The global commercial refrigeration equipment market is now valued at USD 39.11 billion and is predicted to reach USD 53.53 billion by 2030, growing at a CAGR of 5.1%. Similarly, the industrial refrigeration systems market is presently valued at USD 20.48 billion and is predicted to grow to USD 29.2 billion at a CAGR of 5.3%. Industrial refrigeration systems are an important aspect of many sectors because they help preserve food and carry medical supplies at low temperatures.
Refrigeration and cooling are critical demands in both commercial and industrial sectors. Commercial refrigeration is used for refrigeration, cooling, and freezing and is commonly found in schools, workplaces, hospitals, supermarkets, and retail stores. Industrial refrigeration uses nearly the same types of performance-related equipment, but it is designed for heavy-duty activities since industries operate on a big scale in manufacturing, power plants, chemical and petrochemical, etc.

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GROWTH DRIVERS
Refrigeration maintains the quality of preserved and packaged foods, and the industry is gaining popular among customers. With a market size of around USD 764 million, the refrigeration segment is growing. From harvesting to reaching the consumer's hands, refrigeration slows microbiological growth and keeps food fresher for longer, hence maintaining quality.
Refrigerated storage, also known as cold storage, is commonly employed in the pharmaceutical business for vaccines (COVID-19 outbreak), where medicinal ingredients that degrade at room temperature are maintained under cool storage settings (8°C to 15°C).
HVAC (heating, ventilation, and air conditioning) systems have emerged as necessary technologies that play a critical role in maintaining safety and efficiency. The extraction and refining procedures in the oil and gas sector create a lot of heat. Without effective cooling systems, the equipment may overheat, resulting in malfunctions, breakdowns, and even catastrophic failures. HVAC systems are vital for dispersing excess heat, maintaining ideal operating temperatures, and extending the life of gear.
MARKET SEGMENTATION
· By Product type (Commercial & Industrial) - Freezers, refrigerators, compressors, condensers, HVAC systems, coolants (ammonia)
· By Applications - Food & Beverage, Pharmaceutical, Logistics, Retail, Hospitality.
· By Region - North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Global Key Players
· Carrier Commercial Refrigeration
· Haier
· Hoshizaki International
· Johnson Controls International Plc
· GEA Group Aktiengesellschaft
· Daikin Industries, Ltd.
· Danfoss
· Voltas
· Panasonic
· Ugur Cooling
· Arneg
· Frigoglass
· AHT Cooling Systems

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