Industrial Refrigeration Systems Market Size

The global Industrial Refrigeration Systems market size was valued at $22.34 billion in 2024 and is projected to reach $31.69 billion by 2030, growing at a CAGR of 6.0% during the forecast period. 

Industrial Refrigeration Systems Market Overview

Industrial refrigeration systems allude to the enormous scope of freezing and refrigeration units utilized for cooling and eliminating heat from different items. These units require fluid refrigerants, such as ammonia (NH3) and carbon dioxide (CO2), a metering device, a compressor pump, and an evaporator to operate. They eliminate heat from a low-temperature medium and move it to a high-temperature medium. This offers various benefits, like fast cooling, cost-effectiveness, and minimal impact on the environment. Accordingly, industrial refrigeration units find extensive applications across various industrial sectors, for example, food processing, cold storage, pharmaceutical, petrochemical, and liquified natural gas (LNG) liquefaction.

Industrial Refrigeration Systems Market Dynamics

• The industrial refrigeration systems market is expected to witness significant growth in the future due to increasing government reinforcement for cold chain infrastructure and rising demand for eco-friendly refrigeration systems. 

• Additionally, the increasing use of packaged and processed foods and drinks worldwide and rising demand for natural refrigerant-based equipment are the prominent factors driving the growth of the industrial refrigeration systems market demand.

• However, safety concerns and lack of skilled personnel are restraining the market growth.

• On the contrary, increasing global inclination for frozen and processed food and rising demand for drugs, PPE, and medicines due to the COVID-19 pandemic are creating opportunities for market growth.

By Component, the Compressor Segment is Projected to be the Largest Segment in the Industrial Refrigeration Systems Market

The compressor segment is estimated to witness a significant growth rate in the foreseeable future owing to its features such as cost-effectiveness and heavy-duty design that supports durability and longevity. In addition, compressors provide multiple forces, including consistent and efficient motive force, for smoother operations in manufacturing. These forces work as the backbone of most of the operations, such as the push in stamping, air spent in the performance of the machine, and others. Furthermore, the growth of this segment is attributed to the benefits offered by compressors, such as the availability of oil-free and oil-flooded variants, production of high-pressure ranges of up to 30,000 PSI, and lesser use of energy.

By Geography, Asia Pacific Region Holds the Dominant Position in the Market Revenue

Asia Pacific is projected to be the largest segment in the industrial refrigeration systems market due to the rising demand for cold storage infrastructure in countries such as Japan, China, and India. In addition, India is the world's second-largest producer of fruits and vegetables. Moreover, the government has taken several initiatives to support the expansion of cold storage infrastructure and ease the management of refrigeration and refrigerated warehouses in the country. Hence, the government initiatives to further strengthen cold chain management systems are anticipated to be the key driver for the industrial refrigeration systems growth in the region.

List of the Key Players Profiled in the Report Include: 

• Bitzer

• Clauger

• Daikin

• Danfoss

• Dover Corporation

• Emerson Electric Co

• Frascold

• GEA Group

• Hussmann Corporation

• Johnson Controls

• Mayekawa

• Parker Hannifin

Recent Developments: 

• In January 2024, Daikin Air Conditioning UK Ltd., a subsidiary of Daikin Industries, Ltd., has finalized the acquisition of Robert Heath Heating Ltd., a British service company also headquartered in London. The agreement, signed yesterday, marks a significant step in bolstering Daikin's residential heating service network across the UK. This strategic acquisition aligns with Daikin's ambition to evolve into a comprehensive solutions provider within the heating, ventilation, air conditioning, and refrigeration (HVAC-R) sector, with a focus on delivering exceptional customer experiences. Notably, this investment stands as Daikin's largest venture in the UK to date.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Refrigerant Type:

• Ammonia

• CO2

• Hydrofluorocarbons (HFC)

Market by, Component:

• Compressor

• Condenser

• Control

• Evaporator

Market by, Application:

• Beverage Processing

• Chemical, Petrochemical, and Pharmaceutical

• Dairy and Ice Cream Processing

• Fruit and Vegetable Processing

• Meat, Poultry, and Fish Processing

• Refrigerated Transportation

• Refrigerated Warehouses

Market by, Geography:

The industrial refrigeration systems market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario

• Identify growth opportunities

• Porter's five force analysis

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth

• Historical and forecast size of the market in terms of revenue (USD Million)

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted