Industrial Refrigeration Equipment Market Size, Share, Trends, Growth and Forecast 2032

Industrial Refrigeration Equipment Industry Prospective:

The global industrial refrigeration equipment market size was evaluated at $20.13 billion in 2023 and is slated to hit $41.8 billion by the end of 2032 with a CAGR of nearly 5.3% between 2024 and 2032.

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Industrial Refrigeration Equipment Market: Overview

Industrial refrigeration equipment plays a key role in a plethora of sectors in food processing, chemical manufacturing, and pharmaceuticals sectors. Moreover, the equipment is designed for maintaining particular temperature conditions needed for preserving food products in a fresh form along with ensuring their operational efficacy. Reportedly, the key parts of industrial refrigeration equipment include condensers, evaporators, compressors, refrigerators, and metering devices.

Key Insights

• As per the analysis shared by our research analyst, the global industrial refrigeration equipment market is projected to expand annually at the annual growth rate of around 5.3% over the forecast timespan (2024-2032)
• In terms of revenue, the global industrial refrigeration equipment market size was evaluated at nearly $20.13 billion in 2023 and is expected to reach $41.8 billion by 2032.
• The global industrial refrigeration equipment market is anticipated to grow rapidly over the forecast timeline owing to the humungous demand for proficient cooling solutions along with the escalating intake of frozen & processed foods.
• In terms of component, the compressors segment is slated to register the highest CAGR over the forecast period.
• Based on refrigerator type, the hydrocarbons segment is predicted to lead the segmental space in the upcoming years.
• On the basis of application, the food & beverages segment is expected to contribute majorly towards the global market share in the coming years.
• Based on the type, the mechanical-compression refrigeration systems segment is expected to lead the segmental growth in the coming years.
• Region-wise, the European industrial refrigeration equipment industry is projected to register the fastest CAGR during the assessment timespan.

Industrial Refrigeration Equipment Market: Growth Factors

Escalating consumption of frozen diet to embellish the global market trends over 2024-2032

Humungous demand for proficient cooling solutions, along with an escalating intake of frozen & processed foods, is predicted to fuel the global industrial refrigeration equipment market expansion. Furthermore, constant innovations in refrigeration technology result in improvements in energy efficacy and smart control technologies. Apart from this, there is an immense preference for eco-friendly refrigerants. All these aforementioned factors are likely to drive the expansion of the global market.

Additionally, the swift growth of cold chain logistics & storage units is likely to provide impetus to the global market. A rise in the utility of industrial refrigeration equipment in the biotechnology and pharmaceutical sectors will catapult the market surge in the years ahead. Enforcement of stringent laws related to the health of individuals and the safety of food items, along with the need to ensure the integrity of foods, will augment the market size.

Industrial Refrigeration Equipment Market: Restraints

A surge in maintenance costs to restrict the global industry surge over the forecast period

Rising need for high preliminary investments, along with the need for enhancing energy costs, is likely to retard the expansion of the global industrial refrigeration equipment industry. In addition to this, huge repair and maintenance charges, along with environmental concerns, are predicted to obstruct the expansion of the industry globally.

Industrial Refrigeration Equipment Market: Opportunities

Large-scale product demand in a slew of end-use sectors to embellish the global market expansion

A massive production of eco-friendly industrial refrigeration equipment and a focus on natural ingredients will spike the global industrial refrigeration equipment market expansion. Additionally, the sale of energy-efficient tools will scale up the global market elevation in the years ahead. An immense use of IoT devices & smart tools in refrigerators will create new facets of development for the global market. Flourishing circular economy will further add to the global market expansion.

Industrial Refrigeration Equipment Market: Challenges

Escalating prices of raw materials to challenge the global industry elevation over forecast period

Rising raw component costs and logistical prices are likely to challenge the growth of the global industrial refrigeration equipment industry. Tough competition between various manufacturers is projected to create hindrance in the growth path of the global industry.

Industrial Refrigeration Equipment Market: Report Scope

Industrial Refrigeration Equipment Market: Segmentation

The global industrial refrigeration equipment market is divided into component, refrigerant type, application, type, and region.                                                

In terms of component, the industrial refrigeration equipment market across the globe is segmented into evaporators, compressors, controls, and condensers segments. The compressors segment, which accrued nearly 51% of the global market earnings in 2023, is set to register the fastest CAGR from 2024 to 2032, subject to massive use of the component in compressing refrigerant gas. Breakthroughs in compressor technology to create energy-efficient models, along with acceptance of different speeds, will drive the segmental surge.   

On the basis of refrigerant type, the global industrial refrigeration equipment industry is bifurcated into carbon dioxide, hydrofluorocarbons, ammonia, hydrocarbons, and hydrochlorofluorocarbons segments. Furthermore, the hydrocarbons segment, which accounted majorly for the global industry size in 2023, is likely to dominate the segmental space in the ensuing years. The growth can be credited to the low global warming features of natural refrigerants such as propane and isobutane.   

Based on the application, the industrial refrigeration equipment market globally is divided into food & beverages, petrochemical & chemicals, pharmaceuticals, and data centers segments. Moreover, the food & beverages segment, which led the global market space in 2023, is likely to protrude the global market progress in the years ahead. The segmental exponentiation can be a result of the changing food habits of customers and surging demand for frozen foods. The need to retain the quality & safety of perishable food items will drive the segmental surge.

On the basis of type, the global industrial refrigeration equipment industry is sectored into absorption refrigeration systems, evaporative cooling systems, thermoelectric refrigeration systems, and mechanical-compression refrigeration systems segments. Apart from this, the mechanical-compression refrigeration systems segment, which dominated the global industry growth in 2023, is anticipated to lead the segment in the foreseeable future with extensive use of the product in various end-use sectors owing to their efficacy and versatility.

Industrial Refrigeration Equipment Market: Regional Insights

Asia-Pacific is set to maintain a leading position in the global market over the projected timeframe

Asia-Pacific, which accounted for nearly 45% of the global industrial refrigeration equipment market proceeds in 2023, is forecast to maintain dominant position in upcoming years. In addition to this, the geometric progression of the market in Asia-Pacific over the forecast timeframe can be due to strong economic development in countries such as India and China. A rise in the sale of refrigerators in the emerging economies of Asia will embellish the regional market growth.

The European industrial refrigeration equipment industry is set to record the highest CAGR in the forecast period. The industry expansion in the region can be due to a rise in focus on sustainable solutions and the adoption of power-efficient solutions in Europe. Presence of key players in the countries of Europe is expected to embellish the industry expansion in Europe.   

Industrial Refrigeration Equipment Market: Competitive Space

The global industrial refrigeration equipment market profiles key players such as:

• LU-VE Group
• Apollo Equipments
• Carrier Global Corporation
• Emerson Electric Co.
• Bitzer SE
• Johnson Controls
• Frick Industrial Refrigeration
• Blue Star Limited
• Guntner GmbH & Co. KG
• Daikin Industries Ltd.
• Danfoss
• GEA Group
• Ice Make Refrigeration Limited
• Evapco Inc.
• Baltimore Aircoil Company
• Mayekawa
• Lennox International

The global industrial refrigeration equipment market is segmented as follows:

By Component

• Evaporators
• Compressors
• Controls
• Condensers

By Refrigerator Type 

• Carbon Dioxide
• Hydrofluorocarbons
• Ammonia
• Hydrocarbons
• Hydrochlorofluorocarbons

By Application

• Food & Beverages
• Petrochemical & Chemicals
• Pharmaceuticals
• Data Centers

By Type

• Absorption Refrigeration Systems
• Evaporative Cooling Systems
• Thermoelectric Refrigeration Systems
• Mechanical-Compression Refrigeration Systems

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa