Industrial Refrigeration System Market - Forecasts from 2024 to 2029

The industrial refrigeration system market is projected to expand at a compound annual growth rate (CAGR) of 7.86% to reach a total market size of US$39.863 billion by 2029, from US$23.476 billion in 2022.

Industrial refrigeration systems are a crucial component in multiple industries which are needed to maintain a certain temperature of multiple products and supplies which are traded on a global level. The systems comprise of the combination of different equipment and accessories which enable the removal of heat from large-scale processes, thereby lowering the temperature to the desired level. The increasing output of different processing industries and end users is anticipated to boost the market size of the industrial refrigeration systems market. For example, the growing global food processing industry including dairy, fruit, and vegetable processing is highly anticipated to boost the market demand and growth for industrial refrigeration in the coming years. As reported by Grant Thornton, the food processing sector in India is increasing at a rapid rate with the total market growing at a compound annual growth rate of 8% between 2017 and 2022. In another instance, as reported by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total production output of pharmaceuticals in the European Union increased from EUR 286.697 billion in 2020 to approximately EUR 300.000 billion by 2021. The increasing manufacturing in pharmaceuticals is directly anticipated to push the market demand and growth for industrial refrigeration systems on a global scale.

Expanding output of end-user industries globally propels the market.

The increase in the application of industrial refrigeration in various industries drives the growth of the global refrigeration market and is expected to increase at a significant rate during the forecasted period. The global industrial refrigeration system market is projected to rise at a moderate growth rate. The industry is expected to be affected by changing technological, environmental, and governmental regulations which are anticipated to challenge market growth as well. In addition, the increasing technological advancements, and market developments including product launches, collaborations, agreements, acquisitions, and other related factors. The market is poised to be dependent on certain industries including logistics, food processing, chemicals, and pharmaceuticals. Regulations associated with the end user verticals are also expected to affect the market trajectory. However, with projections of healthy growth rates of different end-user industries, the market is expected to rise steadily.

It is projected that the market in the Asia Pacific will grow steadily. 

The Asia Pacific region is anticipated to grow at a significant rate in the forecast period owing to the rising industrial footprint and investments leading to the rise in industrial activities in the same region. Europe and North American regions are also expected to have subsequent market shares owing to the significant industrial output generated from both. Due to the significant increase in demand for optimized manufacturing, consumer goods companies are under pressure for the production of improved technologies and machinery. This drives the growth of the industrial refrigeration market during the forecast period.

Key players in the market

• Johnsonson Controls is a leading provider of refrigeration systems including industrial refrigeration. The company has a dedicated line of industrial refrigeration solutions in its portfolio and supplies OEM components to maintain a relevant market position across its operating markets. Their products include FRICK® Food and Beverage, Compressor Packages, Condensers and Evaporators, and Replacement Parts.
• Danfoss offers its consumers highly efficient and reliable refrigeration systems that are optimized for ammonia as well as other natural refrigerants. The company has more than 80 years of experience in refrigeration solutions.
• Daikin Industries is one of the leading market suppliers of industrial refrigeration offering easy installation, space savings, as well as energy efficiency. The companies’ products also satisfy the needed regulatory requirements in respective sales regions. Their product portfolio includes ZEAS condensing unit, CO2 ZEAS, Conveni-Pack, and CO2 Conveni-Pack.

Segmentation:

By Equipment:

• Evaporator
• Air Coil
• Liquid Chiller
• Compressor
• Screw Compressor
• Reciprocating Compressor
• Condenser
• Air-Cooled
• Water-Cooled
• Evaporative
• Control
• Pump & Valve

By Refrigerant:

• Carbon Dioxide
• Ammonia
• Hydrochlorofluorocarbons
• Hydrocarbons
• Hydrofluorocarbons
• Hydrofluoro-Olefin

By Industry Vertical:

• Refrigerated Logistics
• Warehouse
• Transportation
• Food & Beverage
• Fruits and Vegetable Processing
• Meat, Poultry and Fish Processing
• Dairy Processing
• Beverage
• Chemical
• Pharmaceutical

By Geography

• North America
• United States
• Canada                
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• South Korea
• Japan
• Thailand
• Taiwan
• Others