The global industrial refrigeration market reached approximately USD 23.81 Billion in 2025. The market is further projected to grow at a CAGR of 5.00% between 2026 and 2035, reaching a value of USD 38.78 Billion by 2035.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
5%
Value in USD Billion
2026-2035
*this image is indicative*
Industrial refrigeration refers to equipment and accessories that remove heat from large scale materials and processes by lowering the temperature. These equipment are typically used in food and beverage, pharmaceutical, and chemical and petrochemical sectors, among others as they allow the conservation of essential products by providing optimal temperature conditions.
The EMR’s report titled “Industrial Refrigeration Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Breakup by Component
Breakup by Refrigerant
Breakup by Application
Breakup by Region
Compressors are expected to account for a significant industrial refrigeration market share as they eliminate the vapours and aid in maintaining the required pressure and temperature. It also draws the refrigerant from the evaporator after expanding, by absorbing the heat. The refrigerant is sucked from the evaporator forcing it into the condenser in order to ensure the continuity of the circulation process. The compression reduces the pressure in the cooling coil of the condenser, allowing the refrigerant to boil and absorb heat.
North America is anticipated to account for a significant share of the market over the forecast period owing to the expansion of the e-commerce sector and growing demand from the pharmaceutical sector in the region. The rising adoption of e-commerce platforms and online retail stores for grocery shopping is boosting the industrial refrigeration market demand as they allow retailers to store perishable items at optimum temperatures, boosting their lifespan. Increasing research activities in the pharmaceutical sector for the development of medicines, vaccines, and reagents is further supporting the market expansion in North America.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Danfoss A/S, headquartered in Nordborg, Denmark, is a multinational company that engineers solutions to reduce emissions, enable electrification, boost machine productivity, and lower energy consumption. The product portfolio of the company includes air conditioning, industrial refrigeration, and heat pumps, among others.
Johnson Controls International plc, founded in 1885, is a multinational conglomerate involved in the production of industrial refrigerators and security equipment for buildings, among others. The company also specialises in fire and hazard protection and building automation, among others.
GEA Group Aktiengesellschaft, headquartered in Düsseldorf, Germany is one of the leading suppliers of components and systems to pharmaceutical, beverage, and food sectors. The company provides sustainable solutions for production processes including industrial refrigeration, aseptic packaging, and liquid processing, among others.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other industrial refrigeration market key players include Emerson Electric Co., Dorin S.p.A, Dover Corporation, EVAPCO, Inc., Mayekawa Mfg. Co., Ltd., and Bitzer SE, among others.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of approximately USD 23.81 Billion in 2025.
The market is projected to grow at a CAGR of 5.00% between 2026 and 2035.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035 to reach USD 38.78 Billion by 2035.
The major market drivers include rising research and development activities in the pharmaceutical sector and increasing product requirement by online retail stores and e-commerce platforms.
The key trends fuelling the growth of the market include expansion of the food and beverages sector and increasing product innovations.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The applications of industrial refrigeration include food and beverages, chemical and petrochemical, pharmaceuticals, refrigerated warehouse, and refrigerated transportation.
The key players in the market are 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., and Bitzer SE, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Refrigerant |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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