Industrial Refrigeration System Market Forecast

Market Insights

The global industrial refrigeration system market size was estimated at USD 20.27 billion in 2022 and is likely to grow at a CAGR of 4.94% during 2023-2028 to reach USD 27.08 billion in 2028.

Wish to Get a Free Sample? Register Here.

What is an industrial refrigeration system?

Industrial refrigeration system refers to a wide range of refrigeration applications such as freezers or liquefaction, and others. Industrial refrigeration systems comprise of a number equipment such as compressors, condensers, evaporators, controls, pumps, and others. Fruit & vegetable processing, beverage, refrigerated warehouse, chemicals, dairy, and others are some of the industries where industrial refrigeration system is used.

Market Drivers

The market has almost neared a saturation level with an unwavering growth in the last five years and is expected to witness similar growth during the forecast period. There have been not much technological progressions in the field of industrial refrigeration systems in the recent years, but a gradual shift can be expected from the use of ozone depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) to natural refrigerant-based systems. Growing cold chain infrastructure in the developing economies of Asia-Pacific, Latin America, the Middle East, and Africa is likely to act as a major growth driver for the global industrial refrigeration systems market.

Get the full scope of the report. Register Here.

Key Players

Some of the major players in the market are-

• Johnson Controls International plc.
• The Emerson Electric Company
• Ingersoll-Rand plc
• GEA Group AG
• The Danfoss Group
• Daikin Industries, Ltd.
• Bitzer SE
• United Technologies Corporation
• Mayekawa Mfg. Co. Ltd.
• Lu-Ve Group
• Lennox International Inc.
• Evapco, Inc.
• and Baltimore Aircoil Company, Inc.

Segments Analysis

By Equipment Type

The market is segmented into compressors, condensers, evaporators, controls, vessels, valves, pumps, and auxiliary equipment. The Controls Segment is expected to witness the highest growth during the forecast period, owing to the growing significance of control systems and software to improve the energy efficiency of the existing and the new refrigeration systems.

By Refrigerant Type

The market is segmented into ammonia, CO2, HFC, and others. The CO2 Refrigerant segment is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the higher adoption of CO2 refrigerants in the food and beverage industry, a major application area of industrial refrigeration systems. Further, there are an ample number of research & developmental activities going on in the developed economies to develop and employ CO2 refrigerants.

Regional Analysis

North America dominated the industrial refrigeration systems market with a share of >30% in 2022 and is expected to retain its dominant position during the forecast period. The USA is the growth engine of the North American market owing to a dependable supply chain, significant capital investment, the presence of many end-users, and continuous research and development activities to meet the industry’s challenges. Asia-Pacific is expected to witness the highest growth owing to significant economic development in the region, rising disposable income of consumers, expanding infrastructure, and government support. Developing economies, such as China and India are the growth engines of the Asia-Pacific market.

To know which region offers the best growth opportunities, Click Here.

The market is segmented into the following categories:

By Equipment Type

• Compressors
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Type Analysis: Screw Compressors and Reciprocating Compressors
• Condensers
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Type Analysis: Evaporative Condensers, Water-Cooled Condensers, and Air-Cooled Condensers
• Evaporators
  • Regional Analysis: North America, Europe, Asia-Pacific, and RoW
  • Type Analysis: Air-Cooling Evaporators and Liquid-Cooling Evaporators
• Controls (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Vessels, Pumps, Valves, and Auxiliary Equipment (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By Refrigerant Type

• Ammonia
• CO2
• HFC
• Others

By Industry Type

• Fruit & Vegetable Processing
• Beverage
• Refrigerated Warehouse
• Chemicals, Petrochemicals, and Pharmaceuticals
• Diary and Ice-Cream Processing
• Meat, Poultry, and Fish Processing
• Refrigerated Transportation

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the global industrial refrigeration system market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.