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In-Depth Analysis of the Industrial Refrigeration Equipment Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Industrial Refrigeration Equipment Global Market Report 2025
In recent times, the market size of industrial refrigeration equipment has witnessed marginal growth. Its expansion will climb from $33.67 billion in 2024 to $34.28 billion in 2025, showcasing a compound annual growth rate (CAGR) of 1.8%. Factors such as industrialization, quality control, regulatory compliance, automation, and control systems have contributed to this growth during the historic period.
Anticipated to experience consistent growth in the coming years, the industrial refrigeration equipment market is projected to reach a value of $40.47 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.2%. This expected growth during the forecast period is largely due to factors such as the fourth industrial revolution and intelligent manufacturing, commitment towards energy efficiency and sustainability, health and safety concerns, advancements in IoT and connectivity, as well as customization and precision preferences. Notable trends for the forecast period encompass the use of wireless sensors, the practice of predictive maintenance, data analytics and artificial intelligence, industry-tailored solutions, and technologies that allow for miniaturization.
What Is Driving the Growth Trajectory of the Industrial Refrigeration Equipment Market?
The expansion of the food and beverage sector is anticipated to drive the growth of the industrial refrigeration equipment market. The sector encompasses businesses that handle the processing, packaging and distribution of raw foodstuffs. Industrial refrigeration appliances are commonly used to pre-chill food items, slowing their metabolic rate and extending their practical lifespan. This can considerably enhance shelf-life, cutting down on waste and boosting profit margins. For example, a report by the American Frozen Food Institute in November 2022 stated that for the 52-week period concluding on June 26, 2022, frozen fruit and vegetable sales in the US amounted to $7.1 billion. The product volume was 271 million pounds greater than pre-pandemic numbers, reaching a total of 3.9 billion pounds. Plain vegetables, potatoes, onions, and fruit were among the top-selling items within this segment, with sales reaching $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Consequently, the upswing in the food and beverage sector is set to energize the industrial refrigeration equipment market.
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Which Leading Companies Are Shaping the Growth of the Industrial Refrigeration Equipment Market?
Major companies operating in the industrial refrigeration equipment market include Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand Inc., Lennox International Inc., Danfoss A/S, GEA Group AG, EVAPCO Inc., BITZER Kühlmaschinenbau GmbH, Mayekawa Mfg. Co. Ltd., Daikin Industries Ltd., Industrial Frigo Srl, Parker Hannifin Corporation, Baltimore Aircoil Company Inc., Guntner GmbH & Co. KG, Star Refrigeration Ltd., Hussmann Corporation, Clauger SA, Rivacold srl, Dorin SPA, Thermal Care Inc., New York Blower Company, Kuhlman Inc., Samifi France SAS, Jean Paumier et Fils Ets, Honeywell International Inc, Zero Zone, KeepRite Refrigeration, Artic Temp Inc., Howe Corporation, Colmac Coil Manufacturing Inc, Frick India Limited, Carrier Commercial Refrigeration, Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Schneider Electric SE
What Are the Major Trends Shaping the Industrial Refrigeration Equipment Market?
Within the industrial refrigeration equipment market, the inclination towards using eco-friendly refrigerants is seeing a surge, a factor expected to boost market growth. Refrigerants are key contributors to environmental issues such as ozone layer depletion and global warming as they trap and hold infrared radiation in the atmosphere. However, eco-friendly refrigerants, having minimal Global Warming Potential (GWP), neither deplete the atmospheric ozone layer nor intensify global warming. Regulatory pressures by governing bodies of several nations towards halogen-based refrigerants is promoting the use of these eco-friendly alternatives. A case in point is the launch of the TEJ35GAM electric-driven transport refrigerator unit by Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a Japan-based electronics firm in September 2023. The TEJ35GAM, particularly designed for small to mid-size trucks, incorporates a hybrid system merging a commercial plug-in power source with a specific power source for the refrigerator, enabling smooth operation irrespective of the vehicle's state of movement.
What Are the Key Segments of the Industrial Refrigeration Equipment Market?
The industrial refrigeration equipment market covered in this report 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
Subsegments:
1) By Condenser: Air-cooled Condenser, Water-cooled Condenser, Evaporative Condenser
2) By Compressor: Reciprocating Compressor, Screw Compressor, Centrifugal Compressor, Scroll Compressor
3) By Evaporator: Shell And Tube Evaporator, Plate Evaporator, Air Cooler Evaporator
4) By Controls: Temperature Controllers, Pressure Controllers, Level Controllers, Flow Controllers
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Which Region Dominates the Industrial Refrigeration Equipment Market?
Asia-Pacific was the largest region in the industrial refrigeration equipment market in 2023. North America was the second largest region in the industrial refrigeration equipment market. The regions covered in the industrial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Industrial Refrigeration Equipment Global Market Report?
- Market Size Analysis: Analyze the Industrial Refrigeration Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Industrial Refrigeration Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Industrial Refrigeration Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Industrial Refrigeration Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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