Refrigeration and cooling are the major needs for both commercial and
industrial segments. Commercial refrigeration involves the use of
refrigeration, cooling, and freezing purposes and it is widely used in schools,
offices, hospitals, supermarkets, retail shops, etc. Industrial refrigeration
involves almost the same performance-related types of equipment but is built
for doing heavy-duty tasks as industries operate on large scales in
manufacturing, power plants, chemical, and petrochemical, etc.
The global commercial refrigeration equipment market is currently valued
at USD 39.11 billion, and market is expected to reach USD 53.53 billion by
2030, with a growth of CAGR of 5.1%. Similarly, the industrial refrigeration
systems market is currently valued at USD 20.48 billion and is expected to
reach USD 29.2 billion at a CAGR of 5.3%. Industrial refrigeration systems are
an essential part of industries as they help preserve food processing and
transport medical items at low temperatures.
The quality of preserved and packaged foods is maintained by refrigeration
and the market is becoming popular among consumers, with a market of
approximately USD 764 million, the market trend is indicating growth in the
refrigeration segment. From harvesting to reaching the consumer's hands,
refrigeration ensures slowing down microbial growth and food is fresh for a
longer period, hence the quality is maintained.
Refrigerated storage, also known as cold storage, is widely used in the
pharmaceutical industry for vaccines (COVID-19 outbreak) where drug substances
that degrade at room temperature are stored at cool storage conditions, which
are defined as 8°C to 15° C.
Loss of refrigeration may not only cause high monetary losses but may also
cause undesired production and supply chain disturbances or increase the
business risk exposure through the loss of a buffer (safety) stock.
Commercial refrigeration is being extensively used in restaurants as they
use cold storage, air coolers, air conditioners, etc to enhance dining service
and quality experience. Most of the foods consumed daily are perishable such as
meats, seafood, fruits, vegetables, etc. and the same applies in the food/
grocery delivery industry.
HVAC (heating, ventilation, and air conditioning) systems emerge as
indispensable tools that play a pivotal role in ensuring safety &
efficiency. The extraction and refining processes in the oil and gas industry
generate substantial amounts of heat. Without efficient cooling systems, the
equipment can overheat, leading to malfunctions, breakdowns, and even
catastrophic failures. HVAC systems play a critical role in dissipating excess
heat, maintaining optimal operational temperatures, and prolonging the lifespan
There are lot of research and development going for more advancement for
less to make it environmentally sustainable so that there is less emission of
toxic gases which will contribute to the industry growth.
Ammonia is a natural coolant, according to WELLCH Refrigeration Limited
ammonia has zero emission ozone depletion potential (ODP) which makes it an
environment-friendly option, providing a greener and excellent alternative to
synthetic refrigerants and an environment-sustainable option for industrial
By Product type
(Commercial & Industrial) - Freezers, refrigerators, compressors, condensers, HVAC
systems, coolants (ammonia)
By Applications - Food & Beverage,
Pharmaceutical, Logistics, Retail, Hospitality.
By Region - North America, Europe,
Asia Pacific, the Middle East and Africa, and South America.
Refrigeration Market Product Type Segment
The refrigeration industry is experiencing significant growth, driven by
the rising demand for refrigeration solutions across various sectors. Among
these, transportation, food delivery, restaurants and bar services, food
processing, retail shops, and floral markets are some of the primary
contributors to this growth. The market can be segmented based on the type of
refrigeration systems, which include chillers, freezers, refrigerators, and
Moreover, the industrial refrigeration market is also expanding rapidly,
especially in industries such as pharmaceutical, chemical, manufacturing, and
petrochemical. These industries require compressors, HVAC systems, and
condensers for cooling and refrigeration purposes, making it necessary to install
them. As a result, the need for refrigeration solutions is expected to continue
to grow in the coming years.
Refrigeration Market Application
Refrigeration technology has been a game-changer for multiple industries.
Not only is it widely used to preserve and protect products, ranging from food
and medicine to electronics and chemicals, but its benefits are also crucial in
maintaining product quality and safety.
From retail shops to cold chain
supply and infrastructure, and from food delivery services to various types of
restaurants, refrigeration technology is used extensively across different
industries. Home appliances and transportation also heavily rely on this
The processing and preserving
industries are perhaps the most significant beneficiaries of refrigeration
technology, it increases the shelf life of several products. Refrigeration
technology has become an integral part of various industries, and its role in
preserving and protecting products is critical for ensuring their quality and
Refrigeration Market Regional Analysis
In 2022, the Asia Pacific region dominated the refrigerant market, both in
terms of value and volume. It is projected that this trend will continue, as
the region is expected to maintain the highest compound annual growth rate.
Refrigerant has become a popular choice in the Asia Pacific market, due to its
ability to prolong the shelf life of food by preventing bacterial development
and ensuring hygiene. As a result, it has established a strong presence in the
region over the years.
The North American region is experiencing a rise in government initiatives
aimed at promoting sustainable practices in food manufacturing. One of these
initiatives is the Significant New Alternatives Policy (SNAP), which encourages
the use of environment-friendly refrigerant solutions by food manufacturers. In
addition to SNAP, there is also an ACT that has been implemented to encourage
the use of industrial refrigerant solutions in the region. The goal of this ACT
is to reduce food wastage by ensuring that food is stored safely and
sustainably. Manufacturers that adopt sustainable practices and use
environment-friendly refrigerant solutions are more likely to attract customers
who are concerned about the environmental impact of their food choices.
In Europe, there has been an increase in the purchase of household
appliances such as freezers, vapor compressor refrigerators, and integrated
vapor compressor refrigerators. The revenue generated from these purchases has
grown compared to the previous year. User penetration is expected to increase
by the forecasted period. Additionally, since the population is more
concentrated in urban regions, people are spending more on lifestyle changes,
which is fueling the growth of the market.
The refrigeration market is experiencing significant growth in the Middle
East and Africa regions. This is due to the increasing hospitality rate in the
Middle East, where the food industry is thriving. In Africa, regional
projections predict strong growth in the retail and beverage sector, driven by
the food retail industry, medium-sized grocery stores or supermarkets, and
restaurants, particularly in commercial refrigeration.
South America's consumption of ready-to-eat products, beverages, and
frozen food is increasing year over year, which is further boosting the
commercial refrigeration equipment market. The increased number of large
stores, small grocery retail stores, and small quick service cafes and
restaurants are upgrading their infrastructure with improved electronic
appliances including refrigeration, air conditioners, and freezers.
The release of harmful gases (CFCs and HCFCs) is serious environmental
concern. Ensuring quality of work, it is crucial to maintaining proper
temperature levels according to the demand and heavy-duty types of equipment
are costly to install and maintain.
Commercial and Industrial Refrigeration competitive
Landscape and Key players:
The competitive landscape of the commercial and industrial refrigeration
is shaped by several factors, including:
Companies that formed strategic partnerships with major supermarket chains
to provide customized refrigeration solutions will have increased sales and
will foster long-term relationships with end users.
Companies with major contracts will have stable revenue streams and brand
Companies focused on expanding their market presence in an emerging
economy will receive more contracts and witness potential growth.
A strong track record of after-sales-service and support, enhances
customer satisfaction resulting in growth of the company.
Global Key Players
Carrier Commercial Refrigeration
Johnson Controls International Plc
GEA Group Aktiengesellschaft
Daikin Industries, Ltd.
AHT Cooling Systems
2023 – 2030
2023 – 2030
Refrigerators, Compressors, Coolers, HVAC systems, coolants
& Beverage, Pharmaceutical, Logistics, Retail, Hospitality
America, Europe, Asia Paciﬁc, the Middle East and Africa, and South America
Competitive Landscape Factors and
Carrier Commercial Refrigeration,
Haier, Hoshizaki International, Johnson Controls International Plc, GEA Group
Aktiengesellschaft , Daikin Industries, Ltd., Danfoss, Voltas, Ugur Cooling,
Arneg, Frigoglass, AHT cooling systems.