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Global Industrial Refrigeration Market Size, Share, Growth, Forecast: By Component: Compressor, Condenser, Evaporator, Controls, Others; By Refrigerant: Ammonia, Carbon Dioxide, Hydrofluorocarbon (HFC), Others; By Application: Food and Beverages, Chemical and Petrochemical, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Industrial Refrigeration Market Outlook
The global industrial refrigeration market size reached approximately USD 21.6 billion in 2022. The market is further projected to grow at a CAGR of 5.0% between 2023 and 2028, reaching a value of USD 28.5 billion by 2028.
Key Trends in the 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
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.
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
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Industrial Refrigeration Market Analysis
8.1 Key Industry Highlights
8.2 Global Industrial Refrigeration Historical Market (2018-2022)
8.3 Global Industrial Refrigeration Market Forecast (2023-2028)
8.4 Global Industrial Refrigeration Market by Component
8.4.1 Compressor
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Condenser
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Evaporator
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Controls
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Global Industrial Refrigeration Market by Refrigerant
8.5.1 Ammonia
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Carbon Dioxide
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Hydrofluorocarbon (HFC)
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Industrial Refrigeration Market by Application
8.6.1 Food and Beverages
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Chemical and Petrochemical
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Pharmaceuticals
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Refrigerated Warehouse
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Refrigerated Transportation
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
8.7 Global Industrial Refrigeration Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Industrial Refrigeration Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Industrial Refrigeration Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Industrial Refrigeration Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Industrial Refrigeration Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Industrial Refrigeration Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Danfoss A/S
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Johnson Controls International plc
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 GEA Group Aktiengesellschaft
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Emerson Electric Co.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Dorin S.p.A
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Dover Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 EVAPCO, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Mayekawa Mfg. Co., Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Bitzer SE
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Industrial Refrigeration Market: Key Industry Highlights, 2018 and 2028
2. Global Industrial Refrigeration Historical Market: Breakup by Component (USD Billion), 2018-2022
3. Global Industrial Refrigeration Market Forecast: Breakup by Component (USD Billion), 2023-2028
4. Global Industrial Refrigeration Historical Market: Breakup by Refrigerant (USD Billion), 2018-2022
5. Global Industrial Refrigeration Market Forecast: Breakup by Refrigerant (USD Billion), 2023-2028
6. Global Industrial Refrigeration Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Industrial Refrigeration Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Industrial Refrigeration Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Industrial Refrigeration Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Industrial Refrigeration Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Industrial Refrigeration Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Industrial Refrigeration Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Industrial Refrigeration Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Industrial Refrigeration Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Industrial Refrigeration Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Industrial Refrigeration Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Industrial Refrigeration Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Industrial Refrigeration Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Industrial Refrigeration Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Industrial Refrigeration Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 21.6 billion in 2022.
The market is projected to grow at a CAGR of 5.0% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 28.5 billion by 2028.
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.
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