The global refrigeration equipment market is poised for strong growth, with a projected compound annual growth rate (CAGR) of 8.7% from 2024 to 2030, according to a new report by ResearchAndMarkets.com. The market was valued at $67.06 billion in 2024 and is expected to expand significantly through 2030, driven by technological innovation, sustainability demands, and evolving infrastructure needs. Key drivers of market growth include rising consumption of frozen and chilled food, rapid urbanization, and the expansion of the hospitality and retail sectors. Increasing energy costs and stringent environmental regulations, such as the Kigali Amendment and F-gas regulations, are pushing the industry toward low-global warming potential (GWP) refrigerants and energy-efficient systems. Digital transformation is reshaping the sector, with the integration of the Internet of Things (IoT), artificial intelligence (AI), and cloud computing enabling smart refrigeration solutions. These technologies support predictive maintenance, remote monitoring, and real-time data analytics, enhancing system efficiency and reducing operational costs. They also align with global sustainability goals and energy crisis management strategies. The market is highly competitive, with over 100 players vying for market share. Key competitive factors include energy efficiency, product reliability, compliance with refrigerant regulations, price-performance ratio, after-sales service, innovation in automation and smart controls, and global distribution reach. The top five companies—Carrier Global Corporation, Johnson Controls, Trane Technologies, Daikin Industries, and Ingersoll Rand—held a combined 25.2% revenue share in 2024. Notable developments include the May 2024 joint venture between Samsung and Lennox International, forming Samsung Lennox HVAC North America, which will focus on selling ductless mini-split systems, air conditioners, heat pumps, and VRF systems across the U.S. and Canada. The report covers various refrigeration equipment types from original equipment manufacturers (OEMs), including walk-in freezers and coolers, refrigerated vending machines, display cases, industrial process chillers, reach-in refrigerators, and cold rooms. It excludes residential and transportation refrigeration systems. End-user segments showing high growth include hospitality, cold storage, and pharmaceuticals. The market is segmented by region and end-user, with revenue calculated at the OEM level. To stay competitive, companies must invest in sustainable product design, digital capabilities, and flexible service models. Strategic partnerships and innovation in smart, connected systems will be critical for market leadership. The future of refrigeration lies in combining environmental responsibility with technological advancement and regulatory compliance.