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Surging Demand For Frozen And Processed Food Boosts Growth In The Industrial Refrigeration System Market: The Driving Engine Behind Industrial Refrigeration Systems Market Evolution in 2025
Industrial Refrigeration Systems Market Size
Industrial Refrigeration Systems Market Size Growth Forecast: What to Expect by 2025?
In the past few years, there has been a considerable expansion in the industrial refrigeration systems market. The market value has projected to rise from $23.27 billion in 2024 to $24.78 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.5%. This growth during the historic period was triggered by factors such as environmental regulations, concerns around energy efficiency, globalization of supply chains, market consolidation, and evolving consumer preferences.
How Will the Industrial Refrigeration Systems Market Size Evolve and Grow by 2029?
Anticipated to experience robust growth in the coming years, the industrial refrigeration systems market is projected to reach $32.36 billion in 2029, with a 6.9% compound annual growth rate (CAGR). The growth prediction for this period is primarily due to the increasing need for cold storage, utilization of natural refrigerants, integration of renewable energy, strategic collaborations and alliances, and regulatory focus on energy efficiency. Noteworthy trends during this period include the embracement of green refrigerants, emphasis on energy efficiency, incorporation of digitalization and IoT, customization and modularization, regulatory adherence and safety measures, and a concentration on cold chain logistics.
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What Drivers Are Propelling the Growth of Industrial Refrigeration Systems Market Forward?
The surge in preference for frozen and processed foods is predicted to fuel the expansion of the industrial refrigeration system market. Frozen foods are those which are rapidly frozen and preserved in such a state until ready to consume, while processed foods are items that have undergone multiple mechanical or chemical processes for alteration or preservation. Industrial refrigeration technology is often employed in the processing of food to cool large quantities of water used in the procedures. For example, data from the American Frozen Food Institute, a leading trade association in the US for the frozen food industry, reveals that in October 2023, frozen food sales hit the $74.2 billion mark. This not only mirrors consistent consumer demand but also market resilience. More than 38% of consumers regularly buy frozen foods, drawn by their easy accessibility and nutritive value. Moreover, a substantial 66% of loyal customers view the frozen food section as a hub for healthier diet options, underlining the growing health consciousness among customers. Hence, the escalating demand for frozen and processed foods is impelling the industrial refrigeration system industry.
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Which Emerging Trends Are Transforming the Industrial Refrigeration Systems Market in 2025?
The predominant trend in the industrial refrigeration system market is product innovation. Leading firms in this market are concentrating their efforts on introducing eco-friendly refrigerants as part of their industrial refrigeration system range. As an illustration, in November 2022, the Chemours Company, originating from the US, joined forces with Bohn de Mexico, a Mexican industrial refrigeration equipment technology producer. Together, they introduced industrial refrigeration solutions with low global warming potential (GWP). Through their new BOHN Ecoflex condensing units series, Bohn de Mexico utilizes Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf), refrigerants that are low in Ozone Depletion Potential (ODP) and global warming potential (GWP). Leveraging Chemours' existing authorized distributor network, which already supplies conventional fluids, this alliance between BOHN and Chemours also ensures the provision of substitute products at the various sites where these systems will be implemented.
What Are the Key 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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Who Are the Key Players Shaping the Industrial Refrigeration Systems Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Industrial Refrigeration Systems Market?
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
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