In 2019, the global commercial refrigeration equipment market attained a value of $24.6 billion and is predicted to progress at a CAGR of 3.0% between 2020 and 2030. According to the forecast of the market research firm, P&S Intelligence, the market would reach a revenue of $33.9 billion by 2030. The rising requirement for ready-to-eat products and the rapid growth of the organized food retail sector are the prominent factors driving the progress of the market.

In many countries, the organized food retail sector that includes hypermarkets, supermarkets, and organized restaurant chains and outlets, has grown massively over the last few years. In countries such as India, Brazil, and China, due to the rising urbanization, the growth of the organized food retail sector has been incredibly fast. For example, in China, the urban population is predicted to increase from 782 million to nearly 1.4 billion from 2016 to 2025.

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Similarly, India would witness its urban population grow from 438 million to nearly 1.4 billion from 2016 to 2023-end. The surge in the population would boost the demand for food products, which would, in turn, fuel the procurement of refrigeration systems in hypermarkets, food processing plants, mid-sized grocery stores, and tier-I and tier-II restaurants. Depending on product, the commercial refrigeration equipment market is divided into walk-in coolers, beverage refrigeration equipment, display showcases, and ice merchandisers & ice vending equipment.

Out of these, the walk-in coolers category recorded the highest growth in the market in the past and is predicted to exhibit rapid expansion in the future years as well. This would mainly be because of the burgeoning requirement for personalized walk-in coolers and the extensive research and development (R&D) activities being conducted by the market players for developing refrigerants having low-global-warming-potential (GWP). Furthermore, market players are developing walk-in coolers that have a higher efficiency than the conventionally used ones.

This market research report provides a comprehensive overview of the commercial refrigeration equipment market

Historical and the present size of the commercial refrigeration equipment market

Future potential of the market through its forecast for the period 2020– 2030

Major factors driving the market and their impact during the short, medium, and long terms

Market restraints and their impact during the short, medium, and long terms

Recent trends and evolving opportunities for the market participants

Historical and the present size of the market segments and understand their comparative future potential