PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1930270
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1930270
The global commercial refrigeration equipment market is projected to witness steady growth over the next decade, driven by rising demand in the food & beverage, retail, and pharmaceutical sectors, coupled with technological innovations. The market was valued at USD 51.66 billion in 2025, expected to grow to USD 54.19 billion in 2026, and forecasted to reach USD 82.78 billion by 2034, reflecting a CAGR of 5.4% during the forecast period. Asia Pacific dominated the global market in 2025 with a 26.1% share, driven by increasing urbanization, supermarket expansions, and rising demand for frozen and processed foods.
Market Overview
Commercial refrigeration equipment includes devices such as freezers, refrigerators, ice-making machines, and transport refrigeration systems. These products are widely used in food & beverage establishments, hotels, retail outlets, chemical and pharmaceutical industries, and quick-service restaurants (QSRs) like McDonald's and KFC. Transport refrigeration leads the product segment, accounting for 29.56% of the market share in 2026, due to increasing online grocery shopping and the rising demand for refrigerated vehicles to deliver perishable goods.
The food & beverage sector is the largest end-user, holding 32.72% market share in 2026, driven by the popularity of ready-to-eat and frozen foods. Growth in disposable incomes and fast-paced lifestyles has increased consumer reliance on pre-packaged and frozen food products, further boosting the demand for commercial refrigeration equipment.
Market Dynamics
Drivers:
Restraints:
High capital and maintenance costs restrict adoption, particularly for smaller businesses. Installation of large walk-in coolers can cost between USD 3,000 to USD 9,000, with additional maintenance of USD 100-325 per unit.
Opportunities:
Expansion of supermarkets, hypermarkets, and QSRs in developing regions, along with increasing consumer preference for healthy, ready-to-eat meals, offers significant growth potential. Modular and customizable refrigeration solutions enable scalability and flexibility for diverse operational needs.
Market Segmentation
Competitive Landscape
Key industry players include Carrier Global Corporation, Danfoss, GEA Group, Daikin Industries, Johnson Controls, Nor-Lake, The Middleby Corporation, Imbera, AB Electrolux, and Welbilt. Companies employ strategies like mergers, acquisitions, product launches, and joint ventures to strengthen market position. Notable developments include Carrier's energy-efficient supra refrigeration unit launch in August 2022 and Frigoblock's electric multi-temperature vehicles testing in 2023.
Conclusion
The global commercial refrigeration equipment market is poised to grow from USD 51.66 billion in 2025 to USD 82.78 billion by 2034, driven by urbanization, lifestyle changes, rising disposable income, and technological advancements. Asia Pacific remains the largest regional contributor, with North America and Europe following. Adoption of energy-efficient, IoT-enabled, and modular systems will continue to shape market growth, ensuring operational efficiency, food safety, and regulatory compliance across industries.
Segmentation By Type, Application, and Region
Segmentation By Type
By Application
By Region