Industrial Refrigeration Equipment Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company's Industrial Refrigeration Equipment Global Market Report 2024 identifies growth in food and beverages as the major driver for the industrial refrigeration equipment market's growth in the forecast period. The food and beverages industry refers to all companies involved in processing, packaging, and distributing raw food materials. Industrial refrigeration equipment can be used to pre-cool food products, which slows down their metabolism and increases their usable life. This can result in a significant improvement in shelf life, reducing waste and increasing profitability.

The industrial refrigeration equipment market size has grown steadily in recent years. It will grow from $33.53 billion in 2023 to $34.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to industrialization, food safety and regulations, cold chain logistics, environmental concerns.

The industrial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $40.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to population growth, expansion of retail and e-commerce, increasing demand for process cooling, cold storage for pharmaceuticals and biotechnology, retrofit and replacement market. Major trends in the forecast period include technological advancements, green refrigerants, iot and smart refrigeration, cold chain optimization, modular and scalable solutions, hybrid refrigeration systems.

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Major competitors in the industrial refrigeration equipment market are Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand Inc., Lennox International Inc., Danfoss A/S, GEA Group AG.

A key trend in the industrial refrigeration equipment market includes trend of adoption of environment-friendly refrigerants. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming, and have a low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants. For instance, in May 2021, MIRAI INTEX, an Czechia-based engineering company that manufacture ultra-low temperature refrigerators for the pharmaceutical industry launched MIRAI Cold 80 T, which is an eco-friendly ultra-low temperature refrigeration system. MIRAI Cold 80 T uses only air as a refrigerant and does not use oil for lubrication, making it the most environmentally friendly Ultra-Low Temperature (ULT) refrigeration solution. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.

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The industrial refrigeration equipment market is segmented -
1) By Equipment Type: Condenser, Compressor, Evaporator, Controls

2) By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon

3) By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Other End-User Industries

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the industrial refrigeration equipment market.

The Business Research Company's "Global Industrial Refrigeration Equipment Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Industrial Refrigeration Equipment Market Include:
1. Executive Summary
2. Industrial Refrigeration Equipment Market Characteristics
3. Industrial Refrigeration Equipment Market Trends And Strategies
4. Industrial Refrigeration Equipment Market - Macro Economic Scenario
5. Global Industrial Refrigeration Equipment Market Size and Growth
………
31. Global Industrial Refrigeration Equipment Market Competitive Benchmarking
32. Global Industrial Refrigeration Equipment Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Refrigeration Equipment Market
34. Industrial Refrigeration Equipment Market Future Outlook and Potential Analysis
35. Appendix

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