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Industrial Refrigeration Systems Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Industrial Refrigeration Systems
What Is the Current Industrial Refrigeration Systems Market Size and Its Estimated Growth Rate?
In the past few years, the industrial refrigeration systems market has seen robust growth. The size is forecasted to increase from $23.27 billion in 2024 to $24.78 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors contributing to this growth during the historic period include environmental regulations, concerns about energy efficiency, the globalization of supply chains, market consolidation, and shifting consumer preferences.
Anticipated to experience robust expansion in the coming years, the industrial refrigeration systems market's size is set to increase to $32.36 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%. This forthcoming rise in the forecast period may be associated with factors such as increasing need for cold storage, acceptance of natural refrigerants, incorporation of renewable energy, strategic alliances and collaborations and emphasis on energy efficiency by regulators. In the coming term, key trends witnessed will be the use of environmentally friendly refrigerants, energy efficiency, uptake of digitalization and IoT, personalization and modularization, adherence to regulations and safety protocols, and heightened attention to cold chain logistics.
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What Are the High-Growth Segments in the Industrial Refrigeration Systems Market?
The industrial refrigeration systems market covered in this report is segmented -
1) By Component: Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Diaphragm Compressors, Evaporators, Condensers, Controls
2) By Refrigerant: Ammonia, Carbon Dioxide
3) By Application: Refrigerated Warehouse, Refrigerated Transportation, Beverage Processing, Dairy And Ice Cream Processing
Subsegments:
1) By Compressors: Technology, Refrigerant Type, Capacity
2) By Rotary Screw Compressors: Oil-Flooded, Dry Screw
3) By Centrifugal Compressors: Radial Flow, Axial Flow
4) By Reciprocating Compressors: Open-Type Compressors, Hermetic Compressors, Semi-Hermetic Compressors
5) By Diaphragm Compressors: Single-Stage Diaphragm Compressors, Multi-Stage Diaphragm Compressors
6) By Evaporators: Direct Expansion Evaporators, Flooded Evaporators, Shell And Tube Evaporators
7) By Condensers: Air-Cooled Condensers, Water-Cooled Condensers, Evaporative Condensers
8) By Controls: Electronic Controllers, Mechanical Controllers, Pressure Controls, Temperature Controls
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What Key Drivers Are Expected to Influence Future Industrial Refrigeration Systems Market Growth?
The escalation in popularity for processed and frozen food is predicted to drive the expansion of the industrial refrigeration system market. Frozen food, rapidly frozen and stored in the same state until consumption, and processed food, modified or conserved through several mechanical or chemical operations, employ industrial refrigeration systems to chill the substantial quantities of water used in processing. To illustrate, data from the American Frozen Food Institute, a stateside trade organization for the frozen food industry, showed that in October 2023, frozen food sales hit $74.2 billion. This strongly suggests both consistent customer demand and market equilibrium. With over 38% of clients regularly buying frozen foods due to their handiness and nutritional value, it's clear that there's a growing market. Remarkably, 66% of core buyers view the frozen food area as presenting superior products, underlining an intensifying health-focus among consumers. Consequently, the increasing appeal of processed and frozen food is fueling the industrial refrigeration system market.
Which Companies Hold the Largest Share Across Different Industrial Refrigeration Systems Market Segments?
Major companies operating in the industrial refrigeration systems market include Johnson Controls International PLC, GEA Group Aktiengesellschaft, Daikin Industries Ltd., EVAPCO Inc., Bitzer Kuhlmaschinenbau GmbH, LU-VE GROUP, Güntner GmbH & Co. KG., Star Refrigeration Ltd., Emerson Electric Co., Lennox International Inc., Mayekawa Manufacturing Co. Ltd., Dover Corporation, Ingersoll Rand plc, Linde, M&M Systems Inc., MAN Energy Solutions, Mark Refrigeration Equipment Company, MTI Micro-Tech International Inc., Parker Hannifin Corporation, Polycold Systems Inc., Enviro Tech International Inc., Refrigeration Engineering Corporation, Rivacold S.r.l., SCM Frigo Group S.r.l., Sterling Cryogenics BV., Trane Technologies plc, United Technologies Corporation, Vilter Manufacturing Corporation, Vogt Ice Machine Co., Weiss Umwelttechnik GmbH
What Trends Are Driving Growth in The Industrial Refrigeration Systems Market?
The industrial refrigeration system market is seeing a significant trend in product innovation, with key players emphasizing the inclusion of greener refrigerant solutions. For example, the US-based Chemours Company formed a partnership with Bohn de Mexico, an industrial refrigeration equipment manufacturer from Mexico, in November 2022. They introduced low global warming potential (GWP) industrial refrigeration solutions. Bohn de Mexico's new BOHN Ecoflex condensing units feature non-ozone depleting (ODP) and low GWP refrigerants such as Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf). This collaboration will guarantee the accessibility of replacement products through the authorized distributor network established by Chemours at the various system locations. This distributor network also supplies traditional fluids.
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What Are the Emerging Geographies for The Industrial Refrigeration Systems Market Growth?
North America was the largest region in the Industrial Refrigeration System in 2024. The regions covered in the industrial refrigeration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Refrigeration Systems Market?
2. What is the CAGR expected in the Industrial Refrigeration Systems Market?
3. What Are the Key Innovations Transforming the Industrial Refrigeration Systems Industry?
4. Which Region Is Leading the Industrial Refrigeration Systems Market?
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