Global Industrial Refrigeration Market Report and Forecast 2024-2032

Global Industrial Refrigeration Market Outlook

The global industrial refrigeration market size reached approximately USD 22.68 billion in 2023. The market is further projected to grow at a CAGR of 5% between 2024 and 2032, reaching a value of USD 34.64 billion by 2032.

Key Trends in the Global Industrial Refrigeration Market

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 expansion of the food and beverage sector owing to the increased availability of various cuisines and beverages, busy lifestyle, and rising popularity of quick service restaurants is aiding the industrial refrigeration market growth. Refrigeration equipment allows restaurants, cafeterias, and commercial kitchens to store ingredients and raw materials including meat and vegetables and provide them protection against spoilage.

• Increasing investments by various research institutions and governments towards the pharmaceutical sector for development and manufacturing of novel drugs and vaccines is boosting the market expansion. Industrial refrigeration is required for storing samples, reagents, and drug variants and ensures the efficiency and success of the drug production processes.

• Rising product innovation, including integration of industrial refrigeration systems and equipment with internet of things enabled monitoring systems and deployment of natural refrigerants, due to their ability to exhibit high thermodynamic properties is supporting the market growth.

Global Industrial Refrigeration Market Analysis

On the basis of component, the market is divided into compressor, condenser, evaporator, and controls, among others. Based on refrigerant, the market is classified into ammonia, carbon dioxide, and hydrofluorocarbon (HFC), among others.

On the basis of application, the market is categorised into food and beverages, chemical and petrochemical, pharmaceuticals, refrigerated warehouse, and refrigerated transportation. Based on region, the industrial refrigeration market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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 

• 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

Global Industrial Refrigeration Market Share by Component

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.

Global Industrial Refrigeration Market Share by Region

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.

Competitive Landscape

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.

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.

Key Highlights of the Report

Industrial Refrigeration Market Report Snapshots

Industrial Refrigeration Market Size

Industrial Refrigeration Market Analysis

Industrial Refrigeration Market Share

Industrial Refrigeration Companies