Industrial Refrigeration Systems Global Market Report 2024

The industrial refrigeration systems market size has grown strongly in recent years. It will grow from $21.96 billion in 2023 to $23.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The expansion observed in the historical period can be ascribed to environmental regulations, concerns about energy efficiency, the globalization of supply chains, market consolidation, and shifts in consumer preferences.

The industrial refrigeration systems market size is expected to see strong growth in the next few years. It will grow to $30.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period is linked to an increasing demand for cold storage, the adoption of natural refrigerants, integration of renewable energy, strategic partnerships and alliances, and regulatory emphasis on energy efficiency. Key trends in the forecast period encompass the adoption of green refrigerants, emphasis on energy efficiency, integration of digitalization and IoT, customization and modularization, regulatory compliance, and safety, along with a focus on cold chain logistics.

The anticipated surge in demand for frozen and processed food is set to drive the industrial refrigeration system market's growth in the future. Frozen food, which is rapidly frozen and maintained in a frozen state until use, and processed food, altered or preserved through mechanical or chemical processes, are contributing to this demand. Industrial refrigeration systems play a crucial role in food processing by cooling large quantities of water used in the manufacturing process. According to the American Frozen Food Institute, the sales of frozen food in 2021 increased by 1% compared to 2020. Additionally, processed food product exports rose from $11,671 million in the 2020-21 period to $13,261 million in the 2021-22 period, as reported by the Agricultural and Processed Food Products Export Development Authority (APEDA). Consequently, the growing demand for frozen and processed food is a key driver of the industrial refrigeration system market.

The expanding pharmaceutical industry is also expected to contribute to the industrial refrigeration system market's growth. With its role in discovering, developing, manufacturing, and marketing pharmaceutical drugs, the pharmaceutical industry relies on industrial refrigeration systems to maintain precise temperature and humidity conditions during various processes. According to the European Federation of Pharmaceutical Industries and Associations, European pharmaceutical production increased by 4.6% from €286,697 million ($300,981 million) in 2020 to €300,000 million ($315,270 million) in 2021. Therefore, the growth of the pharmaceutical industry is a significant factor driving the industrial refrigeration system market.

A noteworthy trend in the industrial refrigeration system market is the focus on product innovation, particularly the adoption of new environmentally friendly refrigerants. Major companies in the market are incorporating low global warming potential (GWP) refrigerants into their industrial refrigeration system offerings. For example, in November 2022, the Chemours Company partnered with Bohn de Mexico to launch industrial refrigeration solutions with low GWP refrigerants. The BOHN Ecoflex condensing units utilize non-ozone depleting (ODP) and low GWP refrigerants such as OpteonTM XL20 (R-454 C), OpteonTM XL40 (R-454A), and OpteonTM XL10 (R-1234yf), emphasizing environmental responsibility.

Companies in the industrial refrigeration system market are also focusing on technological innovations, such as refrigeration-as-a-service (RaaS), to gain a competitive edge. RaaS is a subscription-based model where businesses rent refrigeration equipment and services instead of purchasing and maintaining them. In September 2023, Carrier Corporation launched a Refrigeration-as-a-Service (RaaS) solution aimed at helping food retailers enhance efficiency, reliability, cost performance, and overall business resilience. The innovative solution comes with a performance guarantee, ensuring customers receive the required refrigeration performance when needed, allowing for reduced energy costs and improved efficiency.

In February 2022, Evapco, a US-based manufacturing company specializing in heat transfer applications, acquired Systèmes LMP for an undisclosed amount. This acquisition broadened Evapco's portfolio by adding carbon dioxide-based industrial refrigeration systems. Systèmes LMP, based in Canada, is a provider of high-efficiency industrial refrigeration systems.

Major companies operating in the industrial refrigeration systems market report are Johnson Controls International PLC, GEA Group Aktiengesellschaft, Danfoss A/S, Daikin Industries Ltd., EVAPCO Inc., Bitzer Kuhlmaschinenbau GmbH, LU-VE GROUP, Güntner GmbH & Co. KG., Star Refrigeration Ltd., Emerson Electric Co., Lennox International Inc., Mayekawa Manufacturing Co. Ltd., Dover Corporation, Ingersoll Rand plc, Linde, M&M Systems Inc., MAN Energy Solutions, Mark Refrigeration Equipment Company, MTI Micro-Tech International Inc., Parker Hannifin Corporation, Polycold Systems Inc., Enviro Tech International Inc., Refrigeration Engineering Corporation, Rivacold S.r.l., SCM Frigo Group S.r.l., Sterling Cryogenics BV., Trane Technologies plc, United Technologies Corporation, Vilter Manufacturing Corporation, Vogt Ice Machine Co., Weiss Umwelttechnik GmbH.

North America was the largest region in the Industrial Refrigeration System in 2023. The regions covered in the industrial refrigeration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial refrigeration systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary constituents of an industrial refrigeration system include compressors, rotary screw compressors, centrifugal compressors, reciprocating compressors, diaphragm compressors, evaporators, condensers, and controls. Compressors are specialized products engineered to mechanically elevate the pressure, temperature, and energy level of a refrigerant vapor as part of a transcritical CO2 refrigeration cycle or an economized vapor compression cycle. Ammonia and carbon dioxide serve as the refrigerants in various applications, such as refrigerated warehouses, refrigerated transportation, beverage processing, and dairy and ice cream processing.

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

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.


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