The North America commercial refrigeration equipment industry size is projected to surpass a valuation of US$ 24,118.8 million by 2033. As per the analysis, the industry of commercial refrigeration equipment in North America is likely to record a CAGR of 4.1% through 2033, with a current valuation of US$ 16,072.9 million in 2023.
| Attributes | Key Insights |
|---|---|
| Commercial Refrigeration Equipment Industry Size (2022) | US$ 15,502.0 million |
| Estimated Commercial Refrigeration Equipment Industry Size (2023) | US$ 16,072.9 million |
| Projected Commercial Refrigeration Equipment Industry Revenue (2033) | US$ 24,118.8 million |
| Value CAGR (2023 to 2033) | 4.1% |
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The sales of commercial refrigeration equipment industry in North America are predicted to increase around 1.5X through 2033, amid a 2.2 % increase in expected CAGR compared to the historical one. This is due to the increasing demand for frozen and chilled products among consumers due to changes in lifestyle and rapid urbanization. Sales of commercial refrigeration equipment are likely to rise due to the expansion of food retail chains, especially in tier I and tier II cities in developing areas. Over the forecast period, an increase in food and beverage production, along with the development of cold chain capacities to ensure efficient storage and minimize food waste, is expected to boost demand for commercial refrigeration equipment industry in North America. By 2033, the total Industry revenue is set to reach US$ 24,118.8 million.
Companies can capitalize on the increased need for modular and scalable solutions. Several businesses are increasingly looking for versatile and adaptable refrigeration systems that can meet their changing demands. This potential entails the design and industry of refrigeration equipment that is modular and scalable, allowing for modification and extension based on unique needs. The flexible and scalable methodology enables organizations to perform cost-effective updates. Clients can invest in particular modules or additions as needed, avoiding significant financial outlays associated with system replacement. This cost-effectiveness appeals to enterprises looking for cost-effective solutions
| Historical CAGR (2018 to 2022) | 1.9% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.1% |
The demand of commercial refrigeration equipment industry in North America expanded at a 1.9% CAGR from 2018 to 2022. North America's food sector has grown significantly, owing to factors such as population expansion, changing consumer tastes, and increased demand for packaged and perishable food items. As a result of this expansion, there is a greater demand for efficient and innovative commercial refrigeration systems throughout the food supply chain, from production to distribution to retail.
Businesses are adopting inventive and efficient systems due to ongoing improvements in refrigeration technology. The integration of IoT (Internet of Things), smart controls, and energy-efficient components enhances refrigeration equipment performance. This has also created potential for remote monitoring and predictive maintenance. Specialized refrigeration systems for storing and shipping perishable items are becoming more necessary due to the expansion of e-commerce, particularly in the food and pharmaceutical industries. Infrastructure investments in the refrigeration equipment industry in North America are likely to surge due to the growth of online grocery shopping and direct-to-consumer delivery services.
Over the forecast period, the sales of the commercial refrigeration equipment industry in North America are anticipated to a valuation of US$ 24,118.8 million by 2033. This is due to a combination of several factors, including increasing demand for downstream products, technological advancements in production processes, and a shift toward sustainability. Innovation in commercial refrigeration systems is likely to be fueled by ongoing initiatives to increase energy efficiency and conform to changing regulatory requirements. In order to save operating expenses and meet sustainability targets, businesses will keep making investments in energy-efficient technology. The industry will probably continue to see a transition away from conventional synthetic refrigerants and toward natural refrigerants. Regulations intended to lessen refrigeration systems' capacity to contribute to global warming and environmental concerns are the driving forces behind this shift.
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The demand for ready-to-eat products is growing in the United States and Canada due to the convenience and time-saving attributes of these products. The rise in the popularity of on-the-go food items, including snacks and mini-meals, reflects the demand for portable and accessible dining choices. Consumers increasingly seek healthy, ready-to-eat food options that align with their wellness goals. The demand for ready-meal products is surging in countries such as the United States, and the rising number of nuclear families and longer working hours in the region are the primary factors responsible for the increase in the consumption of ready-to-eat food products. Canadian retailers continue to rely on imported foods to fill their shelves and help introduce new and innovative products.
An increase in food and beverage production, along with an expansion of cold chain capacities to ensure efficient storage and minimize wastage of food, is expected to boost demand for commercial refrigeration equipment in North America over the forecast period. According to the Food and Agricultural Organization of the United Nations (FAO), in 2021, food and beverages worth US$ 931 million were wasted across the globe. North American countries are strengthening their cold supply chain infrastructure to minimize food and beverage waste.
According to the 2020 GCCA Global Cold Storage Capacity Report, the total capacity of refrigerated warehouses worldwide was 719 million cubic meters in 2020, which is 16.7% greater than the capacity reported in 2018. The increase in reported capacity since 2018 was largely from North America. The United States, at 156 million cubic meters, was the single top country industry, followed by India at 150 million cubic meters and China at 131 million cubic meters.
Stringent government regulations regarding natural refrigerants over fluorochemical-based refrigerants that are widely used in commercial refrigeration systems in North America are a significant challenge. This specifically poses a huge challenge for small and medium commercial refrigeration equipment industry players. Natural refrigerants have a lower global warming potential (GWP) than fluorochemical-based refrigerants, making them a more environmentally friendly option. However, the adoption of natural refrigerants requires significant investment in equipment and infrastructure, which can be a challenge for small and medium players in the industry.
The American Innovation and Manufacturing Act (AIM Act) directs the Environmental Protection Agency (EPA) to regulate the transition to alternative refrigerants by phasing down the production and consumption of HFC refrigerants. The federal government has committed to reducing HFC emissions by 85% in Canada by 2036. The Canadian government has also established a regulatory framework to phase down the use of HFCs and other high-GWP refrigerants. The framework includes regulations to prohibit importing and manufacturing certain HFCs and other high-GWP refrigerants and regulations to establish minimum energy performance standards for commercial refrigeration equipment.
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The table below shows the estimated growth rates of the countries in North America
| Countries | Projected Commercial Refrigeration Equipment CAGR (2023 to 2033) |
|---|---|
| Canada | 5.3% |
| United States | 3.5% |
The United States commercial refrigeration equipment industry size is projected to reach US$ 17,058.8 million by 2033. Over the assessment period, demand for Commercial Refrigeration Equipment in the United States is set to rise at 3.5% CAGR. The diverse industrial applications of commercial refrigeration equipment in the United States contribute to the significant growth of the Industry. Food & beverages, pharma & medical will likely create opportunities for Industry players. These industries have stringent quality standards and regulations, necessitating the use of commercial refrigeration equipment to ensure product quality, safety, and compliance.
The commercial refrigeration equipment industry size in Canada is anticipated to reach US$ 5,334.6 million by 2033. Over the forecast period, Commercial Refrigeration Equipment demand in the country is set to increase at a robust CAGR of 5.3%. The country's rapidly expanding food and beverage sector, which includes a wide range of establishments such as grocery shops, restaurants, and food distribution centers, creates a steady demand for sophisticated refrigeration systems. Manufacturers can benefit from this by developing goods emphasizing energy efficiency, adapting to changing consumer tastes and meeting the industry's changing demands. Canadian commitment toward environmental sustainability is one of the main motivators for producers of commercial refrigeration equipment in that nation. Because of its strong emphasis on sustainability, firms can flourish in Canada by creating and promoting eco-friendly products.
| Segment | Freezers & Refrigerators (Product Type) |
|---|---|
| Value Share (2023) | 29.64% |
The demand for freezers and refrigerators remains robust across various industries due to their unparalleled versatility and broad applicability. These essential appliances play a pivotal role in preserving the freshness and quality of perishable goods, making them indispensable in the food and healthcare sectors. Compliance with health and safety regulations often necessitates the use of reliable freezers and refrigerators to maintain specific temperature conditions, ensuring the safety and integrity of stored products. These appliances are fundamental in households, providing a convenient means of storing and preserving a diverse range of food items.
While specialized refrigeration equipment, such as beverage refrigerators, transportation refrigerators, glass door merchandisers, display cases, beverage dispensers, refrigerated vending machines, ice machines, and ice cream machines, cater to specific needs, freezers, and refrigerators continue to be the cornerstone of the refrigeration industry. The demand for general-purpose refrigeration solutions positions freezers and refrigerators as the backbone of diverse sectors, meeting storage and preservation needs across the board.
| Segment | Food Services (Application) |
|---|---|
| Value Share (2023) | 43.3% |
Evolving consumer preferences, the expansion of retail chains, and a focus on visually appealing displays contribute to the sustained growth in this segment. Retailers, responding to consumer demands for fresh products, invest in advanced refrigeration solutions to ensure food safety, comply with regulations, and enhance the merchandising of perishables. While food services, production, and distribution remain crucial components of the industry, the dynamic landscape of retail, with its emphasis on presentation and compliance, propels the higher growth rate in commercial refrigeration for the food and beverage retail sector.
The North America commercial refrigeration equipment industry is fragmented, with leading players accounting for about 25% -30 % of the share. Daikin Industries Ltd., Dover Corporation, Panasonic Corporation, Illinois Tool Works Inc., Carrier Corporation (UTC Climate), Danfoss A/S, Blue Star Limited, Standex International Corporation, Electrolux AB, GEA Group AG, Hoshizaki Corporation, Whirlpool Corporation, Innovative DisplayWorks, etc. are the leading manufacturers and suppliers of Commercial Refrigeration Equipment listed in the report.
Key companies invest in continuous research to produce new products and increase their production capacity to meet end-user demand. They are also inclined toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
Recent Developments
| Attribute | Details |
|---|---|
| Estimated Industry Size (2023) | US$ 16,072.9 million |
| Projected Industry Size (2033) | US$ 24,118.8 million |
| Anticipated Growth Rate (2023 to 2033) | 4.1% |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Value (US$ million) and Volume (‘000 Units) |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Industry Segments Covered |
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| Key Countries Covered |
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| Key Companies Profiled |
|
The demand for North America commercial refrigeration equipment industry is anticipated to rise at 4.1% CAGR.
The North America commercial refrigeration equipment industry size is set to reach US$ 24,118.8 million by 2033.
Different types of commercial refrigeration equipment include beverage refrigerators, freezers & refrigerators, transportation refrigerators, and others.
Common issues in the commercial refrigeration equipment industry include energy inefficiency, maintenance costs, and compliance with environmental regulations.
Food Services is expected to lead the industry during the forecast period.
1. Executive Summary
1.1. Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Strategic Promotional Strategies
5. Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (‘000 Units) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (‘000 Units) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. Market - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Average Pricing Analysis Benchmark
7. Market Demand (in Value or Size in US$ Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033
7.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022
7.2. Current and Future Market Value (US$ Million) Projections, 2023 to 2033
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Market Background
8.1. Macro-Economic Factors
8.1.1. GDP Growth Outlook
8.1.2. Food and Beverage industry Overview
8.1.3. USA Retail Food and Beverage Stores Sales Overview
8.1.4. Global Foodservice Industry Overview
8.1.5. Global Capacity of Refrigerated Warehouses
8.1.6. Manufacturing Value-Added
8.1.7. Industry Value Added
8.1.8. Parent Market Outlook
8.1.9. Other Macro-Economic Factors
8.2. Forecast Factors - Relevance & Impact
8.2.1. Top Companies Historical Growth
8.2.2. GDP Growth forecast
8.2.3. Manufacturing Industry forecast
8.2.4. Urbanization Growth Outlook
8.2.5. Covid-19 Impact Assessment
8.2.6. End-use Industry Growth Outlook
8.3. Value Chain
8.3.1. Product Manufacturers
8.3.2. End Users
8.4. COVID-19 Crisis – Impact Assessment
8.4.1. Current Statistics
8.4.2. Short-Mid-Long Term Outlook
8.4.3. Likely Rebound
8.5. Market Dynamics
8.5.1. Drivers
8.5.2. Restraints
8.5.3. Opportunity Analysis
8.6. PESTLE Analysis
8.7. Porter’s Five Forces Analysis
8.8. Patent Analysis
9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Million) and Volume Analysis By Product Type, 2018 to 2022
9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Product Type, 2023 to 2033
9.3.1. Beverage Refrigerator
9.3.1.1. Drinking Fountain
9.3.1.2. Soda Fountain
9.3.1.3. Beer Dispensing Equipment
9.3.1.4. Beverage Coolers
9.3.2. Freezers & Refrigerators
9.3.2.1. Freezer & Chillers
9.3.2.1.1. Blast Chiller/Stock Freezers
9.3.2.1.2. Contact Freezers
9.3.2.2. Refrigerators
9.3.2.2.1. Walk-in-Refrigerators
9.3.2.2.2. Reach-in Refrigerators
9.3.3. Transportation Refrigerators
9.3.3.1. Trailers
9.3.3.2. Trucks
9.3.3.3. Shipping Containers
9.3.4. Glass Door Merchandizers
9.3.4.1. Hinged Door
9.3.4.2. Sliding Door
9.3.5. Display Cases
9.3.5.1. Ice Cream Cabinets
9.3.5.2. Bakery/Deli Display
9.3.6. Beverage Dispensers
9.3.7. Refrigerated Vending Machine
9.3.8. Ice Machine
9.3.9. Ice Cream Machine
9.4. Market Attractiveness Analysis By Product Type
10. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Million) and Volume Analysis By Application, 2018 to 2022
10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Application, 2023 to 2033
10.3.1. Food Services
10.3.2. Food & Beverage Retail
10.3.3. Food & Beverage Production
10.3.4. Food & Beverage Distribution
10.4. Market Attractiveness Analysis By Application
11. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Country
11.1. Introduction
11.2. Historical Market Size (US$ Million) and Volume Analysis By Region, 2018 to 2022
11.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Country, 2023 to 2033
11.3.1. USA
11.3.2. Canada
11.3.3. Mexico
11.4. Market Attractiveness Analysis By Region
12. USA Market Analysis 2018 to 2022 and Forecast 2023 to 2033
12.1. Introduction
12.2. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
12.3. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033
12.3.1. By Region
12.3.1.1. Northeast USA
12.3.1.2. Southwest USA
12.3.1.3. Southeast USA
12.3.1.4. West USA
12.3.1.5. Midwest USA
12.3.2. By Product Type
12.3.3. By Application
12.4. Market Attractiveness Analysis
12.4.1. By Region
12.4.2. By Product Type
12.4.3. By Application
12.5. Market Trends
12.6. Drivers and Restraints - Impact Analysis
13. Canada Market Analysis 2018 to 2022 and Forecast 2023 to 2033
13.1. Introduction
13.2. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
13.3. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033
13.3.1. By Region
13.3.1.1. Alberta
13.3.1.2. British Columbia
13.3.1.3. Manitoba
13.3.1.4. Quebec
13.3.1.5. Ontario
13.3.1.6. Rest of Canada
13.3.2. By Product Type
13.3.3. By Application
13.4. Market Attractiveness Analysis
13.4.1. By Region
13.4.2. By Product Type
13.4.3. By Application
13.5. Market Trends
13.6. Drivers and Restraints - Impact Analysis
14. Mexico Market Analysis 2018 to 2022 and Forecast 2023 to 2033
14.1. Introduction
14.2. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2018 to 2022
14.3. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2023 to 2033
14.3.1. By Region
14.3.1.1. Baja California
14.3.1.2. Pacific Coastal Lowlands
14.3.1.3. Mexican Plateau
14.3.1.4. Sierra Oriental
14.3.1.5. Rest of Mexico
14.3.2. By Product Type
14.3.3. By Application
14.4. Market Attractiveness Analysis
14.4.1. By Region
14.4.2. By Product Type
14.4.3. By Application
14.5. Market Trends
14.6. Drivers and Restraints - Impact Analysis
15. Market Structure Analysis
15.1. Market Analysis by Tier of Companies
15.2. Market Concentration
15.3. Market Share Analysis of Top Players
16. Competition Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Competition Deep Dive
16.3.1. Daikin Industries Ltd.
16.3.1.1. Overview
16.3.1.2. Product Portfolio
16.3.1.3. Profitability by Market Segments (Product/Channel/Region)
16.3.1.4. Sales Footprint
16.3.1.5. Strategy Overview
16.3.2. Dover Corporation
16.3.3. Panasonic Corporation
16.3.4. Illinois Tool Works Inc
16.3.5. Carrier Corporation (UTC Climate)
16.3.6. Danfoss A/S
16.3.7. Blue Star Limited
16.3.8. Standex International Corporation
16.3.9. Electrolux AB
16.3.10. GEA Group AG
16.3.11. Hoshizaki Corporation
16.3.12. Whirlpool Corporation
16.3.13. Innovative DisplayWorks
16.3.14. Structural Concepts Corporation
16.3.15. Frigoglass SA
16.3.16. Metalfrio Solutions SA
16.3.17. True Manufacturing Co., Inc
16.3.18. Turbo Air Inc.
16.3.19. QBD Modular Systems Inc.
16.3.20. Fujimak Corporation
16.3.21. Precision Refrigeration Limited
16.3.22. Epta S.p.A
16.3.23. Foster Refrigerators Enterprise Inc.
16.3.24. Marc Refrigeration Manufacturing, Inc.
16.3.25. Zero Zone, Inc.
16.3.26. Arneg Group
16.3.27. Zhejiang Snow Village International Trade Co., Ltd
16.3.28. Nakano Refrigerators Co., Ltd.
16.3.29. Daiwa Industries Ltd.
17. Assumptions and Acronyms Used
18. Research Methodology
Industrial Automation
February 2024
REP-US-1305
333 pages
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Commercial Refrigeration Equipment industry analysis in North America
