Industrial Refrigeration Market Report and Forecast 2024-2032

Market Outlook

According to this report, the industrial refrigeration market size reached a value of USD 22.68 billion in 2023. Aided by the growing demand for temperature-sensitive products and the expanding applications of industrial refrigeration systems across various sectors, the market is projected to further grow at a CAGR of 5% between 2024 and 2032 to reach a value of USD 35.3 billion by 2032.

Industrial refrigeration systems are essential for preserving perishable goods by maintaining the required temperature levels in various industrial processes. These systems are widely used in sectors such as food and beverage, pharmaceuticals, chemicals, and logistics. The ability of industrial refrigeration to extend the shelf life of products, ensure safety, and maintain quality standards makes it a critical component in the modern supply chain.

The increasing demand for temperature-sensitive products is driving the industrial refrigeration market growth. With the rising consumption of processed and frozen foods, there is a significant need for efficient refrigeration systems to ensure product freshness and safety. Additionally, the pharmaceutical sector's growth, characterised by the production of vaccines, biologics, and other temperature-sensitive drugs, has further contributed to the demand for industrial refrigeration systems.

Moreover, the expanding applications of industrial refrigeration in various sectors play a significant role in propelling the market. In the food and beverage sector, industrial refrigeration is crucial for processes such as dairy processing, meat preservation, and beverage production. The chemical industry relies on refrigeration systems for the storage and transportation of hazardous materials that require specific temperature conditions. Furthermore, the logistics sector uses industrial refrigeration for cold chain management, ensuring the safe delivery of perishable goods.

The growing emphasis on energy efficiency and sustainability in industrial operations is also driving the demand for advanced refrigeration systems. Innovations in refrigeration technology, such as the development of eco-friendly refrigerants and energy-efficient compressors, are gaining traction in the market. These advancements not only reduce environmental impact but also offer cost savings to businesses by lowering energy consumption, consequently driving up the industrial refrigeration market share.

In the pharmaceutical sector, industrial refrigeration plays a critical role in the storage and transportation of temperature-sensitive drugs, vaccines, and biologics. These systems ensure that pharmaceutical products are stored at the required temperature conditions, maintaining their efficacy and safety. The ongoing development and distribution of vaccines, particularly in response to the COVID-19 pandemic, have highlighted the importance of robust refrigeration solutions in the pharmaceutical supply chain.

The chemical sector also benefits significantly from industrial refrigeration systems. These systems are used to store and transport chemicals that require specific temperature conditions to prevent degradation or hazardous reactions. Industrial refrigeration ensures the safe handling of these materials, supporting the chemical sector's operations and regulatory compliance.

As per the industrial refrigeration market analysis, in the logistics and warehousing sector, industrial refrigeration is essential for cold chain management. The safe and efficient transportation of perishable goods, such as food and pharmaceuticals, relies on reliable refrigeration systems. These systems help maintain the required temperature conditions throughout the supply chain, ensuring product integrity and safety.

The market is poised for significant growth over the forecast period, driven by the increasing demand for temperature-sensitive products, the expanding applications of refrigeration systems, and technological advancements. The growing focus on energy efficiency and sustainability in industrial operations is expected to sustain the demand for advanced refrigeration solutions.

Market Segmentation

The market can be divided based on component, refrigerant, application, and region.

Market Breakup by Component

• Compressor
• Condenser
• Evaporator
• Controls
• Others

Market Breakup by Refrigerant

• Ammonia
• Carbon Dioxide
• Hydrofluorocarbon (HFC)
• Others

Market Breakup by Application

• Food and Beverages
• Chemical and Petrochemical
• Pharmaceuticals
• Refrigerated Warehouse
• Refrigerated Transportation

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Europe

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global industrial refrigeration market. some of the major players explored in the report are as follows:

• Danfoss A/S
• Johnson Controls International plc
• GEA Group Aktiengesellschaft
• Emerson Electric Co.
• Dorin S.p.A
• Dover Corporation
• EVAPCO, Inc.
• Mayekawa Mfg. Co., Ltd.
• Bitzer SE
• Others