Overview and Scope
The industrial refrigeration equipment refers to the cold storage equipment that is designed to contain and use refrigerant gas to establish or maintain colder than ambient temperatures in a confined space, used in commercial settings.
Sizing and Forecast
The industrial refrigeration equipment market size has grown steadily in recent years. It will grow from $33.53 billion in 2024 to $34.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to industrialization, food safety and regulations, cold chain logistics, environmental concerns.
The industrial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $40.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to population growth, expansion of retail and e-commerce, increasing demand for process cooling, cold storage for pharmaceuticals and biotechnology, retrofit and replacement market. Major trends in the forecast period include technological advancements, green refrigerants, iot and smart refrigeration, cold chain optimization, modular and scalable solutions, hybrid refrigeration systems.
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Segmentation & Regional Insights
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
The 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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Major Driver Impacting Market Growth
Growth in food and beverages industry is expected to propel the growth of the industrial refrigeration equipment market going forward. The food and beverages industry refers to all companies involved in processing, packaging, and distributing raw food materials. Industrial refrigeration equipment can be used to pre-cool food products, which slows down their metabolism and increases their usable life. This can result in a significant improvement in shelf life, reducing waste and increasing profitability. For instance, according to the United States Department of Agriculture, a US-based government agency, Food and beverage processing establishments (plants) employed 1.7 million workers in 2021, which is about 15.4% of all US manufacturing employment and just over 1.1% of all US nonfarm employment. Thus, the growth in food and beverages industry will fuel the industrial refrigeration equipment market.
Key Industry Players
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
The industrial refrigeration equipment market report table of contents includes:
1. Executive Summary
2. Industrial Refrigeration Equipment Market Characteristics
3. Industrial Refrigeration Equipment Market Trends And Strategies
4. Industrial Refrigeration Equipment Market – Macro Economic Scenario
5. Global Industrial Refrigeration Equipment Market Size and Growth
……
31. Global Industrial Refrigeration Equipment Market Competitive Benchmarking
32. Global Industrial Refrigeration Equipment Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Refrigeration Equipment Market
34. Industrial Refrigeration Equipment Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Industrial Refrigeration Equipment Market, Segmentation By Equipment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Industrial Refrigeration Equipment Market, Segmentation By Refrigerant Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Industrial Refrigeration Equipment Market, Segmentation By End-User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Johnson Controls Inc. Financial Performance
Table 75: Emerson Electric Co. Financial Performance
Table 76: United Technologies Corporation Financial Performance
Table 77: Ingersoll-Rand Inc. Financial Performance
Table 78: Lennox International Inc. Financial Performance
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