The global industrial refrigeration market revenue was around US$ 24.2 billion in 2022 and is estimated to reach US$ 41.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2032.

Industrial refrigeration systems are widely utilized in different industries, including cold storage facilities, beverage and food processing, pharmaceuticals, petrochemical and chemical, and other sectors that deliver products that need controlled and cold temperatures during transportation and storage.

Factors Influencing Market Growth

- The industrial refrigeration market is primarily pushed by different factors like the growth in pharmaceutical beverages and food industries, and the increase in industrialization in developing economies.

- The updating of the industrial cooling systems in growing countries and the upgradation of existing cold storage are also propelling the growth of the industrial refrigeration market.

- The operating costs and high maintenance act as limitations to the growth of the industrial refrigeration market.

- The technological advancements in refrigeration systems are anticipated to deliver lucrative growth options to the market players in upcoming years which lead to the growth of the industrial refrigeration market.

Impact of COVID-19

The industrial refrigeration market witnessed different obstructions in its regular functions due to the COVID-19 pandemic across the world. Before, the worldwide lockdowns due to the pandemic resulted in decreased industrial activities, eventually leading to dropped demand for industrial refrigeration from different sectors like food and beverages sectors.

Regional Analysis

In 2022, Asia-Pacific dominated the industrial refrigeration market in terms of revenue. This is because of the high concentration of pharmaceutical manufacturing facilities, and food and beverages, along with a large population which has driven the growth of different other industrial sectors.

Also, LAMEA is anticipated to grow at the highest growth rate in the industrial refrigeration market during the forecast period because of its high possibility for industrialization, and the rising food and beverages industry.

Leading Companies

The leading prominent companies profiled in the global industrial refrigeration market are: -

- Daikin Industries, Ltd.
- Danfoss A/S
- GEA Group AG
- Mayekawa Mfg. Co., Ltd.
- Swegon AB
- Dover Corporation
- Gordon Brothers Industries Pty. Ltd.
- EVAPCO, Inc.
- Munters
- Kirby HVAC&R Pty Ltd.
- LU-VE Group
- BITZER Group
- Emerson Electric Co.
- Johnson Controls International plc
- Refplus
- Trane Technologies plc (Thermo King)
- ABB Ltd.
- Baltimore Aircoil Company Inc.
- Carrier Global Corporation
- Dorin S.p.A.
- Rivacold srl.
- Other prominent key players

Segmentation Outline

The global industrial refrigeration market segmentation focuses on Component, Refrigerant Type, Application, Type, Sales Type, and Region.

Segmentation based on Component

- Compressor
- Condenser
- Control
- Evaporators
- Others

Segmentation based on Refrigerant Type

- Ammonia
- Carbon Dioxide
- Hydrofluorocarbon (HFC)
- Hydrochlorofluorocarbons (HCFC)
- Others

Segmentation based on Application

- Fresh fruits and vegetables
- Meat, poultry, and fish
- Dairy and ice cream
- Beverages
- Chemicals
- Pharmaceuticals
- Petrochemicals
- Others

Segmentation based on Type

- Stationary Refrigeration
- Transport Refrigeration

Segmentation based on Sales Type

- New Sales
- Aftermarket

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa