The commercial refrigeration equipment market is estimated to be USD 32.0 billion in 2021 and is projected to reach USD 43.3 billion by 2026, at a CAGR of 6.2%, from 2021 to 2026. The growth of the market can be attributed to the improving consumer lifestyles and flourishing food and healthcare industries, growing cold chain market, and increasing use of advanced technologies, for instance, magnetic refrigeration.
Carrier (US), Emerson Electric Company (US), Daikin (Japan), Danfoss (Denmark) and GEA Group (Germany), are recognized as leaders in the commercial refrigeration equipment market. These companies are focused on broadening their product portfolios to compete with other key market players.
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Carrier Corporation is a leading company in the air conditioning, heating, and refrigeration industries. Carrier is one of the world’s leading providers of refrigeration and air conditioning solutions, and a part of United Technologies Corp, operating in its UTC Climate, Controls, & Security segment. The company was established to provide solutions for various applications in transport refrigeration, air conditioning, and commercial refrigeration equipment, among other industries. The company provides a broad range of refrigerated cabinets, freezers, counters, systems, and controls. The company has its operations in Europe, the Middle East, and Asia. The research and development centers are located in Germany and China. The company is focused on product innovations and investments in new technologies, systems, and products. In October 2019, Carrier launched two refrigerated impulse units, Areor total transparency unit, and EasyCubeTM chiller island for grocery stores, convenience stores, and hypermarkets in Europe. These two products come with energy efficiency and customizable features.
Emerson Electric Company is one of the leading providers of engineering services, globally. The company provides solutions for commercial, industrial, and residential applications. It operates through the commercial & residential solutions and automation solutions segments. The commercial & residential solutions segment is one of the leading providers of air conditioning, heating, and refrigeration solutions for commercial, industrial, and residential applications. It manufactures condensing units enhanced with the latest compressor technology. The company has a presence in many regions globally but operates primarily in Europe, Asia, Africa, and North America. The company is focused on organic development strategy to enhance the customer base. For instance, in March 2021, Emerson launched Copeland variable speed reciprocating hermatic compressors which are applicable for commercial refrigeration. The models are designed for energy saving and improve performance in various commercial refrigeration applications. Also, in January 2020, Emerson launched the Copeland Indoor Modular Solution, a retail refrigeration system. It comes with plug-in refrigeration for quick development cycles and retail rollouts. The product is made for display cases and other food retail applications in stores.
Commercial Refrigeration Equipment Market by product Type, Refrigerant Type (Fluorocarbons, Hydrocarbons, Inorganics), Application (Hotels & Restaurants, Supermarkets & Hypermarkets), and Region - Global Forecast to 2026
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