Commercial Refrigeration Equipment Market Size & Share Analysis, 2030

Name: Commercial Refrigeration Equipment Market Size & Share Analysis, 2030
Creator: Mordor Intelligence
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Commercial Refrigeration Equipment Market Size and Share

Market Overview

Study Period	2022 - 2030
Market Size (2025)	USD 44.90 Billion
Market Size (2030)	USD 60.10 Billion
Growth Rate (2025 - 2030)	6.00% CAGR
Fastest Growing Market	Asia Pacific
Largest Market	North America
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Commercial Refrigeration Equipment Market (2025 - 2030) — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Commercial Refrigeration Equipment Market Analysis by Mordor Intelligence

The commercial refrigeration equipment market size is valued at USD 44.9 billion in 2025 and is forecast to reach USD 60.1 billion by 2030, advancing at a 6.0% CAGR. Regulatory pressure from energy-efficiency mandates, rapid adoption of natural refrigerants, and rising e-commerce cold-chain requirements underpin this expansion. Plug-in systems gain favor for their modularity, while transcritical CO₂ designs earn share in large food retail formats. Manufacturers accelerate R&D to comply with the U.S. Department of Energy (DOE) standards effective 2029, a shift expected to cut 19.7 million t of CO₂ emissions and save consumers USD 4.6 billion over 30 years.^{[1]Department of Energy, “Energy Conservation Standards for Commercial Refrigerators, Freezers, and Refrigerator-Freezers,” Federal Register, federalregister.gov} Consolidation follows suit, exemplified by Haier’s USD 775 million purchase of Carrier’s commercial refrigeration arm in 2024, which reconfigured the competitive order and intensified investment in natural-refrigerant portfolios.

Key Report Takeaways

By product type, refrigerated display cases led with 49.6% revenue share in 2024, while transportation refrigeration is projected to expand at a 7.8% CAGR through 2030.
By refrigerant type, fluorocarbons held 62.0% of the commercial refrigeration equipment market share in 2024, whereas hydrocarbons are forecast to grow at an 8.5% CAGR to 2030.
By application, supermarkets and hypermarkets accounted for 34.3% of the commercial refrigeration equipment market size in 2024, while e-commerce dark stores advance at a 9.4% CAGR.
By system configuration, plug-in units captured 46.0% market share in 2024 and are increasing at a 7.1% CAGR.
By geography, North America dominated with 35.6% share in 2024; Asia-Pacific is the fastest-growing region at a 7.3% CAGR.

Global Commercial Refrigeration Equipment Market Trends and Insights

Drivers Impact Analysis

Driver	(~) % Impact on CAGR Forecast	Geographic Relevance	Impact Timeline
Expansion of organized food retail	+1.2%	Global	Medium term (2-4 years)
Energy-efficiency regulations & incentives	+0.8%	North America & EU	Short term (≤ 2 years)
Shift toward natural refrigerants (HC/CO₂)	+0.7%	EU, NA, APAC	Long term (≥ 4 years)
IoT-enabled predictive maintenance adoption	+0.5%	Global	Medium term (2-4 years)

Source: Mordor Intelligence

Expansion of Organized Food Retail

Supermarkets, hypermarkets, and cash-and-carry formats are scaling floor space, demanding multi-temperature zones and energy-efficient display lines. In India, organized retail penetration advanced from 12% to 15% between 2020 and 2024, catalyzing procurement of high-capacity chillers, walk-in coolers, and smart cabinets. Retailers seek integrated refrigeration controls to optimize merchandising layouts and shrink energy bills, prompting vendors to bundle hardware with cloud-based monitoring suites. Larger footprints spur demand for centralised rack systems that streamline servicing schedules. As emerging markets follow similar retail templates, the commercial refrigeration equipment market gains sustained volume growth.

Energy-Efficiency Regulations & Incentives

The DOE’s 2025 conservation rules compel a 15% jump in equipment efficiency by 2029, triggering replacement cycles across grocery, c-store, and hospitality segments. California’s attorney general, backed by eight other states, continues to push for swift adoption, citing USD 4.6 billion in lifetime consumer savings.^{[2]California Attorney General’s Office, “Attorney General Bonta Continues to Urge DOE to Cease Unlawful Delays on Energy Efficiency Standards for Commercial Refrigeration Equipment,” oag.ca.gov} Similar policies in the EU extend eco-design and F-gas restrictions, expanding retrofits beyond the United States. Because energy costs represent up to 50% of grocery utility bills, end-users view payback periods below four years as acceptable, accelerating demand for ECM fan motors, high-efficiency doors, and variable-capacity compressors.

Shift Toward Natural Refrigerants (HC/CO₂)

Europe surpassed 90,000 stores using transcritical CO₂ by 2024, while propane cabinets topped 17 million units.^{[3]International Institute of Refrigeration, “Increase in the Use of Natural Refrigerants in Commercial Refrigeration,” iifiir.org} Large European chains report return-on-investment parity versus legacy HFC systems, reinforcing adoption momentum. CO₂ installations now penetrate warmer climates due to parallel compression and ejector advances. Inorganics such as ammonia proliferate in larger distribution centers seeking ultra-low GWP profiles. Skill gaps endure, yet OEM-led training modules and remote-service analytics are closing those deficits, bolstering the commercial refrigeration equipment market.

IoT-Enabled Predictive Maintenance Adoption

Connected sensors track compressor cycling, door openings, and ambient loads, allowing neural algorithms to predict component failure before product loss occurs. Research indicates energy savings of 10-15% when IoT modules feed into building-management platforms. Retailers have begun coupling alert dashboards with service work-order apps, reducing truck rolls and unplanned downtime. Data-fusion obstacles persist, but cloud-agnostic APIs and edge computing alleviate bandwidth stress. Vendors that package analytics with hardware secure recurring software revenue and deepen customer lock-in.

Restraints Impact Analysis

Restraint	(~) % Impact on CAGR Forecast	Geographic Relevance	Impact Timeline
High upfront & maintenance costs	-0.9%	Global	Short term (≤ 2 years)
Growing market for used/rental units	-0.4%	Developed markets	Medium term (2-4 years

Source: Mordor Intelligence

High Upfront & Maintenance Costs

Natural-refrigerant cabinets and variable-speed compressors carry price premiums of 20-30%, placing them out of reach for small food retailers running thin margins. Payback periods average 3.5 years—beyond typical planning horizons—so operators defer upgrades even as energy prices rise. Service calls on CO₂ systems often require certified technicians, raising hourly rates. Government rebate schemes offset some capital burden, but coverage remains patchy. Financing partnerships and as-a-service models have emerged, yet they are not universally available.

Growing Market for Used/Rental Units

Refurbished display cases and leased walk-ins undercut new-equipment prices by 30-40%, lengthening asset replacement cycles. The secondary channel flourishes in North America and Western Europe where equipment pools are abundant. While rentals offer flexibility, they hinder adoption of low-GWP refrigerants and advanced controls critical to decarbonisation goals. OEMs respond by promoting trade-in rebates and subscription models tied to preventative maintenance, but leakage of service revenue to third-party refurbishers persists.

Segment Analysis

By Product Type: Transportation Refrigeration Drives Innovation

Refrigerated display cases still command 49.6% of 2024 revenue, sustained by supermarket roll-outs and DOE rules that encourage door-retrofit programs. Multipurpose merchandisers integrate LED lighting and high-performance glass to trim utility bills. Niche categories such as blast chillers and ice-cream freezers serve hospitality and QSR kitchens, providing steady volume. Walk-in cooler replacements will spike from 2025 as compliance deadlines loom, reinforcing growth prospects for remote rack suppliers and door component OEMs.

Transportation refrigeration is poised to expand at a 7.8% CAGR through 2030 as e-commerce platforms shorten delivery windows and governments curb diesel emissions. California’s ban on diesel transport refrigeration for medium-duty trucks accelerates electric unit retrofits. The commercial refrigeration equipment market size for mobile systems is set to increase as logistics operators pivot to battery-electric or engine-agnostic solutions equipped with telematics. Partnerships between Performance Food Group and Penske Truck Leasing highlight fleet-scale pilots that validate lower total cost of ownership.

Commercial Refrigeration Equipment Market — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

By Refrigerant Type: Natural Alternatives Gain Momentum

Fluorocarbons captured 62.0% market share in 2024, yet hydrocarbons are slated to rise at an 8.5% CAGR, backed by F-gas quota cuts and Kigali targets. Retailers in Europe report strong performance from propane cabinets, shifting procurement specifications accordingly. Ammonia and CO₂ solutions dominate large cold-store and hypermarket projects, benefiting from heat-recovery add-ons that drive energy paybacks below three years.

Synthetic lower-GWP blends such as R-454B serve as bridging options. Johnson Controls’ portfolio migration illustrates how OEMs hedge risk while service networks upskill for natural refrigerants. Component suppliers adjust gasket, lubricant, and valve designs to accommodate flammable safety classes, ensuring smooth scale-up of the commercial refrigeration equipment market.

By Application: E-commerce Dark Stores Reshape Demand

Supermarkets and hypermarkets accounted for 34.3% of the commercial refrigeration equipment market size in 2024, fueled by format modernization and food-safety codes. Yet dark stores and micro-fulfillment hubs will post a 9.4% CAGR, reflecting retailers’ preference for last-mile proximity. Forecasts point to 6,600 additional micro-fulfillment centers by 2030, each requiring compact, high-throughput chillers.

Healthcare, pharmaceuticals, and specialty chemicals adopt tighter temperature-control tolerances, expanding demand for premium cabinets with redundant compressors and continuous data logging. Hotels and restaurants invest in under-counter units and slide-in reach-ins that maximize back-of-house space, boosting the commercial refrigeration equipment market share for flexible footprints.

By System Configuration: Plug-in Units Dominate Flexibility

Plug-in cabinets held 46.0% share in 2024 and are climbing at a 7.1% CAGR as retailers favor units that install quickly and isolate failure points. Their self-contained architecture eases maintenance, a decisive benefit for convenience formats with limited back-room capacity. Remote condensing units and multiplex racks retain relevance in large hypermarkets and distribution hubs seeking centralized load balancing.

Imminent 2028 component efficiency thresholds for walk-ins drive early replacements and eco-power controllers that trim energy draw. IoT-ready plug-ins now ship with factory-installed gateways, facilitating predictive maintenance and warranty analytics that fortify OEM-customer relationships within the commercial refrigeration equipment market.

Geography Analysis

North America leads with 35.6% revenue share in 2024 due to early regulatory adoption, mature cold-chain infrastructure, and sizeable food-retail square footage. Supermarket chains adopt transcritical CO₂ across flagship stores to meet ESG goals while securing utility rebates. The region’s legislative cadence, including AIM Act HFC phase-downs, forecasts stable retrofit demand throughout the decade.

Asia-Pacific posts the highest regional CAGR at 7.3%. Rapid urbanisation and rising disposable income propel organised retail in India, where market value is on track to double to INR 10,000 crore (USD 1.2 billion) by FY28. China’s compressor manufacturing scale lowers cost curves globally, yet trade frictions may prompt regional sourcing shifts. Japan pioneers energy-efficient showcases and heat-recovery rack systems, with the national market predicted to reach USD 55,433.1 million by 2032.

Europe intensifies decarbonisation, with nearly 30% food-retail penetration of transcritical CO₂ by 2024. Programs such as RefNat4LIFE train small grocers in safe hydrocarbon handling, mitigating technician shortages. South America and Africa remain nascent but benefit from supermarket rollouts tied to urban middle-class expansion, unlocking new addressable volume for the commercial refrigeration equipment market.

Competitive Landscape

Industry consolidation intensifies as global players seek scale and technology breadth. Haier’s USD 775 million acquisition of Carrier’s commercial refrigeration unit added premium CO₂ brands such as Green & Cool, enhancing its European footprint and granting access to a 4,000-strong workforce . The deal also secures OEM control over critical components amid supply-chain volatility.

Strategic focus shifts from price competition to differentiation via energy-efficiency, natural refrigerant expertise, and IoT ecosystems. OEMs embed cloud portals that transform equipment into data platforms, unlocking service-based revenue. Patent filings for low-GWP technologies climbed sharply between 2016 and 2019, spurred by evolving F-gas regulations. Mid-tier firms utilise mergers to acquire digital competencies; Husky Intelligent Fridges’ January 2025 purchase of Selfly Store strengthens its software stack for cashier-less vending .

Service models evolve as fleet electrification and natural refrigerant adoption demand specialised technician networks. Cold Core Group’s acquisition of Fore-Front Mechanical in 2024 exemplifies vertical integration, enabling cross-selling of industrial refrigeration builds with outsourced facilities management

Commercial Refrigeration Equipment Industry Leaders

Carrier Transicold (Carrier Global Corporation)
Dover Corp. (Hillphoenix & Anthony)
Danfoss A/S
Panasonic Corp.
Hussmann (Panasonic subsidiary)
*Disclaimer: Major Players sorted in no particular order

Commercial Refrigeration Equipment Market Concentration — Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

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Recent Industry Developments

January 2025: Husky Intelligent Fridges acquired Selfly Store to enhance its position in intelligent vending solutions, targeting the European unmanned retail market projected to reach EUR 3.1 billion (USD 3.4 billion) by 2031. The acquisition leverages Selfly Store's 52% increase in average revenue for operators in 2024, demonstrating strong market potential for smart vending technologies.
January 2025: The U.S. Department of Energy finalized energy conservation standards for commercial refrigeration equipment, effective January 2029, requiring significant efficiency improvements and projected to save consumers USD 4.6 billion over 30 years while reducing CO₂ emissions by 19.7 million metric tons.
October 2024: Haier Smart Home completed its USD 775 million acquisition of Carrier's commercial refrigeration business, adding over 4,000 employees and brands including Profroid, Celsior, and Green & Cool to enhance its global market position and CO₂ technology capabilities.
October 2024: old Core Group acquired Fore-Front Mechanical to expand industrial refrigeration services capabilities, focusing on cross-selling opportunities and geographic expansion in the food industry where refrigeration needs are critical.

Table of Contents for Commercial Refrigeration Equipment Industry Report

1. INTRODUCTION

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET LANDSCAPE

4.1 Market Overview
4.2 Market Drivers
- 4.2.1 Expansion of organized food retail
- 4.2.2 Energy-efficiency regulations & incentives
- 4.2.3 Shift toward natural refrigerants (HC/CO₂)
- 4.2.4 IoT-enabled predictive maintenance adoption
- 4.2.5 Mandatory retrofit of open display cases with doors
- 4.2.6 Rise of micro-fulfillment dark stores
4.3 Market Restraints
- 4.3.1 High upfront & maintenance costs
- 4.3.2 Growing market for used/rental units
- 4.3.3 Technical skill-gap for CO/HC systems
- 4.3.4 Refrigerant quota caps creating supply bottlenecks
4.4 Value / Supply-Chain Analysis
4.5 Regulatory Landscape
4.6 Technological Outlook
4.7 Porters Five Forces
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Buyers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes
- 4.7.5 Intensity of Competitive Rivalry
4.8 Analysis of Key Economic Trends

5. MARKET SIZE & GROWTH FORECASTS (VALUE)

5.1 By Product Type
- 5.1.1 Blast Chillers
- 5.1.2 Refrigerators & Freezers
- 5.1.3 Transportation Refrigeration
- 5.1.4 Refrigerated Display Cases
- 5.1.5 Beverage Refrigeration
- 5.1.6 Ice-cream Freezers
- 5.1.7 Refrigerated Vending Machines
- 5.1.8 Other Product Types
5.2 By Refrigerant Type
- 5.2.1 Fluorocarbons
- 5.2.2 Hydrocarbons
- 5.2.3 Inorganics (NH₃, CO₂)
5.3 By Application
- 5.3.1 Food and Beverage
- 5.3.1.1 Food Service and Distribution
- 5.3.1.2 Hotels and Restaurants
- 5.3.1.3 Bakeries
- 5.3.1.4 Other F&B Applications
- 5.3.2 Retail
- 5.3.2.1 Supermarkets and Hypermarkets
- 5.3.2.2 Convenience Stores
- 5.3.2.3 Other Retail Stores
- 5.3.3 Chemicals
- 5.3.4 Healthcare and Pharmaceuticals
- 5.3.5 Other Applications
5.4 By System Configuration
- 5.4.1 Plug-in / Self-contained Units
- 5.4.2 Remote Condensing Units
- 5.4.3 Multiplex Rack Systems
- 5.4.4 Walk-in Coolers/Freezers
5.5 By Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 South America
- 5.5.2.1 Brazil
- 5.5.2.2 Argentina
- 5.5.2.3 Chile
- 5.5.2.4 Rest of South America
- 5.5.3 Europe
- 5.5.3.1 Germany
- 5.5.3.2 United Kingdom
- 5.5.3.3 France
- 5.5.3.4 Italy
- 5.5.3.5 Spain
- 5.5.3.6 Rest of Europe
- 5.5.4 APAC
- 5.5.4.1 China
- 5.5.4.2 India
- 5.5.4.3 Japan
- 5.5.4.4 South Korea
- 5.5.4.5 Indonesia
- 5.5.4.6 Australia
- 5.5.4.7 New Zealand
- 5.5.4.8 Rest of APAC
- 5.5.5 Middle East and Africa
- 5.5.5.1 GCC
- 5.5.5.2 South Africa
- 5.5.5.3 Nigeria
- 5.5.5.4 Egypt
- 5.5.5.5 Kenya
- 5.5.5.6 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

6.1 Market Concentration
6.2 Strategic Moves
6.3 Market Share Analysis
6.4 Company Profiles (Includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
- 6.4.1 Carrier Transicold (Carrier Global Corporation)
- 6.4.2 Blue Star Limited
- 6.4.3 Voltas Limited
- 6.4.4 ITW Food Equipment Group LLC (Illinois Tool Works Inc.)
- 6.4.5 Danfoss A/S
- 6.4.6 Panasonic Corporation
- 6.4.7 Dover Corporation
- 6.4.8 Procool
- 6.4.9 AB Electrolux
- 6.4.10 Western Refrigeration Private Limited
- 6.4.11 Hoshizaki Corporation
- 6.4.12 Haier Group Corporation
- 6.4.13 Fujimak Corporation
- 6.4.14 Imbera S.A. de C.V.
- 6.4.15 Hussmann Corporation
- 6.4.16 Johnson Controls International PLC
- 6.4.17 Daikin Industries Ltd.
- 6.4.18 True Manufacturing Co. Inc.
- 6.4.19 AHT Cooling Systems GmbH
- 6.4.20 Hillphoenix (Dover)

7. MARKET OPPORTUNITIES AND FUTURE OUTLOOK

7.1 White-space and Unmet-need Assessment

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Global Commercial Refrigeration Equipment Market Report Scope

The market is defined by the revenue generated from selling commercial refrigeration products offered by different market players for various applications.

The commercial refrigeration equipment market is segmented by product type (blast chillers, refrigerators, and freezers, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream freezer, and refrigerated vending machine), refrigerant type (fluorocarbons, hydrocarbons, and inorganics), application (food & beverages [food service & distribution, hotels & restaurants, and bakeries], retail [supermarkets & hypermarkets and convenience stores], chemicals and healthcare & pharmaceuticals), and geography (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Product Type	Blast Chillers
	Refrigerators & Freezers
	Transportation Refrigeration
	Refrigerated Display Cases
	Beverage Refrigeration
	Ice-cream Freezers
	Refrigerated Vending Machines
	Other Product Types
By Refrigerant Type	Fluorocarbons
	Hydrocarbons
	Inorganics (NH₃, CO₂)

By Application	Food and Beverage	Food Service and Distribution
		Hotels and Restaurants
		Bakeries
		Other F&B Applications

	Retail	Supermarkets and Hypermarkets
		Convenience Stores
		Other Retail Stores
	Chemicals
	Healthcare and Pharmaceuticals
	Other Applications
By System Configuration	Plug-in / Self-contained Units
	Remote Condensing Units
	Multiplex Rack Systems
	Walk-in Coolers/Freezers

By Geography	North America	United States
		Canada
		Mexico

	South America	Brazil
		Argentina
		Chile
		Rest of South America

	Europe	Germany
		United Kingdom
		France
		Italy
		Spain
		Rest of Europe

	APAC	China
		India
		Japan
		South Korea
		Indonesia
		Australia
		New Zealand
		Rest of APAC

	Middle East and Africa	GCC
		South Africa
		Nigeria
		Egypt
		Kenya
		Rest of Middle East and Africa

By Product Type

Blast Chillers

Refrigerators & Freezers

Transportation Refrigeration

Refrigerated Display Cases

Beverage Refrigeration

Ice-cream Freezers

Refrigerated Vending Machines

Other Product Types

By Refrigerant Type

Fluorocarbons

Hydrocarbons

Inorganics (NH₃, CO₂)

By Application

Food and Beverage	Food Service and Distribution
	Hotels and Restaurants
	Bakeries
	Other F&B Applications
Retail	Supermarkets and Hypermarkets
	Convenience Stores
	Other Retail Stores
Chemicals
Healthcare and Pharmaceuticals
Other Applications

By System Configuration

Plug-in / Self-contained Units

Remote Condensing Units

Multiplex Rack Systems

Walk-in Coolers/Freezers

By Geography

North America	United States
	Canada
	Mexico
South America	Brazil
	Argentina
	Chile
	Rest of South America
Europe	Germany
	United Kingdom
	France
	Italy
	Spain
	Rest of Europe
APAC	China
	India
	Japan
	South Korea
	Indonesia
	Australia
	New Zealand
	Rest of APAC
Middle East and Africa	GCC
	South Africa
	Nigeria
	Egypt
	Kenya
	Rest of Middle East and Africa

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Key Questions Answered in the Report

What is the projected value of the commercial refrigeration equipment market by 2030?

The market is forecast to reach USD 60.1 billion by 2030 at a 6.0% CAGR.

Which product segment is growing fastest?

Transportation refrigeration is advancing at a 7.8% CAGR, underpinned by e-commerce logistics and diesel-phase-out mandates.

How are regulations influencing technology choices?

DOE efficiency standards effective 2029 and global F-gas quotas are steering buyers toward high-efficiency components and natural refrigerant systems.

Why are plug-in units gaining popularity?

Plug-in cabinets offer installation flexibility and lower service complexity, capturing 46.0% market share in 2024 with a 7.1% growth outlook.