Industrial Refrigeration System Market Size, Share, Trends, Growth 2032

Industrial Refrigeration System Market Insights

The global industrial refrigeration system Market size was valued at USD 20.49 Billion in 2023 and is predicted to reach USD 30.53 Billion by the end of 2032. The market is expected to grow with a CAGR of 4.53% during the forecast period.

The report analyzes the global Industrial Refrigeration System Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Industrial Refrigeration System industry.

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In order to offer the users of this report, a comprehensive view of the industrial refrigeration system market, we have enclosed a detailed value chain analysis. To know the competitive landscape within the market, an analysis of Porter’s Five Forces model for the industrial refrigeration system market has additionally been enclosed within the study. The study includes a market attractiveness analysis, wherein all the segments are benchmarked supported their market size, growth rate, and general attractiveness.

Industrial Refrigeration System Market: Growth Drivers

Refrigeration is the process of removing and transferring heat from a low-temperature medium to a high-temperature medium. Refrigeration systems are widely applied in warehouses to decrease temperatures and prevent food products from spoiling. Industrial refrigeration systems are basically installed at large freezing and refrigeration plants across various industries, such as cold storage, food and beverage processing, chemical, etc.

The global industrial refrigeration system market is projected to grow notably over the forecast time period, owing to the increasing application of refrigeration systems in various end-user industries. Moreover, the flourishing food and beverage industry across the globe is further propelling the industrial refrigeration system market growth. Furthermore, rapid market growth is also observed due to rapid urbanization and industrialization in emerging countries like China and India.

However, the high installation costs of refrigeration systems may restrain the market growth in the years ahead. Conversely, increasing innovation in refrigeration systems to improve their efficiency is likely to enhance the industrial refrigeration system market globally in the future.

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The study also includes the market share of the key participant’s operating in the industrial refrigeration system market across the globe. Additionally, the report covers the strategic development together with acquisitions & mergers, agreements, partnerships, collaborations, joint ventures, and regional growth of the key players within the market on a regional basis.

Industrial Refrigeration System Market: Segmentation

The global industrial refrigeration system market is classified based on the equipment type, refrigerant type, and end-user industry.

The equipment type segment includes compressors, condensers, evaporators, controls, and others. In 2018, the compressors segment dominated the global market due to the rising compressors demand in various industries like food and beverage, chemical, etc.

By refrigerant type, the market includes ammonia, carbon dioxide, HFC, and others. The carbon dioxide segment is projected to register the highest CAGR in the forecast timeline, owing to the increasing use of carbon dioxide in the food and beverage sector.

By end-user industry, the global industrial refrigeration system market includes food and beverage, refrigerated warehouse, chemicals, petrochemicals, pharmaceuticals, refrigerated transportation, and others. The food and beverage segment dominated the industrial refrigeration system market globally in 2018 and is anticipated to continue its dominance in the years ahead as well.

Industrial Refrigeration System Market: Report Scope

Industrial Refrigeration System Market: Regional Analysis

The regional classification includes Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.

By region, North America was the largest contributing region in the global industrial refrigeration system market in 2018. This can be attributed to the growing applications of industrial refrigeration systems in refrigerated warehouses. The Asia Pacific industrial refrigeration system market is estimated to be the fastest growing regional market in the years ahead, owing to the rising application of refrigeration system in the chemical industry and rising urbanization.

Industrial Refrigeration System Market: Competitive Analysis

The global industrial refrigeration system market is dominated by players like:

• Johnson Controls
• LU-VE
• Ingersoll-Rand
• The Danfoss Group
• Daikin Industries
• Baltimore Aircoil Company
• Lennox International
• United Technologies Corporation
• Bitzer Kuhlmaschinenbau
• Mayekawa Mfg
• Emerson Electric
• Evapco
• GEA Group

This report segments the global industrial refrigeration system market into:

Global Industrial Refrigeration System Market: Equipment Type Analysis

• Compressors
• Condensers
• Evaporators
• Controls
• Others

Global Industrial Refrigeration System Market: Refrigerant Type Analysis

• Ammonia
• Carbon Dioxide
• HFC
• Others

Global Industrial Refrigeration System Market: End-User Industry Analysis

• Food and Beverage
• Refrigerated Warehouse
• Chemical
• Petrochemical
• Pharmaceutical
• Refrigerated Transportation
• Others

Global Industrial Refrigeration System Market: Regional Analysis

• • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa