Commercial Refrigeration Market worth $60.5 billion by 2028 | Key players Daikin (Japan), Johnson Controls (US), Carrier (US), Dover (US), Baltimore Aircoil Company (US), Blue Star Limited (India).

According to recent market research the "Commercial Refrigeration Market by Product Type, Refrigerant Type, Application (Food Service, Food & Beverage Production, Food & Beverage Retail), End Use (Supermarkets & Hypermarkets, Hotels & Restaurants, Bakeries), & Region - Global Forecast to 2028", is projected to grow from USD 45.5 billion in 2023 to USD 60.5 billion by 2028, at a CAGR of 5.8%. The expansion of retail chains, supermarkets, and convenience stores on a global scale drive the demand for commercial refrigeration systems. The requirement of a reliable and efficient refrigeration infrastructure to preserve perishable goods and meet customer demands is expected to boost the market growth.

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The refrigerated display case segment, by product type, is projected to be the fastest-growing market during the forecast period. These cases are designed to showcase products in an appealing and visually enticing manner, encouraging customers to make purchases. The global rise in the number of supermarkets, grocery stores, and other food retail outlets is expected to create attractive opportunities in the commercial refrigeration market.

Hydrocarbons (HCs) are natural, non-toxic refrigerants that have minimal impact on ozone depletion and global warming compared to many synthetic refrigerants. Hydrocarbon gases, such as propane, isobutane, pentane, and isopentane, are used as refrigerants for cooling in industrial, commercial, and domestic applications. Their significant role in the shift toward more environmentally friendly cooling solutions, contribute to the overall market growth.

Commercial refrigeration is also employed in food & beverage distribution to provide safe & efficient storage, transportation, and delivery of perishable products. Frozen food products, such as frozen fruits, vegetables, meats, and ready-to-eat meals, require specialized freezing & refrigeration during distribution to ensure they remain frozen until they reach consumers. These factors are expected to boost the market growth between 2023 and 2028.

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The advent of refrigeration has allowed convenience stores to store packaged foods & beverages for extended periods without spoilage. The rising number of convenience stores can be attributed to the increasing preference for packaged food items and beverages and the rising per capita income of consumers. The growth of the food preservatives market in China and India is also expected to contribute to the increased consumption of commercial refrigeration in convenience stores.

Governments in the Asia Pacific region was implementing stricter regulations and standards related to refrigerants. Such regulations are released with the aim of decreasing ozone depletion and greenhouse gas emissions. This led to a shift toward using more environmentally friendly refrigerants and phasing out hydrochlorofluorocarbons (HCFCs) and other harmful substances Increasing economic growth and substantial investments in the consumer appliances industry drive the demand for commercial refrigeration in the region. Rising demand for food storage equipment, increasing urbanization, and growing consumer electronics are also driving the market.

The major players operating in the commercial refrigeration market include Daikin (Japan), Johnson Controls (US), Carrier (US), Dover (US), Baltimore Aircoil Company (US), Blue Star Limited (India), De Rigo Refrigeration (Italy), Fogel (Guatemala), Hussmann (US), Imbera (Mexico), KMW (Germany), Mayekawa Mfg. Co., Ltd. (Japan), Runte (China), SCM Frigo (Italy), True (US), Viessmann (Germany), Voltas (India), and others.

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Baltimore Aircoil Company (BAC) is one of the leading global manufacturers of heat transfer and ice thermal storage products for the HVAC (Heating, Ventilation, and Air Conditioning) and industrial markets. The company operates as a business unit of Amsted Industries (US), which acquired BAC in May 1985. BAC is known for its expertise in thermal technology and heat transfer. The company manufactures various products, including cooling towers, closed-circuit cooling towers, evaporative condensers, ice thermal storage systems, and related equipment. BAC's products are used in various applications, such as air conditioning, refrigeration, industrial processes, power generation, and more. The company operates in the Americas, Asia, Australia, Europe, Middle East, and Africa.

Johnson Controls is a multinational corporation specializing in building technologies, energy solutions, and automotive systems. The company is involved in various industries, including HVAC (heating, ventilation, and air conditioning), building automation, energy management, security systems, and automotive batteries.

The company conducts its business through four business segments, namely, building solutions in North America, building solutions in EMEA/LA, building solutions in Asia Pacific, and global products. It offers heating, cooling, and refrigeration systems for residential, commercial, and industrial applications. These systems include HVAC equipment, chillers, air handlers, packaged units, and controls. Johnson Controls operates globally, with a significant presence in North America, Europe, Asia, and other regions.

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