Industrial Refrigeration Market: By Component, By Refrigerator Type, By Refrigerant Type, By Application and Geography
Industrial Refrigeration market size was valued at US$ 24,384.1 million in 2023 and is projected to reach a value of US$ 39,412.4 million by 2030, at a CAGR of 7.1% from 2024-2030. Moreover, the U.S. industrial refrigeration market is projected to grow significantly, reaching an estimated US$ 14,150.0 million by 2032.
Industrial refrigeration systems are found in several industries including food and beverage processing, cold storage facilities, chemical and petrochemical, pharmaceuticals, and other product manufacturing industries requiring storage and transport of products at chilled and controlled temperatures. These refrigeration systems preserve perishable commodities' quality, freshness, and shelf life, keeping various industrial operations moving smoothly.
Key players in the industrial refrigeration market include Carrier Corporation, Emerson Electric Co., Johnson Controls International plc, Danfoss A/S, Bitzer Kühlmaschinenbau GmbH, GEA Group AG, Lennox International Inc., Mitsubishi Electric Corporation, Frascold S.p.A., and Evapco, Inc. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape in relation to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach
By Components: The compressors segment has been the most prominent driver the market, mainly because of the critical role these units play in sustaining system efficiency and performance. As the primary components in charge of circulating refrigerants, technological improvements in compressor technology, including enhanced energy efficiency and smart features, have made this segment stand out as the leader in market growth.
By Refrigerator Type: The stationary market segment leads the market, based on its large-scale usage in food processing and cold storage facilities. These are long-term efficient and reliable systems, as the increasing demand for efficient refrigeration solutions in many industries grows.
By Refrigerant Type: The ammonia segment dominates the market in industrial refrigeration due to high efficiency and low environmental footprint. This segment is also one of the most affordable alternatives in the industry, which further makes it extremely popular among the leading companies involved in large-scale food processing and cold storage activities.
By Application: This industry accounts for the leading segment of industrial refrigeration is a huge market due to the massive demand by this segment, whose critical need is the freshness, quality, and safety associated with meat processing and storage.
Study Period
2024-2030Base Year
2023CAGR
7.1%Largest Market
North-AmericaFastest Growing Market
North-America
The requirement for energy efficiency solutions in order to cut operational costs and comply with the regulations on environmental issues. Growth in the food and beverage industries along with increased demands for cold chain logistics spur growth in the market. Increased efficiency and performance are propelled through technological advancements like smart refrigeration systems.
The major restraints in the industrial refrigeration market are the high initial investment costs associated with advanced refrigeration technologies. Strict regulatory standards regarding refrigerants and emissions can be another challenge for manufacturers. Complexity in system maintenance and the availability of skilled technicians further limit market growth.
The market offers significant opportunities through the development of green refrigerants and innovative cooling solutions. Growing awareness about sustainability and carbon reduction initiatives are avenues for companies to introduce greener technologies. Also, expanding emerging markets and increasing infrastructure investments provide potential growth prospects.
Some trends dominating the industrial refrigeration market are the use of IoT-enabled systems that allow real-time monitoring and carry out analytics for efficiency. natural refrigerants have gained ground since companies are adapting to meet the environmental regulations that govern such practices. Automation and smart technology are increasingly adopted for more reliable and efficient system running.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market Size in 2023 |
US$ 24,384.1 million |
Market Size in 2030 |
US$ 39,412.4 million |
Market CAGR |
7.1% |
By Components |
|
By Refrigerator Type |
|
By Refrigerant Type |
|
By Application |
|
By Region |
|
The industrial refrigeration market is expanding at a good rate. Energy-efficient, sustainable solutions in the space of food processing, pharmaceuticals, and logistics demand are key drivers of the market. Increasingly used natural refrigerants, like ammonia and carbon dioxide, adhere to global environmental regulations. Additional IoT technology advances the systems as well as their monitoring. However, the initial investments are higher, and they also need skilled technicians. Altogether, the market has enormous potential to transform and therefore opportunities through sustainability initiatives and expansion in cold chain logistics.
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The industrial refrigeration market size was valued at US$ 24,384.1 million in 2023 and is expected to reach US$ 39,412.4 million by 2030, at a CAGR of 7.1%
The main growth drivers include energy-efficient and sustainable refrigeration across food processing, pharmaceutical, and logistics sectors.
Some of the significant trends are the adoption of natural refrigerants, such as ammonia and carbon dioxide, the development of new IoT technology to achieve improved efficiency, and more focus on sustainability.
Especially in food processing, pharma, and logistics industries, the product integrity aspect becomes very essential for which high demand lies.
1. Executive Summary |
2. Global Industrial Refrigeration Market Introduction |
2.1. Global Industrial Refrigeration Market Taxonomy |
2.2. Global Industrial Refrigeration Market Definitions |
2.2.1. By Component |
2.2.2. By Refrigerator Type |
2.2.3. By Refrigerant Type |
2.2.4. By Application |
2.2.5. By Region |
3. Global Industrial Refrigeration Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Global Industrial Refrigeration Market Dynamic Factors - Impact Analysis |
3.6. Global Industrial Refrigeration Market Competition Landscape |
4. Global Industrial Refrigeration Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Industrial Refrigeration Market, By Component, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
5.1. Compressors |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Condensers |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Evaporators |
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Controls |
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
5.5. Others |
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.5.3. Market Opportunity Analysis |
6. Global Industrial Refrigeration Market, By Refrigerator Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
6.1. Stationary |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Transport |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
7. Global Industrial Refrigeration Market, By Refrigerant Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
7.1. Ammonia |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Carbon Dioxide |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Others |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
8. Global Industrial Refrigeration Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.1. Fresh Fruits & Vegetables |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Meat, Poultry & Fish |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Dairy & Ice cream |
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Beverages |
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Chemicals |
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
8.6. Pharmaceuticals |
8.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.6.3. Market Opportunity Analysis |
8.7. Others |
8.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
8.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.7.3. Market Opportunity Analysis |
9. Global Industrial Refrigeration Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
9.1. North America |
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Europe |
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. Asia-Pacific |
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Latin America |
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. Middle East and Africa |
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
9.6. Global Industrial Refrigeration Market - Opportunity Analysis Index, By Component, Refrigerator Type, Refrigerant Type, Application, and Region, 2024 - 2030 |
10. North America Industrial Refrigeration Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
10.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
10.1.1. Compressors |
10.1.2. Condensers |
10.1.3. Evaporators |
10.1.4. Controls |
10.1.5. Others |
10.2. Refrigerator Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
10.2.1. Stationary |
10.2.2. Transport |
10.3. Refrigerant Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
10.3.1. Ammonia |
10.3.2. Carbon Dioxide |
10.3.3. Others |
10.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
10.4.1. Fresh Fruits & Vegetables |
10.4.2. Meat, Poultry & Fish |
10.4.3. Dairy & Ice cream |
10.4.4. Beverages |
10.4.5. Chemicals |
10.4.6. Pharmaceuticals |
10.4.7. Others |
10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn) Y-o-Y Growth (%) and Market Share (%) |
10.5.1. USA |
10.5.2. Canada |
10.6. North America Industrial Refrigeration Market - Opportunity Analysis Index, By Component, Refrigerator Type, Refrigerant Type, Application, and Country, 2024 - 2030 |
10.7. North America Industrial Refrigeration Market Dynamics Trends |
11. Europe Industrial Refrigeration Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
11.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
11.1.1. Compressors |
11.1.2. Condensers |
11.1.3. Evaporators |
11.1.4. Controls |
11.1.5. Others |
11.2. Refrigerator Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
11.2.1. Stationary |
11.2.2. Transport |
11.3. Refrigerant Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
11.3.1. Ammonia |
11.3.2. Carbon Dioxide |
11.3.3. Others |
11.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
11.4.1. Fresh Fruits & Vegetables |
11.4.2. Meat, Poultry & Fish |
11.4.3. Dairy & Ice cream |
11.4.4. Beverages |
11.4.5. Chemicals |
11.4.6. Pharmaceuticals |
11.4.7. Others |
11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn) Y-o-Y Growth (%) and Market Share (%) |
11.5.1. Germany |
11.5.2. UK |
11.5.3. France |
11.5.4. Spain |
11.5.5. Italy |
11.5.6. Russia |
11.5.7. Rest of Europe |
11.6. Europe Industrial Refrigeration Market - Opportunity Analysis Index, By Component, Refrigerator Type, Refrigerant Type, Application, and Country, 2024 - 2030 |
11.7. Europe Industrial Refrigeration Market Dynamics Trends |
12. Asia-Pacific Industrial Refrigeration Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
12.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
12.1.1. Compressors |
12.1.2. Condensers |
12.1.3. Evaporators |
12.1.4. Controls |
12.1.5. Others |
12.2. Refrigerator Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
12.2.1. Stationary |
12.2.2. Transport |
12.3. Refrigerant Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
12.3.1. Ammonia |
12.3.2. Carbon Dioxide |
12.3.3. Others |
12.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
12.4.1. Fresh Fruits & Vegetables |
12.4.2. Meat, Poultry & Fish |
12.4.3. Dairy & Ice cream |
12.4.4. Beverages |
12.4.5. Chemicals |
12.4.6. Pharmaceuticals |
12.4.7. Others |
12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn) Y-o-Y Growth (%) and Market Share (%) |
12.5.1. China |
12.5.2. India |
12.5.3. Japan |
12.5.4. ASEAN |
12.5.5. Australia & New Zealand |
12.5.6. Rest of Asia-Pacific |
12.6. Asia-Pacific Industrial Refrigeration Market - Opportunity Analysis Index, By Component, Refrigerator Type, Refrigerant Type, Application, and Country, 2024 - 2030 |
12.7. Asia-Pacific Industrial Refrigeration Market Dynamics Trends |
13. Latin America Industrial Refrigeration Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
13.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
13.1.1. Compressors |
13.1.2. Condensers |
13.1.3. Evaporators |
13.1.4. Controls |
13.1.5. Others |
13.2. Refrigerator Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
13.2.1. Stationary |
13.2.2. Transport |
13.3. Refrigerant Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
13.3.1. Ammonia |
13.3.2. Carbon Dioxide |
13.3.3. Others |
13.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
13.4.1. Fresh Fruits & Vegetables |
13.4.2. Meat, Poultry & Fish |
13.4.3. Dairy & Ice cream |
13.4.4. Beverages |
13.4.5. Chemicals |
13.4.6. Pharmaceuticals |
13.4.7. Others |
13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn) Y-o-Y Growth (%) and Market Share (%) |
13.5.1. Brazil |
13.5.2. Mexico |
13.5.3. Argentina |
13.5.4. Rest of Latin America |
13.6. Latin America Industrial Refrigeration Market - Opportunity Analysis Index, By Component, Refrigerator Type, Refrigerant Type, Application, and Country, 2024 - 2030 |
13.7. Latin America Industrial Refrigeration Market Dynamics Trends |
14. Middle East and Africa Industrial Refrigeration Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, US$ Mn) |
14.1. Component Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
14.1.1. Compressors |
14.1.2. Condensers |
14.1.3. Evaporators |
14.1.4. Controls |
14.1.5. Others |
14.2. Refrigerator Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%), and Market Share (%) |
14.2.1. Stationary |
14.2.2. Transport |
14.3. Refrigerant Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
14.3.1. Ammonia |
14.3.2. Carbon Dioxide |
14.3.3. Others |
14.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn), Y-o-Y Growth (%) and Market Share (%) |
14.4.1. Fresh Fruits & Vegetables |
14.4.2. Meat, Poultry & Fish |
14.4.3. Dairy & Ice cream |
14.4.4. Beverages |
14.4.5. Chemicals |
14.4.6. Pharmaceuticals |
14.4.7. Others |
14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (US$ Mn) Y-o-Y Growth (%) and Market Share (%) |
14.5.1. Gulf Cooperation Council (GCC) Countries |
14.5.2. South Africa |
14.5.3. Rest of MEA |
14.6. MEA Industrial Refrigeration Market - Opportunity Analysis Index, By Component, Refrigerator Type, Refrigerant Type, Application, and Country, 2024 - 2030 |
14.7. MEA Industrial Refrigeration Market Dynamics Trends |
15. Competition Landscape |
15.1. Strategic Dashboard of Top Market Players |
15.2. Company Profiles (Introduction, Financial Analysis, Key Offerings, Key Developments, Strategies, and SWOT Analysis) |
15.2.1. The Stellar Group |
15.2.2. Danfoss A/S |
15.2.3. Emerson Electric Co. |
15.2.4. DAIKIN INDUSTRIES, Ltd. |
15.2.5. Star Refrigeration |
15.2.6. Hussmann Corporation |
15.2.7. Johnson Controls International PLC |
15.2.8. GEA Group AGs |
15.2.9. Dover Corporation |
15.2.10. Industrial Frigo SRL |
16. Research Methodology |
17. Key Assumptions and Acronyms |
Key Market Players