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Emerging Trends to Reshape the Industrial Refrigeration Equipment Market: The Rise Of Environmentally-Friendly Refrigerants Fuels Industrial Refrigeration Equipment Market Growth as a Key Influencer
Industrial Refrigeration Equipment Market
Industrial Refrigeration Equipment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size of industrial refrigeration equipment has slightly reduced. Its value is projected to slip from $33.69 billion in 2024 to $33.64 billion in 2025, showcasing a compound annual growth rate (CAGR) of -0.2%. Factors such as quality control, stringent regulatory compliance, automation, and control systems have contributed to the decrease in the historic period.
Industrial Refrigeration Equipment Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, constant expansion is projected for the industrial refrigeration equipment market, with predictions suggesting a value of $39.06 billion by 2029 and a compound annual growth rate (CAGR) of 3.8%. This growth expected in the forecast period can be traced back to factors such as industry 4.0 and smart manufacturing, energy efficiency and sustainability, health and safety, internet of things (IoT) and connectivity, customization and precision. Important trends to watch out for in the forecast period include the use of wireless sensors, implementation of predictive maintenance, data analytics and Artificial Intelligence (AI), industry-specific solutions, and miniaturization.
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What Are the Drivers Transforming the Industrial Refrigeration Equipment Market?
The expansion of the food and beverages sector is anticipated to drive the development of the industrial refrigeration equipment market. The sector encompasses all companies involved in the transformation, packaging, and distribution of raw food materials. Pre-cooling food products with industrial refrigeration equipment slows their metabolic rate, hence extending their usable life. This can greatly enhance the shelf life, minimizing waste and boosting profitability. For instance, a report released by the American Frozen Food Institute in November 2022 highlighted that throughout the 52-week period that ended on June 26, 2022, frozen fruit and vegetable sales in the US amounted to $7.1 billion. The overall volume was 271 million pounds more than pre-pandemic levels, reaching 3.9 billion pounds. The segment's most profitable items were plain vegetables, potatoes onions, and fruit, with sales of $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Thus, the surge in the food and beverages sector is anticipated to stimulate the industrial refrigeration equipment market.
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What Are the Key Trends Driving Industrial Refrigeration Equipment Market Growth?
The rising trend in the industrial refrigeration equipment market is the increased use of eco-friendly refrigerants, a factor projected to further stimulate the market's growth. Refrigerants play a significant role in environmental issues such as ozone layer erosion and global warming, as they capture and maintain infrared radiation within the atmosphere. Unlike these, eco-friendly refrigerants are not harmful to the ozone layer, don't add to global warming, and exhibit low Global Warming Potential (GWP). Governments worldwide are exerting tighter controls over halogen-based refrigerants, thereby promoting the use of eco-friendly variants. In September 2023, for instance, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a Japanese electronics firm, introduced the TEJ35GAM, an electrically powered transport refrigeration unit designed specifically for small to medium-sized trucks. The TEJ35GAM benefits from a hybrid system that merges a commercial plug-in power source with a dedicated power source for the refrigerator, ensuring uninterrupted operation regardless of whether the vehicle is stationary or moving.
Which Segments in the Industrial Refrigeration Equipment Market Offer the Most Profit Potential?
The industrial refrigeration equipmentmarket 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 Firms Dominate the Industrial Refrigeration Equipment Market by Market Share and Revenue in 2025?
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 Offer the Highest Growth Potential in the Industrial Refrigeration Equipment Market?
Asia-Pacific was the largest region in the industrial refrigeration equipment market in 2024. 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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