Industrial Refrigeration Equipment Global Market Report 2024

The industrial refrigeration equipment market size has grown steadily in recent years. It will grow from $33.53 billion in 2023 to $34.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth observed in the historical period can be attributed to several factors, including the process of industrialization, the increasing focus on food safety and regulatory compliance in the food industry, the importance of cold chain logistics for the preservation of temperature-sensitive products, and growing environmental concerns related to refrigerants and energy efficiency. These factors collectively contributed to the growth and development of industrial refrigeration equipment during that time.

The industrial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $40.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the forecast period can be attributed to several factors, including population growth driving the demand for food and other temperature-sensitive products, the expansion of retail and e-commerce necessitating efficient cold storage and distribution solutions, an increasing need for process cooling in various industries, the growing importance of cold storage for pharmaceuticals and biotechnology products, and a thriving retrofit and replacement market for older refrigeration systems. Major trends expected in the forecast period include technological advancements in refrigeration equipment, the adoption of environmentally friendly refrigerants, the integration of IoT and smart refrigeration technologies for improved control and monitoring, the optimization of cold chains for more efficient logistics, the development of modular and scalable refrigeration solutions, and the use of hybrid refrigeration systems to enhance efficiency and sustainability in industrial cooling and cold storage processes.

The industrial refrigeration equipment market is expected to experience a significant boost due to the expanding food and beverages industry. Industrial refrigeration tools contribute to extending the shelf life of food products, reducing waste, and enhancing profitability. For instance, in 2021, the United States Department of Agriculture reported that food and beverage processing plants employed 1.7 million workers, representing 15.4% of all US manufacturing employment and over 1.1% of all US nonfarm employment. This growth trajectory in the food and beverage industry is set to propel the industrial refrigeration equipment market forward.

The primary equipment types within the industrial refrigeration equipment category include condensers, compressors, evaporators, and control systems. A condenser serves as a key component in the industrial refrigeration system, acting as a heat exchanger to transform vapor into a liquid. Various types of refrigerants are used in industrial refrigeration equipment, including ammonia, carbon dioxide, and hydrofluorocarbon (HFC). This equipment is utilized by a range of end-user industries, such as food and beverage, refrigerated warehousing, chemical and petrochemical, pharmaceutical, refrigerated transportation, and various other industrial sectors. It plays a crucial role in preserving temperature-sensitive products and maintaining controlled environments for different applications.

The industrial refrigeration equipment market research report is one of a series of new reports that provides industrial refrigeration equipment market statistics, including industrial refrigeration equipment industry global market size, regional shares, competitors with an industrial refrigeration equipment market share, detailed industrial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the industrial refrigeration equipment industry. This industrial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Notably, the rise of the food and beverage processing industry in developing nations is a key driver for the industrial refrigeration equipment market. Countries like India have seen tremendous growth, with a consistent 8% annual increase in the food processing sector. According to a joint study by ASSOCHAM India and Grant Thornton UK, India's food processing sector is anticipated to attract $33 billion in investments by 2024, doubling the country's total food production. With processed food consumption on the rise, industrial refrigeration systems are vital to maintain product quality and safety, thereby fueling the demand for industrial refrigeration systems.

The industrial refrigeration equipment market is restrained by strict regulations addressing the use of refrigerants with high global warming potential. There's a collective global effort to reduce the environmental impact caused by greenhouse gases like chlorofluorocarbon and hydrochlorofluorocarbons. Regulations such as the Montreal Protocol and the EU F-Gases Regulation have set limits on using refrigerants with a high global warming potential. These regulations have placed restrictions on refrigeration equipment, prohibiting the use of certain refrigerants to limit their impact on the environment, which consequently hampers market growth.

The industrial refrigeration equipment market is witnessing a rising trend in the adoption of environmentally friendly refrigerants, which is poised to drive market growth. Refrigerants have historically contributed significantly to environmental issues like ozone layer depletion and global warming by trapping infrared radiation in the atmosphere. However, environmentally friendly refrigerants are becoming more popular as they do not deplete the ozone layer, have minimal impact on global warming, and possess a low Global Warming Potential (GWP). Governments in many countries are imposing strict regulations on halogen-based refrigerants, further promoting the use of eco-friendly alternatives. For example, in May 2021, Czechia-based engineering company MIRAI INTEX introduced the MIRAI Cold 80 T, an ultra-low temperature refrigeration system that uses only air as a refrigerant and eliminates the need for lubricating oil, making it an exceptionally environmentally friendly solution. Consequently, the adoption of natural refrigerant-based equipment, driven by stringent regulations, is a key factor contributing to the growth of the industrial refrigeration system market.

Leading companies in the industrial refrigeration equipment market are actively developing innovative products to better cater to their customers. One such product is the Solstice L40X refrigerant, which is a mildly flammable zeotropic blend designed as an alternative for various temperature applications in new refrigeration systems. An example of this innovation is Honeywell International Inc.'s launch of the Solstice L40X refrigerant in February 2023. This refrigerant is compatible with most common materials, although customers are encouraged to consult with manufacturers or conduct additional independent testing.

In June 2023, Johnson Controls, a US-based company, acquired M&M Carnot for an undisclosed sum. This strategic acquisition is expected to bolster Johnson Controls' sustainable industrial refrigeration portfolio and enable them to better serve their expanding customer base in this sector. M&M Refrigeration Inc., a US-based provider, specializes in natural refrigeration solutions with an ultra-low global warming potential (GWP).

Major companies operating in the industrial refrigeration equipment market include Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand Inc., Lennox International Inc., Danfoss A/S, GEA Group AG, EVAPCO Inc., BITZER Kühlmaschinenbau GmbH, Mayekawa Mfg. Co. Ltd., Daikin Industries Ltd., Industrial Frigo Srl, Parker Hannifin Corporation, Baltimore Aircoil Company Inc., Guntner GmbH & Co. KG, Star Refrigeration Ltd., Hussmann Corporation, Clauger SA, Rivacold srl, Dorin SPA, Thermal Care Inc., New York Blower Company, Kuhlman Inc., Samifi France SAS, Jean Paumier et Fils Ets, Honeywell International Inc, Zero Zone, KeepRite Refrigeration, Artic Temp Inc., Howe Corporation, Colmac Coil Manufacturing Inc, Frick India Limited, Carrier Commercial Refrigeration, Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Schneider Electric SE

The Asia-Pacific was the largest region in the industrial refrigeration equipment market in 2023. North America was the second largest region in the industrial refrigeration equipment market. The regions covered in the industrial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the industrial refrigeration equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The industrial refrigeration equipment market consists of sales of chillers, refrigeration compressors, condensers, cooling towers, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.