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Commercial Refrigeration Equipment Global Market Report 2023

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    Report

  • 175 Pages
  • February 2023
  • Region: Global
  • The Business Research Company
  • ID: 5735070

Quick Summary:

In the ever-advancing and high-demand space of commercial refrigeration equipment, the need for accurate, detailed and up-to-date market research is paramount. Whether it is plug-in enclosed vending machines, deli cases, drop-in coolers, or any other form of commercial refrigeration used for cold storage in industrial settings, having access to the latest data can mean the difference between staying competitive or falling behind.

This report provides a detailed analysis and insights into the global commercial refrigeration equipment market, encompassing broad geographical coverage, from Asia-Pacific to North America. It offers an in-depth look at all the key players, such as Dover Corporation, Daikin Industries Ltd, and Carrier Commercial Refrigeration Inc., presenting a thorough view of the competitive landscape. With an increase in demand for frozen and chilled products, driven by changing consumer behaviors and lifestyle choices, you'll have all the information needed to make informed strategic decisions. Don't let the opportunity slip through your fingers, get your copy today!

The global commercial refrigeration equipment market will grow from $59.18 billion in 2022 to $62.11 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The commercial refrigeration equipment market is expected to grow to $73.95 billion in 2027 at a CAGR of 4.5%.

Commercial refrigeration equipment market consists of sales of plug-in enclosed vending machines, deli cases, drop in coolers and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Commercial refrigeration equipment refers to tools used for cold storage in industrial settings.

The Asia Pacific was the largest region in the commercial refrigeration equipment market in 2022. North America was the second largest region in the commercial refrigeration equipment market. The regions covered in the commercial refrigeration equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main product types of commercial refrigeration equipment are refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine. Beverage refrigeration refers to a refrigerated storage area intended to cool beverages using a vehicle's air conditioning system or a separate phase-cooling system. The refrigerant types are fluorocarbons, hydrocarbons, and inorganics. The various applications involved are hotels & restaurants, supermarkets & hypermarkets, convenience stores, and bakeries.

The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time. As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation. Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment for storing, which propels the growth of the market.

High equipment and installation costs of equipment are expected to hinder the commercial refrigeration equipment market’s growth. For instance, the total cost of the walk-in cooler including installation range from $3,000 to $9,000. In addition to this, the average cost of commercial refrigeration equipment repair falls between $100 and $325. This high cost of the equipment, installation, and maintenance are extremely unaffordable to smaller retailers who rent these services or opt for non-commercial variants, which hinders the growth of the commercial refrigeration equipment market.

Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI technology in Commercial refrigeration. Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide's mission to reduce the 25% of global electricity consumption that is misused by legacy motors.

In September 2021, Ronin Equity Partners, a US-based private equity firm, acquired QBD for an undisclosed amount. This acquisition broadens the application of QBD's green cooling deck concept and extends our reach into new industries. QBD is a US-based manufacturer of commercial refrigeration equipment.

The countries covered in the commercial refrigeration equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The commercial refrigeration equipment market research report is one of a series of new reports that provides commercial refrigeration equipment market statistics, including commercial refrigeration equipment industry global market size, regional shares, competitors with a commercial refrigeration equipment market share, detailed commercial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the commercial refrigeration equipment industry. This commercial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Major players in the commercial refrigeration equipment market are Dover Corporation, Daikin Industries Ltd, Carrier Commercial Refrigeration Inc, Johnson Control Inc, Haier Group Corp, Danfoss, and Emerson Electric Company.



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Frequently Asked Questions about the Global Commercial Refrigeration Equipment Market

What is the estimated value of the Global Commercial Refrigeration Equipment Market?

The Global Commercial Refrigeration Equipment Market was estimated to be valued at $62.11 billion in 2023.

What is the growth rate of the Global Commercial Refrigeration Equipment Market?

The growth rate of the Global Commercial Refrigeration Equipment Market is 4.5%, with an estimated value of $73.95 billion by 2027.

What is the forecasted size of the Global Commercial Refrigeration Equipment Market?

The Global Commercial Refrigeration Equipment Market is estimated to be worth $73.95 billion by 2027.

Who are the key companies in the Global Commercial Refrigeration Equipment Market?

Key companies in the Global Commercial Refrigeration Equipment Market include Dover Corporation, Daikin Industries Ltd., Carrier Commercial Refrigeration Inc., Johnson Control Inc., Haier Group Corp, Danfoss and Emerson Electric Company.

Table of Contents

1. Executive Summary

2. Commercial Refrigeration Equipment Market Characteristics

3. Commercial Refrigeration Equipment Market Trends And Strategies

4. Commercial Refrigeration Equipment Market - Macro Economic Scenario
4.1 COVID-19 Impact On Commercial Refrigeration Equipment Market
4.2 Ukraine-Russia War Impact On Commercial Refrigeration Equipment Market
4.3 Impact Of High Inflation On Commercial Refrigeration Equipment Market

5. Commercial Refrigeration Equipment Market Size And Growth
5.1. Global Commercial Refrigeration Equipment Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Commercial Refrigeration Equipment Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Commercial Refrigeration Equipment Market Segmentation
6.1. Global Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Refrigerator & Freezer
  • Transportation Refrigeration
  • Refrigerated Display Cases
  • Beverage Refrigeration
  • Ice Cream Merchandiser
  • Refrigerated Vending Machine
6.2. Global Commercial Refrigeration Equipment Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Hotels & Restaurants
  • Supermarkets & Hypermarkets
  • Convenience Stores
  • Bakery
6.3. Global Commercial Refrigeration Equipment Market, Segmentation By Refrigerant Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Fluorocarbons
  • Hydrocarbons
  • Inorganics
7. Commercial Refrigeration Equipment Market Regional And Country Analysis
7.1. Global Commercial Refrigeration Equipment Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Commercial Refrigeration Equipment Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

8. Asia-Pacific Commercial Refrigeration Equipment Market
8.1. Asia-Pacific Commercial Refrigeration Equipment Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

9. China Commercial Refrigeration Equipment Market
9.1. China Commercial Refrigeration Equipment Market Overview
9.2. China Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

10. India Commercial Refrigeration Equipment Market
10.1. India Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

11. Japan Commercial Refrigeration Equipment Market
11.1. Japan Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

12. Australia Commercial Refrigeration Equipment Market
12.1. Australia Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

13. Indonesia Commercial Refrigeration Equipment Market
13.1. Indonesia Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

14. South Korea Commercial Refrigeration Equipment Market
14.1. South Korea Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

15. Western Europe Commercial Refrigeration Equipment Market
15.1. Western Europe Commercial Refrigeration Equipment Market Overview
15.2. Western Europe Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

16. UK Commercial Refrigeration Equipment Market
16.1. UK Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

17. Germany Commercial Refrigeration Equipment Market
17.1. Germany Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

18. France Commercial Refrigeration Equipment Market
18.1. France Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

19. Eastern Europe Commercial Refrigeration Equipment Market
19.1. Eastern Europe Commercial Refrigeration Equipment Market Overview
19.2. Eastern Europe Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

20. Russia Commercial Refrigeration Equipment Market
20.1. Russia Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

21. North America Commercial Refrigeration Equipment Market
21.1. North America Commercial Refrigeration Equipment Market Overview
21.2. North America Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

22. USA Commercial Refrigeration Equipment Market
22.1. USA Commercial Refrigeration Equipment Market Overview
22.2. USA Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

23. South America Commercial Refrigeration Equipment Market
23.1. South America Commercial Refrigeration Equipment Market Overview
23.2. South America Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

24. Brazil Commercial Refrigeration Equipment Market
24.1. Brazil Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

25. Middle East Commercial Refrigeration Equipment Market
25.1. Middle East Commercial Refrigeration Equipment Market Overview
25.2. Middle East Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

26. Africa Commercial Refrigeration Equipment Market
26.1. Africa Commercial Refrigeration Equipment Market Overview
26.2. Africa Commercial Refrigeration Equipment Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

27. Commercial Refrigeration Equipment Market Competitive Landscape And Company Profiles
27.1. Commercial Refrigeration Equipment Market Competitive Landscape
27.2. Commercial Refrigeration Equipment Market Company Profiles
27.2.1. Dover Corporation
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Daikin Industries Ltd.
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Carrier Commercial Refrigeration Inc.
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Johnson Control Inc.
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Haier Group Corp
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance

29. Key Mergers And Acquisitions In The Commercial Refrigeration Equipment Market

29. Commercial Refrigeration Equipment Market Future Outlook and Potential Analysis

30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer

Executive Summary

Commercial Refrigeration Equipment Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on commercial refrigeration equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Where is the largest and fastest growing market for commercial refrigeration equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The commercial refrigeration equipment market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

Scope

Markets Covered

1) By Product Type: Refrigerator & Freezer; Transportation Refrigeration; Refrigerated Display Cases; Beverage Refrigeration; Ice Cream Merchandiser; Refrigerated Vending Machine
2) By Refrigerant Type: Fluorocarbons; Hydrocarbons; Inorganics
3) By Application: Hotels & Restaurants; Supermarkets & Hypermarkets; Convenience Stores; Bakery

Companies Mentioned: Dover Corporation; Daikin Industries Ltd.; Carrier Commercial Refrigeration Inc.; Johnson Control Inc.; Haier Group Corp

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Dover Corporation
  • Daikin Industries Ltd.
  • Carrier Commercial Refrigeration Inc.
  • Johnson Control Inc.
  • Haier Group Corp
  • Danfoss
  • Emerson Electric Company

Methodology

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