ResearchAndMarkets.com said it has added the “Refrigeration Equipment Market, Global, 2025-2030” report, which estimates 2024 revenue at $67.06 billion and projects an 8.7% CAGR for 2024-2030. The study uses 2024 as the base year, with a forecast period from 2025 to 2030, and covers 2022-2030 overall.
The report defines the refrigeration equipment market as systems used to achieve controlled temperature conditions for storage, preservation, and transportation of perishable commodities in residential, commercial, and industrial segments, and describes refrigeration equipment as part of cold chain infrastructure. For this study, OEM refrigeration equipment includes walk-in freezers and coolers, refrigerated vending machines, refrigerated display cases, industrial process chillers, reach-in refrigerators, and cold rooms, with no further segmentation by equipment type; it excludes residential and transportation refrigeration systems.
According to the report, demand is being driven by rising consumption of frozen and chilled foodstuffs, growing urbanization, and expanding hospitality and retail industries. It also cites advances in energy efficiency, low-global warming potential (GWP) refrigerants, and digital monitoring systems, and states that IoT, AI, and cloud computing are enabling predictive maintenance, remote monitoring, and data-driven optimization.
The report also points to regulatory requirements on food safety, emission savings, and phase downs of refrigerants, citing the Kigali Amendment and F-gas regulations, as factors pushing end users and OEMs toward sustainable and environmentally friendly refrigeration technologies. It describes a competitive environment with over 100 competitors, names Carrier Global Corporations, Johnson Controls, Trane Technologies, Daikin Industries, and Ingersoll Rand as leading competitors, and says the top five accounted for 25.2% revenue share in 2024; it lists direct sales (20%) and indirect sales (80%) as the distribution structure.
As an example of mergers and acquisitions, the report notes that in May 2024 Samsung and Lennox announced a joint venture named Samsung Lennox HVAC North America, focused on selling ductless mini-split, air conditioning, heat pump, and VRF systems in the United States and Canada. The report’s stated geographic coverage is global, including Europe, North America, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LATAM), and it lists companies featured such as AHT Cooling Systems, Air Liquide, Bitzer, Danfoss, Dover Corporation, GEA Group, Honeywell, LG Electronics, Mitsubishi Electric, Panasonic, Samsung Electronics, and others.
