Press release
Unlocking Opportunities in the Industrial Refrigeration Equipment Market: 2025-2034 Forecast Report
Industrial Refrigeration Equipment Market
What Will the Industrial Refrigeration Equipment Industry Market Size Be by 2025?
The market size for industrial refrigeration equipment has seen a slight increase over the past few years. The market's growth is predicted to rise from $33.67 billion in 2024 to $34.28 billion in 2025, with a compound annual growth rate (CAGR) of 1.8%. Factors contributing to this growth during the historic period include industrialization, quality control, compliance with regulations, as well as automation and control systems.
What's the Long-Term Growth Forecast for the Industrial Refrigeration Equipment Market Size Through 2029?
The market size for industrial refrigeration equipment is predicted to experience consistent expansion in the coming years, expected to reach $40.47 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 4.2%. The growth within the forecast period is likely due to the advent of industry 4.0 and the rise of intelligent manufacturing, along with energy efficiency and sustainability, health and safety measures, IoT and connectivity, as well as customization and precision. Major emerging tendencies within the forecasted period include the use of wireless sensors, anticipatory maintenance, deployment of data analytics and artificial intelligence, industry-specific applications, and miniaturization.
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What Are the Key Growth Drivers Fueling the Industrial Refrigeration Equipment Market Expansion?
The industrial refrigeration equipment market is anticipated to grow in response to the expansion of the food and beverages industry. This industry includes all companies that process, package, and distribute raw food materials. Industrial refrigeration equipment can play a pivotal role in pre-cooling food products, slowing metabolic activity and extending their usable life. This can lead to considerable enhancements in shelf life, minimized waste, and an upshot in profitability. For instance, a report by the American Frozen Food Institute in November 2022 revealed that in the year leading up to June 26, 2022, sales of frozen fruits and vegetables in the US soared to $7.1 billion. Furthermore, the volume of the product was 271 million pounds above the pre-pandemic levels, amounting to 3.9 billion pounds. The leading products in the segment were plain vegetables, potatoes onions, and fruit, wherein the sales were $2.9 billion, $2.3 billion, and $1.5 billion respectively. Therefore, the uprising in the food and beverages industry is expected to spur the growth of the industrial refrigeration equipment market.
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What Are the Key Trends Driving Industrial Refrigeration Equipment Market Growth?
The rise in the industrial refrigeration equipment market's preference for eco-friendly refrigerants is expected to accelerate its growth. Refrigerants, which trap and retain infrared radiation in the atmosphere, play a significant role in issues such as global warming and the depletion of the ozone layer. Eco-friendly refrigerants, on the other hand, have a low Global Warming Potential (GWP), do not contribute to global warming, and do not deplete the ozone layer. The tightening of regulations on halogen-based refrigerants by governments from different countries has bolstered the use of eco-friendly alternatives. For instance, in September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a Japanese electronics firm, debuted the TEJ35GAM, an electric-driven transport refrigeration unit for small to mid-sized trucks. The TEJ35GAM, which incorporates a hybrid system blending a commercial plug-in power source with a dedicated refrigerator power source, ensures smooth operation, whether the vehicle is idle or moving.
How Is the Industrial Refrigeration Equipment Market Segmented?
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 Companies Are Leading the Charge in Industrial Refrigeration Equipment Market Innovation?
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
Which Regions Are Leading the Global Industrial Refrigeration Equipment Market in Revenue?
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
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