Commercial Refrigeration Equipment Market Competitive Landscape, Cost Price and Forecast

Commercial Refrigeration Equipment Market Summary

The global commercial refrigeration equipment market size was valued at USD 42.94 billion in 2024 and is projected to reach USD 67.80 billion by 2033, growing at a CAGR of 5.1% from 2025 to 2033. The growth is primarily driven by the hospitality and tourism sector, which continues to expand due to increasing consumer spending on dining out and travel. As food service formats such as quick-service restaurants, cafes, and cloud kitchens grow in popularity, demand for reliable temperature-controlled food storage systems is increasing.

The growing preference among end-consumers for takeaway meals is expected to drive market growth over the forecast period. Rising urbanization, changing lifestyles, and the increasing need for convenience foods are further contributing to the expansion of food service outlets. This trend supports the need for advanced refrigeration solutions that ensure food quality, preservation, and safety. Moreover, stringent food safety standards and enhanced hygiene practices across retail and hospitality settings are driving the adoption of high-performance commercial refrigeration systems.

Increasing regulatory implications resulting in the adoption of lower global warming potential (GWP) commercial refrigerants, coupled with ongoing technological breakthroughs, will also provide growth prospects for the market. The growth is primarily driven by the increasing demand for energy-efficient and eco-friendly refrigeration solutions across the retail, hospitality, and healthcare sectors. The rising emphasis on reducing greenhouse gas emissions and compliance with stringent environmental regulations encourages the adoption of advanced refrigerants and sustainable cooling technologies.

The integration of IoT-enabled monitoring systems and smart temperature controls is enhancing operational efficiency, predictive maintenance, and food safety, thereby accelerating market adoption. These digital capabilities allow real-time performance tracking, reduce equipment downtime, and improve energy consumption. Ongoing innovations in modular and plug-in refrigeration units are improving installation flexibility, mobility, and cost-effectiveness, which is expected to drive the commercial refrigeration equipment industry expansion.

Key Market Trends & Insights

• North America dominated the global commercial refrigeration equipment market with the largest revenue share of over 31% in 2024, driven by well-established retail chains, a strong food service sector, and early adoption of advanced refrigeration technologies.
• The commercial refrigeration equipment market in the U.S. led the North American region and held the largest revenue share in 2024 due to the high penetration of supermarkets, convenience stores, and cold storage facilities.
• By product, the refrigerators & freezers segment led the market and held the largest revenue share of over 28% in 2024, supported by the widespread use of these systems for food preservation and display in commercial environments.
• By system type, the self-contained segment led the market and held the largest revenue share of over 86% in 2024 as these units offer easy installation, lower maintenance requirements, and improved usage flexibility.
• By capacity, the 51 cu. Ft - 100 cu. Ft. segment dominates the market and holds the largest revenue share of over 49% in 2024, backed by strong adoption in supermarkets and restaurants needing medium-capacity storage.

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Market Size & Forecast

• 2024 Market Size: USD 42.94 Billion
• 2033 Projected Market Size: USD 67.80 Billion
• CAGR (2025-2033): 5.1%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

Key players operating in the commercial refrigeration equipment market are undertaking various initiatives to strengthen their presence and increase the reach of their products and services. Strategies such as expansion activities and partnerships are key in propelling the market growth.

Key Players

• AHT Cooling Systems GmbH
• Daikin Industries Ltd.
• Dover Corporation
• Electrolux AB
• Ali Group
• Hussmann Corporation
• Illinois Tool Works Inc.
• Johnson Control
• Lennox International Inc.
• Whirlpool Corporation
• Panasonic Corporation

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Conclusion

The commercial refrigeration equipment market is expected to grow steadily in the coming years as businesses adopt efficient and sustainable refrigeration technologies. Increasing food service activities, growth of organized retail, and rising consumption of fresh and frozen products will continue to influence market expansion. Technological advancements such as IoT-based temperature control, advanced refrigerants, and energy-saving solutions are supporting better operational performance and environmental compliance. Healthcare industry growth, particularly in vaccine and pharmaceutical storage, will further fuel equipment demand. With global emphasis on reducing carbon footprint and maintaining food safety standards, the market will continue evolving toward smart, eco-friendly, and high-capacity refrigeration solutions worldwide.