The global industrial refrigeration services market size was valued at $3.79 billion in 2020 and is projected to reach $7.11 billion by 2032, registering a CAGR of 4.9% from 2023 to 2032. Industrial refrigeration services refer to all the services pertaining to industrial refrigeration systems. These services include designing of refrigeration system, its installation, and maintenance & repair, which includes renovation, rehabilitation, remote maintenance, and other relevant services.
The first step for setting up any industrial refrigeration system is its effective and regulations-compliant design. Design is also crucial as the installation of the system and its lifetime operation costs are dependent on how the system has been designed. The installation service comprises the installation of refrigeration systems strictly as per the designed layout to achieve higher efficiency of the system. In addition, a well-installed refrigeration system tends to be more robust and requires less maintenance. Moreover, refrigeration systems are a set of electrical and mechanical components, which are susceptible to break-downs. Thus, maintenance & repair services become essential to keep the refrigeration system always working and reduce any possible downtimes.
Food and drinks are in great demand, including meat and poultry products, dairy products, fruits and vegetables, and a variety of other items. For example, the agri-food industry contributed roughly $143 billion to the UK's national Gross Value Added in 2020. Because food items deteriorate at high temperatures, the food and beverage sector makes extensive use of refrigeration equipment. In addition, the potential of bacterial and pathogen invasion is quite significant. To keep food and drinks fresh throughout production, storage, and transportation, a well built and strong refrigeration system is required. Furthermore, Europe accounts for a sizable portion of global chemical and pharmaceutical output. For example, between 2011 and 2021, the total sold production of chemicals in the European Union increased from $746.7 billion in terms of value, reaching a peak of $909 billion in 2021. In the chemical and pharmaceutical sectors, a refrigeration system is essential to maintain a cooler temperature so that temperature-sensitive chemicals do not destabilize at elevated temperatures. In addition, cold-storage warehouses, which are among the largest users of industrial refrigeration systems are also increasing in number in the region.
Growth in food & beverage processing , pharmaceuticals , cold storage warehouses, chemical manufacturing , and other industries , is considered to be a major driver for the growth of the industrial refrigeration services market. Thus, various companies in the market are adopting acquisition as their key growth strategy in the Europe industrial refrigeration services market. For example, in June 2021, Blue Pearl Energy, a major provider of design, installation, and maintenance services for industrial refrigeration systems acquired REFRECO. REFRECO is one of Belgium’s leaders in industrial, commercial, and HVAC refrigeration services from design to realization.
The industrial refrigeration services market is segmented on the basis of services, end-user industry, and region. By service, the market is divided into design, installation, and maintenance and repair. Depending upon the end user, the market is categorized into fresh fruits and vegetables, meat, poultry, and fish, dairy and ice cream, beverages, chemical and pharmaceutical, petrochemicals, and others. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The first step for setting up any industrial refrigeration system is its effective and regulations-compliant design. Design is also crucial as the installation of the system and its lifetime operation costs are dependent on how the system has been designed. The installation service comprises the installation of refrigeration systems strictly as per the designed layout to achieve higher efficiency of the system. In addition, a well-installed refrigeration system tends to be more robust and requires less maintenance. Moreover, refrigeration systems are a set of electrical and mechanical components, which are susceptible to break-downs. Thus, maintenance & repair services become essential to keep the refrigeration system always working and reduce any possible downtimes.
Food and drinks are in great demand, including meat and poultry products, dairy products, fruits and vegetables, and a variety of other items. For example, the agri-food industry contributed roughly $143 billion to the UK's national Gross Value Added in 2020. Because food items deteriorate at high temperatures, the food and beverage sector makes extensive use of refrigeration equipment. In addition, the potential of bacterial and pathogen invasion is quite significant. To keep food and drinks fresh throughout production, storage, and transportation, a well built and strong refrigeration system is required. Furthermore, Europe accounts for a sizable portion of global chemical and pharmaceutical output. For example, between 2011 and 2021, the total sold production of chemicals in the European Union increased from $746.7 billion in terms of value, reaching a peak of $909 billion in 2021. In the chemical and pharmaceutical sectors, a refrigeration system is essential to maintain a cooler temperature so that temperature-sensitive chemicals do not destabilize at elevated temperatures. In addition, cold-storage warehouses, which are among the largest users of industrial refrigeration systems are also increasing in number in the region.
Growth in food & beverage processing , pharmaceuticals , cold storage warehouses, chemical manufacturing , and other industries , is considered to be a major driver for the growth of the industrial refrigeration services market. Thus, various companies in the market are adopting acquisition as their key growth strategy in the Europe industrial refrigeration services market. For example, in June 2021, Blue Pearl Energy, a major provider of design, installation, and maintenance services for industrial refrigeration systems acquired REFRECO. REFRECO is one of Belgium’s leaders in industrial, commercial, and HVAC refrigeration services from design to realization.
The industrial refrigeration services market is segmented on the basis of services, end-user industry, and region. By service, the market is divided into design, installation, and maintenance and repair. Depending upon the end user, the market is categorized into fresh fruits and vegetables, meat, poultry, and fish, dairy and ice cream, beverages, chemical and pharmaceutical, petrochemicals, and others. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Key companies profiled in the industrial refrigeration services market report include ACE Services, Carrier Corporation, COOLSYS, Daikin Industries, Ltd., Emerson Electric Co., Newman Refrigeration Ltd., Nimlas Group, Seward Refrigeration Limited, Star Refrigeration, and Stellar. The major players that operate in the global market have adopted key strategies such as acquisition, business expansion, agreement, and others to strengthen their market outreach and sustain the stiff competition in the market.Key benefits for stakeholders
- The report provides an extensive analysis of the current and emerging industrial refrigeration services market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
- Extensive analysis of the industrial refrigeration services market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global industrial refrigeration services market forecast analysis from 2023 to 2032 is included in the report.
Key Market Players
within the industrial refrigeration services market are profiled in this report and their strategies are analyzed thoroughly,, which helps understand the competitive outlook of the industrial refrigeration services industry.Additional benefits you will get with this purchase are:
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Key Market Segments
By Services
- Design
- Installation
- Maintenance and Repair
By End-user Industry
- Fresh fruits and vegetables
- Meat, poultry, and fish
- Dairy and ice cream
- Beverages
- Chemical and Pharmaceutical
- Petrochemicals
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ACE Service
- Stellar
- Nimlas Group
- Seward Refrigeration Limited
- Superchill
- Newman Refrigeration Ltd.
- CoolSys
- KG Refrigeration and Air Conditioning
- Daikin Industries, Ltd.
- Star Refrigeration
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDUSTRIAL REFRIGERATION SERVICE MARKET, BY SERVICES
CHAPTER 5: INDUSTRIAL REFRIGERATION SERVICE MARKET, BY END-USER INDUSTRY
CHAPTER 6: INDUSTRIAL REFRIGERATION SERVICE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the industrial refrigeration service market was valued at $3.8 billion in 2020, and is estimated to reach $7.1 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032. Industrial refrigeration services are all the services that are related to industrial refrigeration systems. Refrigeration systems in industries are among the crucial components as they are responsible for maintaining a cooler temperature for the storage of temperature-sensitive goods in food and beverages and chemical industries. Refrigeration systems are also used for cooling down machinery. These refrigeration systems are subject to recurrent breakdown due to over-use, and inefficient design, and also due to improper installation. Thus, services such as designing, and installation, as well as maintenance and repair are the common services provided by service providers.Key factors having a positive impact on the growth of the industrial refrigeration service market include the high importance of refrigeration in the food & beverage industry, the necessity of periodic maintenance of refrigeration systems to keep it running all the times, and the advantages of third-party industrial refrigeration services. Third-party services for industrial refrigeration systems benefit both, original equipment manufacturers (OEMs) and customers. Third-party service providers have vast expertise and experience in designing, installing, maintaining, and repairing refrigeration systems. Customers benefit from the knowledge of specialists who understand the complexities of refrigeration technology. OEMs, however, may utilize their own resources on essential business operations and strategic objectives by outsourcing refrigeration services. This results in increase in operational efficiency and the capacity to direct resources toward areas that promote development and innovation. Typically, a third-party services provider offers its services on a wider range of refrigeration equipment from different OEMs, which allows them to have a deep knowledge of different equipment, and can therefore design a more efficient refrigeration system. Since they are not bound to any specific company for equipment, they incorporate the best equipment offered by different OEMs. In addition, third-party industrial refrigeration service providers offer services at a relatively lower cost than that of OEM-specific services. Moreover, refrigeration systems must frequently comply to industrial rules and environmental requirements. Third-party vendors are well-versed in compliance regulations and may assist in ensuring that systems fulfil all required rules. Such factors drive the demand for third-party service providers, and thus drive growth of the market.
Moreover, industrial refrigeration service market is expected to provide lucrative growth opportunities owing to increasing investments in cold-supply-chain sector in developing economies. Asia-Pacific and Africa are anticipated to contribute the most among all the regions. This increase has been instrumental in the growth of global as well as domestic trade in many countries. Developing countries such as India, and China, which are also the countries with the largest population are witnessing increase in demand for various products including temperature-sensitive products that are food and beverages, pharmaceuticals, chemicals, and others. For example, in 2021, India unveiled Production Linked Incentive (PLI) scheme for various industries including pharmaceuticals industries. Similarly, China is also ramping up its pharmaceutical production. The increasing production of pharmaceuticals is driving up the demand for cold storage, cold transportation mediums. In addition, India and China, as well as countries such as Indonesia, Vietnam, Malaysia, and others are witnessing increase in demand for food and beverages. In addition, seafood consumption is very high in East Asian countries, which eventually drives demand for large cold storage. For instance, in October 2022, the Guangzhou Nansha International Logistics Center began its operation of cold-chain import business. Guangzhou Nansha international logistics center is the largest single cold storage in China. Similarly, countries in Africa and LAMEA hold a greater potential for the growth of a cold supply chain, owing to expected growth in demand for food and beverages products, pharmaceuticals, and various chemicals in the coming years.
The industrial refrigeration services market is segmented on the basis of services, end-user industry, and region. By service, the market is divided into design, installation, and maintenance and repair. On the basis of the end user, the market is classified into fresh fruits and vegetables, meat, poultry, and fish, dairy and ice cream, beverages, chemical and pharmaceutical, petrochemicals, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive analysis and profiles of the major players in the industrial refrigeration service market are provided in the report. Major companies in the report include ACE Services, Carrier Corporation, COOLSYS, Daikin Industries, Ltd., Emerson Electric Co., Newman Refrigeration Ltd., Nimlas Group, Seward Refrigeration Limited, Star Refrigeration, and Stellar. Major players to remain competitive adopt development strategies such as business expansion, acquisitions, expansion, partnerships, and mergers.
Key Market Insights
By services, the maintenance and repair segment was the highest revenue contributor to the market and is estimated to reach $6.40 billion by 2032, with a CAGR of 4.9%.By end-user industry, the meat, poultry, and fish segment dominated the global market. However, the petrochemicals segment is expected to be the fastest-growing segment with a CAGR of 6.1% during the forecast period.
Based on region, Asia-Pacific garnered the largest revenue share in 2022, and LAMEA is anticipated to grow at the highest CAGR of 5.7% during the forecast period.
Companies Mentioned
- ACE Service
- Stellar
- Nimlas Group
- Seward Refrigeration Limited
- Superchill
- Newman Refrigeration Ltd.
- CoolSys
- KG Refrigeration and Air Conditioning
- Daikin Industries, Ltd.
- Star Refrigeration
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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