Industrial Refrigeration Market Size, Share, Industry Trends, Industry Growth, Top Key Players and Outlook -2025- 2031

Los Angeles, United States - QY Research has released a new publication titled "Global Industrial Refrigeration Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031." This comprehensive study provides an in-depth evaluation of the worldwide Industrial Refrigeration industry, uncovering the major forces influencing market growth and delivering high-value insights for investors, industry leaders, and strategic decision-makers. The report examines critical elements such as market dynamics, evolving technologies, segmentation trends, regional developments, and the competitive landscape. With data backed by rigorous research and expert interpretation, it offers an authoritative guide to understanding the macroeconomic and microeconomic factors reshaping the global market.

The global market for Industrial Refrigeration was estimated to be worth US$ 12405 million in 2024 and is forecast to a readjusted size of US$ 16742 million by 2031 with a CAGR of 4.6% during the forecast period 2025-2031.

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Market Overview -

This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Industrial Refrigeration cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.

Industrial refrigeration is a specialized technical system that uses manual intervention to achieve and maintain the temperature of specific spaces, media, or equipment below the ambient temperature during industrial production. It is one of the core auxiliary processes supporting the efficient and stable operation of modern industry. Essentially, it uses thermodynamic cycles (such as vapor compression refrigeration) to transfer heat from the objects requiring cooling (such as production materials, reaction systems, and precision equipment) to the external environment, thereby meeting the stringent temperature accuracy and stability requirements of industrial production.

In 2024, Industrial refrigeration output is 26,722 MW, with a price of approximately US$464.23/kW.

Market Drivers and Market Demand -

From a technological perspective, the replacement of environmentally friendly refrigerants is accelerating significantly, with CO2 systems growing at a significantly faster rate than traditional HFCs equipment, and expected to reach a market share of 40.97% in 2031. Intelligent solutions are key to energy efficiency upgrades. Application areas are showing differentiation, with food processing and cold chain logistics constituting the core markets, accounting for 43.72% and 23.12% respectively in 2024.

The global industrial refrigeration market exhibits distinct characteristics depending on factors such as regional economic development levels, industrialization progress, environmental policies, and market demand.

The European market has extremely high environmental standards, particularly for the use of environmentally friendly refrigerants. New European F-gas regulations are driving end users away from environmentally harmful hydrofluorocarbons (HFCs). Furthermore, industrial ammonia systems are unsuitable for certain applications due to their high investment costs and potential toxicity when used in closed environments. Consequently, downstream customers are forced to adopt modified CO2 refrigeration units designed specifically for industrial applications. By 2024, CO2 refrigeration systems will account for 57% of the European market, while HFC refrigeration systems are expected to be phased out.

Future market competition will revolve around two key technological axes: greening (increasing the proportion of natural working fluids to 61%) and intelligence. However, challenges such as the increasing cost of ammonia system transformation and the global shortage of technical talent still require collaborative breakthroughs across the industry chain.

Major Company Included: -

Johnson Controls
Ingersoll-Rand
Danfoss
Copeland
Mayekawa
Profroid
GEA Group
Bitzer Kuhlmaschinenbau
Daikin Industries
Evapco
LU-VE
Star Refrigeration
SCM Frigo
Teko
Moon Tech
Baltimore Aircoil Company
Rivacold
Snowman Group
Hitema

The competitive section of the report provides essential insights needed for companies to strengthen their market positioning. It highlights the strategies adopted by leading players-covering innovation, pricing models, marketing channels, distribution networks, and regional expansion. This evaluation enables market participants to identify competitive advantages and understand challenges that may affect their long-term performance.

Market Segmentation -

The report presents a granular breakdown of the global Industrial Refrigeration market, emphasizing CAGR, market share, future potential, and emerging trends across each segment.

By Type

Ammonia
Carbon Dioxide
Others

By Application

Food Processing
Chemical and Pharmaceuticals
Energy
Transportation and Logistics
Others

This segmentation helps identify high-growth niches and valuable investment opportunities across product types and applications.

Regional Analysis -

The report offers a detailed geographic assessment covering four major regions and key contributing countries. Insights include consumption patterns, production levels, market share distribution, and long-term growth prospects.

North America

United States
Canada
Mexico

Latin America

Brazil
Other key regional markets

Asia-Pacific

China
Japan
India
South Korea
ASEAN Countries

Europe, Middle East & Africa (EMEA)

Germany
France
United Kingdom
GCC Countries
African Nations

The analysis spans from 2024 (base year) to 2031 (forecast period).

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Why This Report Is Essential -

✔ Complete Historical & Forecast Analysis (2020-2031)
✔ Detailed Segmentation by Type, Application & Region
✔ In-Depth Competitive Landscape & Company Profiling
✔ Drivers, Restraints & Market Dynamics Explained
✔ Expert Insights to Support Strategic Planning

Report Objectives -

✔ Measure the global Industrial Refrigeration market size (value & volume).
✔ Accurately analyze market shares, consumption trends, and segment performance.
✔ Examine major market dynamics and industry-shaping forces.
✔ Identify and discuss key production, revenue, and sales trends.
✔ Profile top market players and evaluate their competitive strategies.
✔ Review manufacturing practices, pricing structures, and cost trends.
✔ Compare regional and national market performance across key geographies.
✔ Forecast segment-wise and region-wise growth opportunities through 2031.

Key Questions Answered in the Report -

✔ What is the size and estimated growth rate of the global and regional Industrial Refrigeration market?
✔ Which countries are expected to display the strongest growth?
✔ Which region will dominate the market throughout the forecast period?
✔ What are the main factors driving or restraining market expansion?
✔ What technological advancements are shaping future demand?
✔ Where are the key opportunities for new entrants and established players?
✔ Which companies currently hold the highest market share?
✔ How will market dynamics evolve from 2025 to 2031?

Table of Contents - Major Key Points:

1 Market Overview
1.1 Industrial Refrigeration Product Introduction
1.2 Global Industrial Refrigeration Market Size Forecast
1.2.1 Global Industrial Refrigeration Sales Value (2020-2031)
1.2.2 Global Industrial Refrigeration Sales Volume (2020-2031)
1.2.3 Global Industrial Refrigeration Sales Price (2020-2031)
1.3 Industrial Refrigeration Market Trends & Drivers
1.3.1 Industrial Refrigeration Industry Trends
1.3.2 Industrial Refrigeration Market Drivers & Opportunity
1.3.3 Industrial Refrigeration Market Challenges
1.3.4 Industrial Refrigeration Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Industrial Refrigeration Players Revenue Ranking (2024)
2.2 Global Industrial Refrigeration Revenue by Company (2020-2025)
2.3 Global Industrial Refrigeration Players Sales Volume Ranking (2024)
2.4 Global Industrial Refrigeration Sales Volume by Company Players (2020-2025)
2.5 Global Industrial Refrigeration Average Price by Company (2020-2025)
2.6 Key Manufacturers Industrial Refrigeration Manufacturing Base and Headquarters
2.7 Key Manufacturers Industrial Refrigeration Product Offered
2.8 Key Manufacturers Time to Begin Mass Production of Industrial Refrigeration
2.9 Industrial Refrigeration Market Competitive Analysis
2.9.1 Industrial Refrigeration Market Concentration Rate (2020-2025)
2.9.2 Global 5 and 10 Largest Manufacturers by Industrial Refrigeration Revenue in 2024
2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Industrial Refrigeration as of 2024)
2.10 Mergers & Acquisitions, Expansion
3 Segmentation by Refrigerant Type
3.1 Introduction by Refrigerant Type
3.1.1 Ammonia
3.1.2 Carbon Dioxide
3.1.3 Others
3.2 Global Industrial Refrigeration Sales Value by Refrigerant Type
3.2.1 Global Industrial Refrigeration Sales Value by Refrigerant Type (2020 VS 2024 VS 2031)
3.2.2 Global Industrial Refrigeration Sales Value, by Refrigerant Type (2020-2031)
3.2.3 Global Industrial Refrigeration Sales Value, by Refrigerant Type (%) (2020-2031)
3.3 Global Industrial Refrigeration Sales Volume by Refrigerant Type
3.3.1 Global Industrial Refrigeration Sales Volume by Refrigerant Type (2020 VS 2024 VS 2031)
3.3.2 Global Industrial Refrigeration Sales Volume, by Refrigerant Type (2020-2031)
3.3.3 Global Industrial Refrigeration Sales Volume, by Refrigerant Type (%) (2020-2031)
3.4 Global Industrial Refrigeration Average Price by Refrigerant Type (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Food Processing
4.1.2 Chemical and Pharmaceuticals
4.1.3 Energy
4.1.4 Transportation and Logistics
4.1.5 Others
4.2 Global Industrial Refrigeration Sales Value by Application
4.2.1 Global Industrial Refrigeration Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Industrial Refrigeration Sales Value, by Application (2020-2031)
4.2.3 Global Industrial Refrigeration Sales Value, by Application (%) (2020-2031)
4.3 Global Industrial Refrigeration Sales Volume by Application
4.3.1 Global Industrial Refrigeration Sales Volume by Application (2020 VS 2024 VS 2031)
4.3.2 Global Industrial Refrigeration Sales Volume, by Application (2020-2031)
4.3.3 Global Industrial Refrigeration Sales Volume, by Application (%) (2020-2031)
4.4 Global Industrial Refrigeration Average Price by Application (2020-2031)
5 Segmentation by Region
5.1 Global Industrial Refrigeration Sales Value by Region
5.1.1 Global Industrial Refrigeration Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Industrial Refrigeration Sales Value by Region (2020-2025)
5.1.3 Global Industrial Refrigeration Sales Value by Region (2026-2031)
5.1.4 Global Industrial Refrigeration Sales Value by Region (%), (2020-2031)
5.2 Global Industrial Refrigeration Sales Volume by Region
5.2.1 Global Industrial Refrigeration Sales Volume by Region: 2020 VS 2024 VS 2031
5.2.2 Global Industrial Refrigeration Sales Volume by Region (2020-2025)
5.2.3 Global Industrial Refrigeration Sales Volume by Region (2026-2031)
5.2.4 Global Industrial Refrigeration Sales Volume by Region (%), (2020-2031)
5.3 Global Industrial Refrigeration Average Price by Region (2020-2031)
5.4 North America
5.4.1 North America Industrial Refrigeration Sales Value, 2020-2031
5.4.2 North America Industrial Refrigeration Sales Value by Country (%), 2024 VS 2031
5.5 Europe
5.5.1 Europe Industrial Refrigeration Sales Value, 2020-2031
5.5.2 Europe Industrial Refrigeration Sales Value by Country (%), 2024 VS 2031
5.6 Asia Pacific
5.6.1 Asia Pacific Industrial Refrigeration Sales Value, 2020-2031
5.6.2 Asia Pacific Industrial Refrigeration Sales Value by Region (%), 2024 VS 2031
5.7 South America
5.7.1 South America Industrial Refrigeration Sales Value, 2020-2031
5.7.2 South America Industrial Refrigeration Sales Value by Country (%), 2024 VS 2031
5.8 Middle East & Africa
5.8.1 Middle East & Africa Industrial Refrigeration Sales Value, 2020-2031
5.8.2 Middle East & Africa Industrial Refrigeration Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Industrial Refrigeration Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Industrial Refrigeration Sales Value and Sales Volume
6.2.1 Key Countries/Regions Industrial Refrigeration Sales Value, 2020-2031
6.2.2 Key Countries/Regions Industrial Refrigeration Sales Volume, 2020-2031
6.3 United States
6.3.1 United States Industrial Refrigeration Sales Value, 2020-2031
6.3.2 United States Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.3.3 United States Industrial Refrigeration Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Industrial Refrigeration Sales Value, 2020-2031
6.4.2 Europe Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.4.3 Europe Industrial Refrigeration Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Industrial Refrigeration Sales Value, 2020-2031
6.5.2 China Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.5.3 China Industrial Refrigeration Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Industrial Refrigeration Sales Value, 2020-2031
6.6.2 Japan Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.6.3 Japan Industrial Refrigeration Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Industrial Refrigeration Sales Value, 2020-2031
6.7.2 South Korea Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.7.3 South Korea Industrial Refrigeration Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Industrial Refrigeration Sales Value, 2020-2031
6.8.2 Southeast Asia Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.8.3 Southeast Asia Industrial Refrigeration Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Industrial Refrigeration Sales Value, 2020-2031
6.9.2 India Industrial Refrigeration Sales Value by Refrigerant Type (%), 2024 VS 2031
6.9.3 India Industrial Refrigeration Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 Johnson Controls
7.1.1 Johnson Controls Company Information
7.1.2 Johnson Controls Introduction and Business Overview
7.1.3 Johnson Controls Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.1.4 Johnson Controls Industrial Refrigeration Product Offerings
7.1.5 Johnson Controls Recent Development
7.2 Ingersoll-Rand
7.2.1 Ingersoll-Rand Company Information
7.2.2 Ingersoll-Rand Introduction and Business Overview
7.2.3 Ingersoll-Rand Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.2.4 Ingersoll-Rand Industrial Refrigeration Product Offerings
7.2.5 Ingersoll-Rand Recent Development
7.3 Danfoss
7.3.1 Danfoss Company Information
7.3.2 Danfoss Introduction and Business Overview
7.3.3 Danfoss Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.3.4 Danfoss Industrial Refrigeration Product Offerings
7.3.5 Danfoss Recent Development
7.4 Copeland
7.4.1 Copeland Company Information
7.4.2 Copeland Introduction and Business Overview
7.4.3 Copeland Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.4.4 Copeland Industrial Refrigeration Product Offerings
7.4.5 Copeland Recent Development
7.5 Mayekawa
7.5.1 Mayekawa Company Information
7.5.2 Mayekawa Introduction and Business Overview
7.5.3 Mayekawa Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.5.4 Mayekawa Industrial Refrigeration Product Offerings
7.5.5 Mayekawa Recent Development
7.6 Profroid
7.6.1 Profroid Company Information
7.6.2 Profroid Introduction and Business Overview
7.6.3 Profroid Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.6.4 Profroid Industrial Refrigeration Product Offerings
7.6.5 Profroid Recent Development
7.7 GEA Group
7.7.1 GEA Group Company Information
7.7.2 GEA Group Introduction and Business Overview
7.7.3 GEA Group Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.7.4 GEA Group Industrial Refrigeration Product Offerings
7.7.5 GEA Group Recent Development
7.8 Bitzer Kuhlmaschinenbau
7.8.1 Bitzer Kuhlmaschinenbau Company Information
7.8.2 Bitzer Kuhlmaschinenbau Introduction and Business Overview
7.8.3 Bitzer Kuhlmaschinenbau Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.8.4 Bitzer Kuhlmaschinenbau Industrial Refrigeration Product Offerings
7.8.5 Bitzer Kuhlmaschinenbau Recent Development
7.9 Daikin Industries
7.9.1 Daikin Industries Company Information
7.9.2 Daikin Industries Introduction and Business Overview
7.9.3 Daikin Industries Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.9.4 Daikin Industries Industrial Refrigeration Product Offerings
7.9.5 Daikin Industries Recent Development
7.10 Evapco
7.10.1 Evapco Company Information
7.10.2 Evapco Introduction and Business Overview
7.10.3 Evapco Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.10.4 Evapco Industrial Refrigeration Product Offerings
7.10.5 Evapco Recent Development
7.11 LU-VE
7.11.1 LU-VE Company Information
7.11.2 LU-VE Introduction and Business Overview
7.11.3 LU-VE Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.11.4 LU-VE Industrial Refrigeration Product Offerings
7.11.5 LU-VE Recent Development
7.12 Star Refrigeration
7.12.1 Star Refrigeration Company Information
7.12.2 Star Refrigeration Introduction and Business Overview
7.12.3 Star Refrigeration Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.12.4 Star Refrigeration Industrial Refrigeration Product Offerings
7.12.5 Star Refrigeration Recent Development
7.13 SCM Frigo
7.13.1 SCM Frigo Company Information
7.13.2 SCM Frigo Introduction and Business Overview
7.13.3 SCM Frigo Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.13.4 SCM Frigo Industrial Refrigeration Product Offerings
7.13.5 SCM Frigo Recent Development
7.14 Teko
7.14.1 Teko Company Information
7.14.2 Teko Introduction and Business Overview
7.14.3 Teko Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.14.4 Teko Industrial Refrigeration Product Offerings
7.14.5 Teko Recent Development
7.15 Moon Tech
7.15.1 Moon Tech Company Information
7.15.2 Moon Tech Introduction and Business Overview
7.15.3 Moon Tech Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.15.4 Moon Tech Industrial Refrigeration Product Offerings
7.15.5 Moon Tech Recent Development
7.16 Baltimore Aircoil Company
7.16.1 Baltimore Aircoil Company Company Information
7.16.2 Baltimore Aircoil Company Introduction and Business Overview
7.16.3 Baltimore Aircoil Company Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.16.4 Baltimore Aircoil Company Industrial Refrigeration Product Offerings
7.16.5 Baltimore Aircoil Company Recent Development
7.17 Rivacold
7.17.1 Rivacold Company Information
7.17.2 Rivacold Introduction and Business Overview
7.17.3 Rivacold Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.17.4 Rivacold Industrial Refrigeration Product Offerings
7.17.5 Rivacold Recent Development
7.18 Snowman Group
7.18.1 Snowman Group Company Information
7.18.2 Snowman Group Introduction and Business Overview
7.18.3 Snowman Group Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.18.4 Snowman Group Industrial Refrigeration Product Offerings
7.18.5 Snowman Group Recent Development
7.19 Hitema
7.19.1 Hitema Company Information
7.19.2 Hitema Introduction and Business Overview
7.19.3 Hitema Industrial Refrigeration Sales, Revenue, Price and Gross Margin (2020-2025)
7.19.4 Hitema Industrial Refrigeration Product Offerings
7.19.5 Hitema Recent Development
8 Industry Chain Analysis
8.1 Industrial Refrigeration Industrial Chain
8.2 Industrial Refrigeration Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Industrial Refrigeration Sales Model
8.5.2 Sales Channel
8.5.3 Industrial Refrigeration Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer

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