Industrial Refrigeration Equipment Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Mechanical-Compression Refrigeration Systems, Evaporative Cooling, Absorption, and The

Industrial Refrigeration Equipment Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Mechanical-Compression Refrigeration Systems, Evaporative Cooling, Absorption, and Thermoelectric), Refrigerant Type [Ammonia–R717, Carbon Dioxide (CO2)–R744, and Hydrocarbons–HCs], and Application (Food and Beverages, Pharmaceutical, Chemical and Petrochemical, District Cooling, Data Centres, Electricity Production, and Others)

The Industrial Refrigeration Equipment Market size is expected to reach US$ 36.8 billion by 2030 from 19.1 billion in 2022, at an estimated CAGR of 8.5% from 2022 to 2030.

The North American industrial refrigeration equipment market is segmented into the US, Canada, and Mexico. The US is estimated to hold the largest industrial refrigeration equipment market share during the forecast period. In North America, various industries are using natural refrigerants with a low global warming potential, such as Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf). In November 2022, The Chemours Company—a global chemical company with a market-leading position in titanium technologies, thermal and specialized solutions, and advanced performance materials—announced a partnership with Bohn de Mexico, an industrial and commercial refrigeration manufacturing company with a presence in South America. As per this partnership, Bohn de Mexico will use Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf) for its new range of BOHN Ecoflex condensing units. These refrigerants are non-ozone depleting (ODP) and have low global warming potential (GWP). In the North America food & beverages sector, various companies use CO2 industrial refrigeration systems, contributing to the industrial refrigeration equipment market growth in North America. In February 2023, Frigus Bohn de Mexico, a manufacturer of industrial refrigeration equipment and systems in Mexico, supplied a large custom combined ammonia (R717) and CO2 (R744) HVAC&R system to a food production facility in Mexico.

Moreover, several industrial refrigeration systems manufacturers in Canada are expanding their presence through mergers and acquisitions. For instance, in June 2023, Johnson Controls International Plc acquired M&M Carnot, a leading provider of natural refrigeration solutions with ultra-low global warming potential (GWP). M&M Carnot helps Johnson Controls International Plc's customers meet their sustainability goals while meeting and exceeding environmental regulations. M&M Carnot will add to the growing portfolio of Johnson Controls International Plc's industrial refrigeration equipment. M&M Carnot helps grow Johnson Controls International Plc's industrial refrigeration equipment market share in Annapolis, Maryland, Trois Rivières, and Quebec.

Based on end user, the industrial refrigeration equipment market is segmented into commercial, industrial, and residential. The commercial segment held the largest share in the industrial refrigeration equipment market. Buildings with commercial HVAC systems have interconnected systems that deliver heating, ventilation, and cooling to specific floors or other parts of the building. Heat pumps are frequently a part of commercial HVAC systems and are used to heat water or air. Water source heat pumps are equipped with pipes that distribute water throughout the structure. Although they could be on the ground, roof top units are normally on the building's roof. They work to supply the facility with the conditioned air. Cool water is produced by chillers and supplied through pipes to air cooling coils. There are two types of heaters used in commercial HVAC systems: furnaces that burn fuel to heat the air within the building and radiant heaters that use infrared radiation to heat the air.

Based on application, the industrial refrigeration equipment market is segmented into district cooling, electricity production, chemical and petrochemical, pharmaceutical, food and beverages, data centers, and others. The food and beverages segment held the largest share in the industrial refrigeration equipment market. A cold chain infrastructure is a highly essential part of the food & beverages industry as cooling is necessary for preserving products and avoiding possible microbiological contamination. Each product has its optimal conditions for storage and preservation. Temperature is one of the most important parameters in the preparation process to ensure food safety. Refrigeration systems are crucial to keep products such as meat, fish, poultry, dairy, or fruits at low temperatures and extend the recommended consumption period. Other subsectors of the food & beverages sector, including breweries, require various refrigeration systems to finish the biological and chemical reactions during the process and preserve the product's optimum conditions once the process is finished. During the processing of food, chilled water is the commonly used refrigeration system. Therefore, the demand for refrigeration equipment in this industry is increasing, which is supporting the segment growth in industrial refrigeration equipment market.

Samifi France SAS, Johnson Controls International Plc, Jean Paumier et Fils Ets, Danfoss AS, Honeywell International Inc, Copeland LP, Evapco Inc, Mayekawa Australia Pty Ltd, and BITZER Kuhlmaschinenbau GmbH are among the key Industrial Refrigeration Equipment Market players that are profiled in this market study.

The overall Industrial Refrigeration Equipment Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Industrial Refrigeration Equipment Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Industrial Refrigeration Equipment Market.