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The global Commercial Refrigeration Equipment Market size is estimated to reach USD 58.31 billion by 2030, registering an estimated CAGR of 5.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The major aspects driving the market growth are the increasing consumption of frozen foods and the significant expansion of tourism and hospitality industries.
The rising environmental concerns about harmful emissions produced by refrigerators such as Hydro-chlorofluorocarbons (HCFC) and Chlorofluorocarbons (CFC) have led to the establishment of norms promoting the adoption of energy-efficient equipment for commercial refrigeration. 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.
Such regulatory measures are urging the companies operating in market to develop energy-efficient offerings with lesser environmental impact. For instance, in September 2022, Carrier Transicold introduced its new range of cutting-edge sustainable and electric temperature-controlled transport units at IAA Transportation 2022 in Germany. The new product offerings include Carrier’s first hydrogen fuel cell-powered Vector trailer unit supporting the temperature-controlled transport solutions for decarbonizing the cold chain.
The global outbreak of the COVID-19 pandemic had severely affected the commercial foodservice industry and retail industries, thereby impacting the expansion of the commercial refrigeration equipment market. However, the industry witnessed a strong demand from the pharmaceutical and biotechnology industries with the increasing need to produce and store vaccines. Several pharmaceutical firms and research institutes demanded vaccine storage refrigerators as a part of their R&D activities to deliver life-saving vaccines against the coronavirus.
Related Press Release@ Commercial Refrigeration Equipment Market Report
Commercial Refrigeration Equipment Market Report Highlights
Report Attribute |
Details |
Market size value in 2023 |
USD 40.82 billion |
Revenue forecast in 2030 |
USD 58.31 billion |
Growth Rate |
CAGR of 5.2% from 2023 to 2030 |
Actual data |
2018 - 2023 |
Forecast period |
2024 - 2030 |
Commercial Refrigeration Equipment Market Segmentation
Grand View Research has segmented the global commercial refrigeration equipment market report based on the product, application, system type, refrigerant, capacity, distribution channel, and region:
Commercial Refrigeration Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)
Commercial Refrigeration Equipment System Type Outlook (Revenue, USD Million, 2018 - 2030)
Commercial Refrigeration Equipment Capacity Outlook (Revenue, USD Million, 2018 - 2030)
Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2018 - 2030)
Commercial Refrigeration Equipment Refrigerant Outlook (Revenue, USD Million, 2018 - 2030)
Commercial Refrigeration Equipment Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2018 - 2030)
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