Commercial Refrigeration Equipment Market is Set to Reach USD 64.0 billion by 2024

he global commercial refrigeration equipment market is expected to grow at a CAGR of 6.4% during the forecast period with its market size predicted to reach USD 64.0 billion by 2024. The increasing demand for ready-to-eat food and the mounting number of organized retail shops are the major factors leading to the high demand for commercial refrigeration equipment in the global market.

Increasing utilization and demand for refrigeration systems in various grocery stores, supermarkets, convenience stores, and specialty food stores

Increasing utilization and demand for refrigeration systems in various grocery stores, supermarkets, convenience stores, and specialty food stores are the key trends observed in the commercial refrigeration equipment market across the globe. Furthermore, growth in the foodservice industry has also lead to increasing acceptance of the refrigeration system in restaurants, commercial kitchens, and cafeteria. Customization of the refrigeration system according to consumer demand is another trend witnessed in the commercial refrigeration equipment industry.

Display cases to witness the fastest growth in the commercial refrigeration equipment market

Based on equipment type, the commercial refrigeration equipment market is segmented into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, display cases, parts, ice-making machinery, and others. The other equipment includes vending machines, cryogenic equipment, and liquid chillier. Of all the equipment types, the highest growth in the demand for the display cases has been observed over the last five years which is anticipated to remain the highest among all commercial refrigeration equipment types during the forecast period. The old infrastructures of the food and beverage shops and restaurants in the emerging markets are being upgraded which has been one of the major reasons for the high growth of display cases shipments, globally.

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Of all, walk-in coolers hold the largest share in the market since walk-in coolers help the users in reducing operating costs, convenience, and flexibility. Furthermore, these coolers are considered to be the most efficient alternative for reducing electricity costs and helps in keeping food fresh for a longer period.

The walk-in coolers category has been further categorized into the remote condensing unit, packaged unit, and remote plant. Among these, the packaged unit holds the largest share in the market during the historical period and is expected to continue holding the largest share, globally, in the future.

The display cases category has been further bifurcated into plugin cases and remote cases. Among these two, the category of the plug-in case holds a larger share in the market.

The beverage refrigeration category has been further bifurcated into beverage cooling & dispensing units, drinking fountains, beer dispensing units, soda fountain equipment, and others. Of all, the beverage cooling & dispensing units hold the largest share in the market.

The ice-making machinery category has been further bifurcated into cubes, flakes, and nuggets. Of all, the ice cubes machinery category holds the largest share in the market.

Foodservice refrigeration equipment is being widely adopted by end-users

The commercial refrigeration equipment market based on application is segmented into food and beverage distribution, food service, food, and beverage retail, and others. Among all these segments, food service refrigeration is expected to witness the highest demand in the market during the forecast period. The growth of the market for this application is attributed to the increasing utilization of foodservice refrigeration equipment in ensuring the quality of food from the supplier to the consumer.

Based on end-user, the commercial refrigeration equipment market is segmented into hotels/restaurants & catering, convenience stores, supermarkets, hypermarkets, e-commerce, and others. Among these segments, supermarkets are the largest end-user of refrigeration equipment in commercial applications since this system helps in gaining expertise to meet efficiencies in energy requirements and helps in reducing carbon footprints without comprising the performance of an organization.

Asia-Pacific accounted for the largest demand for commercial refrigeration equipment across the globe

Geographically, Asia-Pacific is the largest commercial refrigeration equipment market due to the increasing industrialization, in countries such as India and China. The increasing population in the region is also one of the reasons behind the growth of the market. The growing food and beverage industry in China and India is supporting the growth of the market in the region.

Key players in the commercial refrigeration equipment market are investing heavily in improving the quality of this equipment and developing the latest technologies that are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies, thus increasing the rivalry in the market to some extent.

Some of the major players operating in the commercial refrigeration equipment market are United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Hussmann Corporation, Frigoglass S.A.I.C., AHT Cooling Systems GmbH, and Ali Group S.p.A.