  • Heatcraft Worldwide Refrigeration
  • Copeland Corporation
  • Danfoss Group
  • Emerson Electric Co.
  • Foster Refrigerator
  • Hoshizaki Corporation
  • Victory Refrigeration
  • Kolpak
  • Master-Bilt Products
  • Turbo Air Inc.
  • Continental Refrigerator
  • Delfield Company

Commercial Refrigeration Equipment Market Recent Developments:

  • In February 2022, Refrigeration Design & Service Inc., a Philadelphia-based industrial refrigeration design and build provider, was acquired by The Kelvin Group
  • In February 2022, Enex, an Italian refrigeration equipment manufacturer, announced that it had joined the R744.com marketplace as a gold partner. The company is well-known for its high-efficiency refrigeration systems that utilize natural refrigerants in particular CO2.
  • In June 2021, Carrier Corporation delivered 16 new trucks and vans fitted with its Transicold refrigeration systems to Euro Foods, that deals in chilled and frozen food supplying.
  • In May 2021, Emerson Electric Co. donated sustainable refrigeration to a Gem City Market at Helix Innovation Center in Dayton, Ohio. It is collaborative grocery store in a local food desert that sells fresh food products.

Commercial Refrigeration Equipment Key Market Trends

  • Technological Advancements: The commercial refrigeration equipment has undergone significant technological advancements to offer novel services to the industry and consumers. With an increase in commercialization of food products, the need for technological advanced products have become the need of the hour.
  • Increase in landscape of commercial refrigeration: With the growing consumerism in the food and beverage sector, commercial refrigerators are witnessing a high demand mainly for their versatility. In addition, low space is used by these cooling devices and hence, small-sized vendors in the F&B industry prefer commercial refrigerators to store foods.

Commercial Refrigeration Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to the global commercial refrigeration equipment market report analysis, due to the potential for significant energy savings and the implementation of strict regulations worldwide for phasing out ozone-depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons, the commercial refrigeration equipment market is projected to shift toward natural refrigerant-based systems (HCFCs). The benefits NH3/CO2 cascade systems provide for food processing and low-temperature distribution facilities such as low operating costs, cheaper capital and regulatory expenses, ideal food quality (because they use less energy per tonne of refrigeration compared with other systems), are expected to steadily increase demand for these systems.

Report Metric Details
Market size value in 2019 USD 37.25 billion
Market size value in 2031 USD 53.23 billion
Growth Rate 5.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Refrigerator & Freezer, Transport Refrigeration, Refrigerated Display Cases, Ice Machines, Others
  • Refrigerant Type
    • Fluorocarbons, Hydrocarbons, Inorganics
  • System Type
    • Self-contained, Remotely Operated
  • Application
    • Food & Beverage, Retail Stores, Hotels & Restaurants, Chemicals & Pharmaceuticals, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Carrier Corporation
  • Thermo King Corporation
  • Hussmann Corporation
  • Trane Technologies
  • True Manufacturing Company
  • Beverage-Air Corporation
  • Scotsman Ice Systems
  • Manitowoc Ice, Inc.
  • Heatcraft Worldwide Refrigeration
  • Copeland Corporation
  • Danfoss Group
  • Emerson Electric Co.
  • Foster Refrigerator
  • Hoshizaki Corporation
  • Victory Refrigeration
  • Kolpak
  • Master-Bilt Products
  • Turbo Air Inc.
  • Continental Refrigerator
  • Delfield Company
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Commercial Refrigeration Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Commercial Refrigeration Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Commercial Refrigeration Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Refrigeration Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Refrigeration Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Commercial Refrigeration Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Commercial Refrigeration Equipment Market size was valued at USD 37.25 billion in 2019 and is poised to grow from USD 39.11 billion in 2023 to USD 53.23 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The key participants in the commercial refrigerator equipment industry have been compelled to introduce new and improved product offerings in order to effectively meet consumer demand as a result of the rising usage of sustainable technology equipment. For instance, In January 2022, Carrier Commercial Refrigeration installed their PowerCO2OL refrigeration system in Spain's COVID-19 vaccine storage facility. 'Carrier Corporation', 'Thermo King Corporation', 'Hussmann Corporation', 'Trane Technologies', 'True Manufacturing Company', 'Beverage-Air Corporation', 'Scotsman Ice Systems', 'Manitowoc Ice, Inc.', 'Heatcraft Worldwide Refrigeration', 'Copeland Corporation', 'Danfoss Group', 'Emerson Electric Co.', 'Foster Refrigerator', 'Hoshizaki Corporation', 'Victory Refrigeration', 'Kolpak', 'Master-Bilt Products', 'Turbo Air Inc.', 'Continental Refrigerator', 'Delfield Company'

Food and beverage sector generates the high annual revenue for the global GDP and ranking among the top industries across all regions. Through roughly 680,000 retail stores and food service outlets, the industry serves the clientele by converting the raw farm commodities produced by its over 2 million farms into consumer food products. This increases the rate of production and consumption as well as global sales of commercial refrigeration equipment.

Technological Advancements: The commercial refrigeration equipment has undergone significant technological advancements to offer novel services to the industry and consumers. With an increase in commercialization of food products, the need for technological advanced products have become the need of the hour.

North America is expected to hold a significant revenue share of more than 36% by 2030, having dominated the global commercial refrigeration equipment market in 2022. The developed U.S. retail market is largely responsible for the considerable rise. Numerous top producers of industrial refrigeration equipment such as Excellence Industries, Illinois Tool Works Inc., Lennox International Inc., True Manufacturing Co., Standex International Corporation are well represented in the region. Additionally, the early use of smart equipment in commercial kitchens is helping the local economy grow.

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