Commercial Refrigeration Market Set to Reach $60.5 Billion by 2028: Industry Trends, Growth Factors, and Future Prospects

Commercial Refrigeration Market Set to Reach $60.5 Billion by 2028: Industry Trends, Growth Factors, and Future Prospects
Browse 270 market data Tables and 43 Figures spread through 245 Pages and in-depth TOC on “Commercial Refrigeration Market”
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

The commercial refrigeration market is projected to grow from USD 45.5 billion in 2023 to USD 60.5 billion by 2028, at a CAGR of 5.8% from 2023 to 2028. The expansion of the food & beverage industry, including restaurants, hotels, supermarkets, and convenience stores, directly drives the demand for commercial refrigeration worldwide.

Companies such as Daikin (Japan), Johnson Controls (US), Carrier (US), Dover (US), and Baltimore Aircoil Company (US), fall under the winners’ category. These are leading players in the commercial refrigeration market, globally. These players have adopted the strategies of new product launches, acquisitions, expansions, contracts, and agreements to increase their market shares.

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Daikin is one of the industry leaders in air conditioning, which manufactures and distributes air conditioning, heating, and refrigeration solutions. The group offers refrigeration systems for commercial and industrial applications, including walk-in coolers, freezers, display cases, and industrial refrigeration units.

The group operates through four business segments, namely, air conditioning, chemicals, Oil Hydraulics, and Defense Systems. The group offers products for the commercial refrigeration market through its air conditioning business segment. Daikin operates numerous subsidiaries and is widespread across many regions, such as Europe, the Middle East, Africa, Asia, Oceania, North America, and South America. The group has manufacturing facilities in Belgium, the Czech Republic, Germany, Italy, Turkey, and the UK.

Johnson Controls

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.


Carrier is one of the world’s leading refrigeration and air-conditioning solutions providers. It is a part of United Technologies Corp, operating in its UTC Climate, Controls & Security segment.

The company manages its operations through three business segments, namely, HVAC, refrigeration, and fire & security. The refrigeration segment includes transport refrigeration & monitoring products, services, and digital solutions for trucks, trailers, shipping containers, intermodal & rail, and commercial refrigeration products. It provides various refrigerated cabinets, freezers, counters, systems, and controls. Under commercial refrigeration, the company caters to the beverage, food service, and food retail industries while preserving freshness and ensuring safety. The company operates in North America, Europe, the Middle East, and Asia Pacific. The research and development centers are in Germany and China.


Dover is a multinational conglomerate company that operates in a diverse range of industries. The company’s five business segments encompass various markets, including clean energy & fueling, fluids, imaging & identification, pumps & process solutions, engineered products, and climate & sustainability technologies. Dover operates in the commercial refrigeration market through its climate & sustainability technologies segment.In addition, the company operates through multiple subsidiaries across its various business segments. Hillphoenix, a Dover company, specifically operates within Dover’s refrigeration & food equipment business domain. Hillphoenix is among the leading commercial refrigeration and food display case manufacturers for supermarkets, convenience stores, and other retail food outlets. Its operations are spread across North America. In 2011, Dover acquired Advansor, a company specializing in the design and engineering of environmentally friendly & energy-efficient refrigeration and cooling solutions. Till date, Advansor has delivered more than 14,000 CO2 systems for commercial and industrial cooling, freezing, air-conditioning, and heating worldwide, with its manufacturing facilities established in Denmark and Poland.

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Baltimore Aircoil Company

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.

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