Press release
Industrial Refrigeration Equipment Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Industrial Refrigeration Equipment Market Size
What Is the Projected Growth of the Industrial Refrigeration Equipment Market?
The industrial refrigeration equipment market has grown marginally, rising from $33.67 billion in 2024 to $34.28 billion in 2025 at a CAGR of 1.8%. This growth can be attributed to industrialization, quality control, regulatory requirements, and advancements in automation and control systems.
The industrial refrigeration equipment market is expected to experience steady growth in the coming years. It will reach $40.47 billion by 2029, with a compound annual growth rate (CAGR) of 4.2%. This growth is driven by the rise of Industry 4.0 and smart manufacturing, greater emphasis on energy efficiency and sustainability, improved health and safety, IoT and connectivity, and the demand for customization and precision. Key trends include wireless sensors, predictive maintenance, data analytics and AI, industry-specific solutions, and miniaturization.
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What Are the Different Industrial Refrigeration Equipment Market Segments?
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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What Are the Primary Drivers Shaping the Industrial Refrigeration Equipment Market?
The industrial refrigeration equipment market is being driven by growth in the food and beverages industry. This equipment helps prolong shelf life by precooling food. According to the American Frozen Food Institute, frozen fruits and vegetables sales reached $7.1 billion in the year ending June 26, 2022, indicating rising demand for refrigeration solutions.
Which Companies Are Leading in 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?
The trend toward adopting environmentally friendly refrigerants is on the rise in the industrial refrigeration equipment market, contributing to market growth. These refrigerants do not harm the ozone layer or contribute to global warming, offering a lower Global Warming Potential (GWP). In September 2023, Mitsubishi Heavy Industries Thermal Systems launched the TEJ35GAM electric-driven transport refrigeration unit, which combines a hybrid system for seamless operation in small and mid-sized trucks.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Refrigeration Equipment Market?
2. What is the CAGR expected in the Industrial Refrigeration Equipment Market?
3. What Are the Key Innovations Transforming the Industrial Refrigeration Equipment Industry?
4. Which Region Is Leading the Industrial Refrigeration Equipment Market?
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