Industrial Refrigeration Market By Component (Compressor, Condenser, Control, Evaporators, Others), By Refrigerant Type (Ammonia, Carbon Dioxide, Hydroflurocarbon (HFC), Hydrochlorofluorocarbons (HCFC), Others), By Application (Fresh fruits and vegetables, Meat, poultry and fish, Dairy and ice cream, Beverages, Chemicals, Pharmaceuticals, Petrochemicals, Others), By Type (Stationary Refrigeration, Transport Refrigeration), By Sales type (New Sales, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global industrial refrigeration market was valued at $21,904.1 million in 2020 and is projected to reach $41,710.9 million by 2032, registering a CAGR of 5.2% from 2023 to 2032. Industrial refrigeration refers to the use of specialized systems and equipment for maintaining a cold temperature in the storage space for preserving temperature-sensitive products and processes in various industries, such as food and beverage, pharmaceuticals, and chemicals, to ensure optimal product quality and safety. Moreover, specialized industrial refrigeration systems known as transport refrigeration systems are also used during the transportation of perishable goods for maintaining a cold temperature inside the container. In addition to this, few dedicated refrigeration systems are also used by industries to cool down their machinery.
The growth in demand for industrial refrigeration systems is mainly driven by the growth in the food and beverages industry. The refrigeration system is essential for preventing the spoilage of various food and beverage products such as dairy, desserts, ice cream, meat, and other frozen and non-frozen food. Moreover, the rise in the trend of upgrading cold storage infrastructures across emerging economies also drives the growth of the industrial refrigeration market.
Furthermore, the rise in the adoption of energy-efficient and eco-friendly refrigerants is another factor driving the industrial refrigeration market. However, high energy consumption for operation and high investment in the maintenance of industrial refrigeration systems hamper the growth of the industrial refrigeration market. In addition, stringent regulations related to the usage of refrigerants are acting as a restraint to the industrial refrigeration market. On the contrary, the introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for the industrial refrigeration market growth.
Furthermore, due to rising inflation mainly driven by Ukraine-Russia war, the price of oil & gas, as well as the price of raw materials are experiencing increased volatility across the world. This has led to slow-paced growth of the industrial refrigeration market.
The industrial refrigeration market is segmented on the basis of components, refrigerant type, application, type, sales type, and region. Depending upon the component, the market is categorized into compressor, condenser, control, evaporator, and others. On the basis of refrigerant type, it is divided into ammonia, carbon dioxide, hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), and others. As per application, the market is classified into fresh fruits and vegetables, meat, poultry and fish, dairy and ice cream, beverages, chemicals, pharmaceuticals, petrochemicals, and others. Furthermore, according to type, it is divided into stationary refrigeration and transport refrigeration. Depending on sales type, the market is classified into new sales and aftermarket. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, Singapore, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition AnalysisCompetitive analysis and profiles of the major players in the industrial refrigeration market are provided in the report. Major companies in the report include Daikin Industries, Ltd., Danfoss A/S, GEA Group AG, Mayekawa Mfg. Co., Ltd., Swegon AB, Dover Corporation, Gordon Brothers Industries Pty. Ltd., EVAPCO, Inc., Munters, Kirby HVAC&R Pty Ltd., LU-VE Group, BITZER Group, Emerson Electric Co., Johnson Controls International plc, Refplus, Trane Technologies plc (Thermo King), ABB Ltd., Baltimore Aircoil Company Inc., CARRIER GLOBAL CORPORATION, Dorin S.p.A., and Rivacold srl.
Key benefits for stakeholdersThe report provides an extensive analysis of the current and emerging industrial refrigeration market trends and dynamics.
In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
Extensive analysis of the industrial refrigeration market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The global industrial refrigeration market forecast analysis from 2023 to 2032 is included in the report.
Key market players within the industrial refrigeration market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the industrial refrigeration industry.
Key Market Segments
By ComponentCompressor
Condenser
Control
Evaporators
Others
By Refrigerant TypeAmmonia
Carbon Dioxide
Hydroflurocarbon (HFC)
Hydrochlorofluorocarbons (HCFC)
Others
By ApplicationFresh fruits and vegetables
Meat, poultry and fish
Dairy and ice cream
Beverages
Chemicals
Pharmaceuticals
Petrochemicals
Others
By TypeStationary Refrigeration
Transport Refrigeration
By Sales typeNew Sales
Aftermarket
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
UK
Russia
Belarus
Croatia
Czech Republic
Hungary
Lithuania
Poland
Romania
Serbia And Montenegro
Bulgaria
Slovakia
Ukraine
Spain
Portugal
Austria
Sweden
Denmark
Finland
Norway
Belgium
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Malaysia
Indonesia
Singapore
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Turkey
Kazakhstan
Rest of LAMEA
Key Market Players
EVAPCO, Inc.
Danfoss A/S
Mayekawa Mfg. Co., Ltd.
ABB Ltd.
LU-VE S.p.A.
Daikin Industries, Ltd.
Dorin S.p.A.
Rivacold srl
Investment AB Latour (Swegon AB)
BITZER Group
Gordon Brothers Industries Pty Ltd.
Trane Technologies plc (Thermo King)
GEA Group AG
Johnson Controls International plc
Refplus
Munters Group AB
SPX Technologies, Inc.
Emerson Electric Co.
Baltimore Aircoil Company Inc.
Carrier Global Corporation
Dover Corporation
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