Vertical: IAEBase Year: 2018
Market Size (2018)
$6.39B
Projected (2025)
$10.04B
CAGR (2017–2025)
6.6%
Key Players
8+
Commercial refrigeration equipment such as refrigerators and freezers and widely adopted for the preservation of food and beverages in hypermarket, supermarket, food convenience, and specialty stores. It is primarily used to increase the self-life of the products. The growth of the global commercial refrigeration equipment market is driven by the demand for ready-to-eat products, beverages, and frozen food and energy efficiency improvement of commercial refrigeration equipment. However, the market growth can be hindered due to the stringent regulations against the use of fluorocarbon refrigerants.
The global commercial refrigeration equipment market is expected to grow at about 6.78% CAGR during the forecast period and reach USD 10,036.9 million by 2025. In 2018, the market was led by North America, with a 35.86% share, followed by Asia-Pacific and Europe with shares of 32.01% and 23.11%, respectively.
The commercial refrigeration equipment market has been segmented based on type, application, and region. On the basis of type, the walk-in/reach-in coolers segment dominated the market with a share of 50.98%, accounting for a value of USD 3,255.7 million in 2018; it is projected to grow at the CAGR of 5.92% during the forecast period. On the basis of application, the supermarket segment dominated the market with a share of 60.15%, accounting for a value of USD 3,841.6 million in 2018; it is projected to grow at the CAGR of 6.22% during the forecast period.
The Commercial Refrigeration Equipment Market market is projected to grow at a CAGR of 6.6% from 2017 to 2025.
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View Subscription PlansCommercial refrigeration equipment is primarily used to refrigerate the food and beverages across the hypermarket, supermarket, food convenience stores, and specialty stores. They primarily include refrigerators and freezers. They are used for preserving various kinds of foods such as meat, vegetables, fruits, and other food products as they increase the shelf life of the products. Walk-in/reach-in coolers, display cases, and beverage refrigeration are the types of commercial refrigeration equipment considered in the scope of the study.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansThe global commercial refrigeration equipment market is characterized by the presence of many global, regional, and local vendors. The market is dominated by a few leading companies. Furthermore, rapid advancements in technology, stringent government regulations across developed countries, and the demand for advanced technologies are key factors that confront market growth. The vendors compete based on cost, quality, reliability, and aftermarket services. It is crucial for the vendors to provide cost-effective and high-quality product and services in order to survive and succeed in an intensely competitive market environment.
The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on partnerships and improving product services. United Technologies Corporation, Hussmann Corporation, Kysor Warren, AHT Cooling Systems GmbH, and Hillphoenix, A Dover Company are companies account for almost 40% of market share in the global commercial refrigeration equipment market. Moreover, Voltas, Inc., Williams Refrigeration, Johnson Controls, Inc., Rockwell Industries Limited, and EPTA are the other major companies in the market, which compete in terms of quality, price, technology, and aftermarket services.
The industry participants are primarily focused on the development of sophisticated commercial refrigeration equipment in 2018. They are expected to strengthen their presence worldwide through partnerships with end users during the forecast period. It has also been forecast that the improvement of the global economic scenario combined with efforts to enhance infrastructure in emerging nations, is fueling the market growth, making it an ideal time to launch new commercial refrigeration equipment systems and increase the global market share.
Market estimates by geography (2025)
InsightAsia Pacific leads with $3.53B by 2025.
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View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $1.90B | $2.56B | $3.53B | 8.1% | 35% |
| Rest of the World | $541.00M | $700.80M | $933.40M | 7.1% | 9% |
| Europe | $1.41B | $1.71B | $2.14B | 5.4% | 21% |
| North America | $2.18B | $2.69B | $3.43B | 5.8% | 34% |
| Total | $6.03B | $7.66B | $10.04B | 6.6% | 100% |
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View Subscription PlansTotal Market Size
$10.04B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Supermarket | $5.82B | 6.0% | 58% |
| Hypermarket | $3.06B | 7.2% | 30% |
| Others | $1.16B | 7.7% | 12% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Commercial Refrigeration Equipment Market covering market dynamics, competitive landscape, and strategic outlook.
The Commercial Refrigeration Equipment Market market is projected to reach $10.04B by 2025, growing at 6.6% CAGR. The Supermarket segment holds the largest share.
The global commercial refrigeration equipment market is projected to register significant growth during the forecast period. The growth of the global commercial refrigeration equipment market is expected to be driven by various factors such as the demand for ready-to-eat products, beverages, and frozen food and continuously energy efficiency improvement of commercial refrigeration equipment. However, the stringent regulations against the use of fluorocarbon refrigerants is expected to hamper the growth of the global market during the forecast period.
The consumption of ready-to-eat products, beverages, and frozen food has widely increased globally. According to the Food and Agriculture Organization (FAO), the global ready-to-eat products market is expected to grow at a CAGR of 20.3% between 2019 and 2023. Other factors driving this market are rapid changes in consumer lifestyle, increased urbanization, rise in per capita disposable income in developing countries, and increased spending on semi-processed food due to busy lifestyles. Moreover, the changed food consumption trend is further being supported by the rapid expansion of supermarket, hypermarket, and food & restaurant chains across the world, which is expected to lead to high demand and consumption of ready-to-eat products, beverages, and frozen food in the global market during the forecast period. This growth in demand for ready-to-eat products will massively fuel the demand for refrigeration systems and related equipment to retain the freshness of the products. Furthermore, the increased number of hypermarkets and supermarkets across the developing countries has encouraged small grocery retailers and unorganized restaurants to upgrade their infrastructure. Therefore, new retail outlets around the world also adds to the demand for commercial refrigeration equipment. Therefore, the impact of increase in demand for ready-to-eat products, beverages, and frozen food on the global commercial refrigeration equipment market is expected to shift from moderate to high over the forecast period.
The growing number of supermarkets, hypermarkets, and food convenience stores are expected to propel the growth of the food retail sector. The increase in the population and per capita disposable income across the developing countries such as China, India, Brazil, Indonesia, Malaysia, Mexico, the Philippines, and South Africa, are expected to increase the demand for food products. The growing demand is difficult to meet with the existing street food shops, which are expected to increase the development of food retail stores, such as hypermarkets and supermarkets in the developing countries. The below table lists the number of stores of leading food retail companies in the world.
Considering the present scenario, the leading supermarket companies are primarily investing in expansion of stores and partnerships in the developing countries. For instance, in March 2019, 7-Eleven Inc. signed a master franchise agreement with the Future Group to enter into Indian food retail market. The company is expected to open its first store in Mumbai by the end of 2019. Moreover, in June 2019, Aldi, a European company entered into the China market with its supermarket store. Such expansion of the leading food retailing companies across developing countries are expected to lead to the growth of food retail in developing countries. Thus, the growth of food retail in developing countries is expected to create opportunities for the commercial refrigeration equipment market players during the forecast period.
The refrigerator systems primarily installed in supermarkets and hypermarkets use nearly 3,500 pounds of refrigerants, while loses approximately 18-22% of their refrigerant charge each year. The leakage of fluorocarbon refrigerants highly increases the risk of global warming and impact the health of the workers in the vicinity. Thus, the governments are focusing on minimizing the use of fluorocarbons and other harmful ozone-depleting substances (ODS), funding manufacturers to invest in the non-ozone depleting and low global warming potential solutions. According to the European Fluorocarbons Technical Committee (EFCTC), in Europe, the government planned to ban the use of refrigerators and freezers, across commercial applications that contain HFCs (hydrofluorocarbons) with global warming potential (GWP) of 2,500 or more from January 2020. Also, refrigerators and freezers, across commercial applications contain HFCs with GWP of 150 or more will ban from January 2022. Moreover, in March 2017, India revealed phase-out plan to reduce the use of hydrochlorofluorocarbon refrigerants and further set-up USD 44.1 million to help the commercial users to swift their preference towards non-ozone depleting and low global warming potential technologies.
Considering the present scenario, the increased awareness regarding environment protection among the developed and developing countries such as the US, the UK, India, and Japan, are imposing regulations and norms to reduce the carbon consumption in the global market. Thus, the implementation of stringent rules and regulations are expected hinder the growth of commercial use refrigerators and freezers, which would further hamper the demand and consumption for commercial refrigerator equipment in the global market during the forecast period. Therefore, the impact of stringent regulations against the use of fluorocarbon refrigerants on the global commercial refrigeration equipment market is expected to shift from low to moderate over the forecast period.
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Profiles of 108 companies operating in the Commercial Refrigeration Equipment Market market, including revenue, employee count, and market positioning where available.
Showing 108 of 108 companies
Company Headquarters: India Founded: 1954 Workforce: ~8,000 Company Working: Voltas Ltd designs, develops, engineers, manufactures, and sells various types of commercial refrigeration equipment, across the globe. It is a part of multinational conglomerate TATA Group and has a firm hold in the commercial refrigeration equipment and air conditioner market. It operates through three business segments, namely unitary cooling products, engineering projects, engineering products. The unitary cooling products segment covers commercial refrigeration products, water dispensers, air conditioners, air coolers and other products. The segment deals with a wide variety of cooling appliances such as air conditioners (ACs), air coolers, commercial refrigeration products including freezers, visi coolers, and water dispensers. The engineering projects segment comprises domestic and international projects for facilitating infrastructure development, rural electrification, revamping of railway stations, metros, roads, airports, and ports. The engineering products segment covers textile machinery and mining & construction equipment. The company has business locations in India, the UAE, Oman, Bahrain, Qatar, Saudi Arabia, and Singapore. It has 9 subsidiaries, 5 joint ventures and 2 associate companies.
Company Headquarters: Farmington, Connecticut, US Founded: 1934 Workforce: ~77,200 Company Working: United Technologies Corporation (UTC) provides technology products and services to the building systems and aerospace industries. It operates through four business segments, namely, Otis, Carrier (formerly referred to as UTC Climate, Controls, and Security), Pratt and Whitney, and Collins Aerospace Systems (a combination of the segment formerly referred to as UTC Aerospace Systems and Rockwell Collins). The Collins Aerospace Systems segment covers electric power generation, power management, and distribution systems, air data and aircraft sensing systems, engine components, engine control, intelligence, surveillance, and reconnaissance systems, environmental control systems, fire and ice detection and protection systems, propeller systems, engine nacelle systems, aircraft lighting and seating and cargo systems, actuation and landing systems, space products and subsystems, and aftermarket services. Pratt and Whitney, which functions as a subsidiary of United Technologies Corporation, is among the world’s leading suppliers of aircraft engines and Auxiliary Power Unit (APUs) for the commercial, military, business jet, and general aviation markets globally. The company offers engine nacelle systems through its Collins Aerospace systems segment. Furthermore, the company also offers MRO services for nacelle systems and has 8 MRO sites across the globe.
Company Headquarters: Italy Founded: 2003 Workforce: ~5,000 Company Working: EPTA manufactures and sells complete systems for commercial refrigeration. It offers refrigerated display cases and serve-over cabinets for fresh, unpackaged and packaged products. It also offers positive temperature vertical and semi vertical counters for fresh packaged foods. It has strong presence in the food and beverage market. It offers products through Group’s brands, which include Costan, Bonnet Névé, George Barker, Eurocryor, Misa, IARP, Kysor Warren, and Knudsen Køling. The company has annual production capacity of around 200,000 units. It had a revenue of USD 1,003.16 million in 2017. The company has nearly 11 production facilities and sales offices in more than 40 countries, around the globe. It primarily manages its business operations in the Americas, Europe, Asia, and Africa. In April 2019, the company acquired Kysor Warren, a major manufacturer of commercial refrigeration equipment from Lennox International.
Company Headquarters: US Founded: 1882 Workforce: ~600* Total Revenue (2018): ~USD 374.65 Million* Company Working: Kysor Warren is major manufacturer of display cases and refrigeration systems across North America. The company offers products under the category of refrigerated merchandisers and refrigeration systems. In the refrigerated merchandisers category, the company primarily offers display cases for bakery, ice cream, beverage, and other related applications. The company offer products for supermarkets, convenience stores, foodservice, and mass merchant. It also involves in the distribution of spare parts and product services. Kysor Warren operates as a subsidiary of EPTA Refrigeration, since April 2019, before it was a subsidiary of Lennox International. The company operates in the North American market through the network of sales representatives. It has two manufacturing facilities across Columbus and Georgia in the US and one in Mexico City, Mexico
Company Headquarters: Austria Founded: 1983 Workforce: ~1,000* Total Revenue (2018): ~USD 428.69 Million* Company Working: AHT Cooling Systems GmbH engages in the design, development, and manufacturing of freezers and refrigerator systems. The company offers freezers/chest freezers, overhead cabinets, refrigerated multideck cabinets, ice cream chests, and promotion coolers for food retail companies. It also offers certified spare parts and product supports for the end users. Since November 2018, AHT Cooling Systems operates as a subsidiary of Daikin Industries, Ltd. The company has manufacturing facilities across Rottenmann in Austria, Changshu in China, Navegantes in Brazil, and Ladson in the US. It has a production capability of more than 250,000 appliances, annually. It has research and development center in Germany. It operates and manages its sales and services from Austria, the US, China, Brazil, Spain, France, Germany, the UK, Hongkong, Mexico, Russia, Denmark, Italy, and Turkey.
Company Headquarters: US Founded: 1887 Workforce: ~3,500* Total Revenue (2018): ~USD 197.53 Million* Company Working: Hillphoenix operates as a subsidiary of Dover Corporation. The company is engaged in the manufacturing of refrigeration systems for industrial and commercial applications. The company’s product portfolio includes display cases, small format food retail, refrigeration systems, power systems, the AMS group (aftermarket solutions), and industrial refrigeration. It offers products through industrial refrigeration solutions, commercial refrigeration solutions, sustainable refrigeration systems, industrial power solutions, and retail display cases and merchandisers. The company primarily offer products for various end users such as supermarket, food convenience store, drug store, and warehouse food retail. The company primarily operates in the US and Canada and has manufacturing facilities in Georgia and Iowa. The company offers aftermarket solutions and services across Phoenix inArizona, Chino in California, and Ontario in Canada. It has a network of nearly 70 dealers for the distribution of products across the US and Canada.
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Historical performance and future projections (2020–2030, USD Billion)
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