Industrial Refrigeration Market Global Development Trends and Business Strategies By 2032

An industrial refrigeration system is one of the primary pieces of machinery in any industry which handles a products that may parish in higher temperature conditions. For example, perishable goods such as food and beverages, and also pharmaceutical products are mostly stored or processed in temperature controlled environments.

Furthermore, various other industries such a petrochemical, power generation, data centers, and others also make use of refrigeration systems to enable their machinery to dissipate heat and remain relatively cooler; thereby ensuring their long life.
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The industrial refrigeration market size was valued at $21.9 billion in 2020, and is estimated to reach $41.7 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.

Industrial refrigeration systems utilize various types of refrigerants, such as ammonia, carbon dioxide, hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), and other alternatives. Out of these segments, the ammonia segment generated a large revenue share in 2020. This is mostly due to the growing need for environmentally friendly refrigerants that are natural and safe for the environment. Countries around the world are making significant initiatives to bring down the use of hazardous and non-eco-friendly refrigerants.

Simultaneously, initiatives to encourage the use of eco-friendly refrigerants. Furthermore, due to increased demand for natural refrigerants, carbon dioxide is predicted to rise at a faster CAGR throughout the forecast period. Furthermore, the market is divided into fresh fruits and vegetables, meat, poultry, and fish, dairy and ice cream, drinks, chemicals, pharmaceuticals, petrochemicals, and others based on the application of industrial refrigeration systems.

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The industrial refrigeration market is experiencing a surge owing to the growth in population and increase in the consumption of packaged food, beverages, meat products, dairy, and others, included in the food & beverage industry. In addition, upgradation of existing cold storage and updating the industrial cooling systems in developing countries is also driving the industrial refrigeration market.

Moreover, the adoption of eco-friendly and energy-efficient refrigerants is a major factor driving the industrial refrigeration market. However, high maintenance and operating costs act as restraints to the industrial refrigeration market. Contrarily, the technological developments in the refrigeration systems is expected to provide lucrative growth opportunities to the market players in the coming years which eventually lead to industrial refrigeration market growth.

Competition Analysis
Competitive analysis and profiles of the major players in the industrial refrigeration market are provided in the report. Major companies in the report include Daikin Industries, Ltd., Danfoss A/S, GEA Group AG, Mayekawa Mfg. Co., Ltd., Swegon AB, Dover Corporation, Gordon Brothers Industries Pty. Ltd., EVAPCO, Inc., Munters, Kirby HVAC&R Pty Ltd., LU-VE Group, BITZER Group, Emerson Electric Co., Johnson Controls International plc, Refplus, Trane Technologies plc (Thermo King), ABB Ltd., Baltimore Aircoil Company Inc., Carrier Global Corporation, Dorin S.p.A., and Rivacold srl.

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