Industrial Refrigeration System Market Analysis | 2023-2028

Market Insights

"The global industrial refrigeration system market size was estimated at USD 20.27 billion in 2022 and is likely to grow at a CAGR of 4.94% during 2023-2028 to reach USD 27.08 billion in 2028."

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Industrial refrigeration system refers to a wide range of refrigeration applications such as freezers or liquefaction, and others. Industrial refrigeration systems comprise of a number equipment such as compressors, condensers, evaporators, controls, pumps, and others. Fruit & vegetable processing, beverage, refrigerated warehouse, chemicals, dairy, and others are some of the industries where industrial refrigeration system is used.

Market Dynamics

Market Drivers

The market has almost neared a saturation level with an unwavering growth in the last five years and is expected to witness similar growth during the forecast period. There have been not much technological progressions in the field of industrial refrigeration systems in the recent years, but a gradual shift can be expected from the use of ozone depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) to natural refrigerant-based systems. Growing cold chain infrastructure in the developing economies of Asia-Pacific, Latin America, the Middle East, and Africa is likely to act as a major growth driver for the global industrial refrigeration systems market.

Segments Analysis

Equipment Trends

"The controls segment accounted for the largest market share."

The market is segmented into compressors, condensers, evaporators, controls, vessels, valves, pumps, and auxiliary equipment. The controls segment is expected to witness the highest growth during the forecast period, owing to the growing significance of control systems and software to improve the energy efficiency of the existing and the new refrigeration systems.

Refrigerant Trends

"The CO2 segment accounted for the largest market share."

The market is segmented into ammonia, CO2, HFC, and others. The CO2 Refrigerant segment is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the higher adoption of CO2 refrigerants in the food and beverage industry, a major application area of industrial refrigeration systems. Further, there are an ample number of research & developmental activities going on in the developed economies to develop and employ CO2 refrigerants.

Regional Insights

"North America accounted for the largest market share."

North America dominated the industrial refrigeration systems market with a share of >30% in 2022 and is expected to retain its dominant position during the forecast period. The USA is the growth engine of the North American market owing to a dependable supply chain, significant capital investment, the presence of many end-users, and continuous research and development activities to meet the industry’s challenges. Asia-Pacific is expected to witness the highest growth owing to significant economic development in the region, rising disposable income of consumers, expanding infrastructure, and government support. Developing economies, such as China and India are the growth engines of the Asia-Pacific market.

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Key Players

The following are the key players in the industrial refrigeration system market (arranged alphabetically).

• Baltimore Aircoil Company, Inc.
• Bitzer SE
• Daikin Industries, Ltd.
• Evapco, Inc.
• GEA Group AG
• Ingersoll-Rand plc
• Johnson Controls International plc.
• Lennox International Inc.
• Lu-Ve Group
• Mayekawa Mfg. Co. Ltd.
• The Danfoss Group
• The Emerson Electric Company
• United Technologies Corporation

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the global industrial refrigeration system market.

What Deliverables Will You Get in this Report?

The market is segmented into the following categories.

By Equipment Type

• Compressors
• Condensers
• Evaporators
• Controls
• Vessels
• Pumps
• Valves
• Auxiliary Equipment

By Refrigerant Type

• Ammonia
• CO2
• HFC
• Others

By Industry Type

• Fruit & Vegetable Processing
• Beverage
• Refrigerated Warehouse
• Chemicals
• Petrochemicals
• Pharmaceuticals
• Dairy and Ice-Cream Processing
• Meat, Poultry and Fish Processing
• Refrigerated Transportation

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s industrial refrigeration system market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

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Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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