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PUBLISHER: IMARC | PRODUCT CODE: 1541123
PUBLISHER: IMARC | PRODUCT CODE: 1541123
Industrial Refrigeration System Market Report by Component, Refrigerant Type (Ammonia, Carbon Dioxide, Hydrofluorocarbon, and Others), Application, and Region 2024-2032
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The global industrial refrigeration system market size reached US$ 20.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032.
Industrial refrigeration systems refer to large-scale freezing and refrigeration units used for cooling and removing heat from various products. These units require liquid refrigerants, such as ammonia (NH3) and carbon dioxide (CO2), a metering device, a compressor pump and an evaporator to operate. They remove heat from a low-temperature medium and transfer it to a high-temperature medium. This offers various advantages, such as rapid cooling, cost-effectiveness and minimal impact on the environment. As a result, industrial refrigeration units find extensive applications across various industrial sectors, such as food processing, cold storage, pharmaceutical, petrochemical and liquified natural gas (LNG) liquefaction.
Significant growth in the food and beverage industry is one of the key factors creating a positive outlook for the market. Due to changing lifestyles, dietary patterns and hectic schedules, consumers are increasingly opting for packed, processed and frozen ready-to-eat (RTE) food items. Furthermore, the increasing demand for compact and innovative refrigeration systems is favoring the market growth. The industrial refrigeration systems are also gaining immense traction across the globe due to improvements in the cold chain infrastructure that uses a series of cooling and freezing units for storage, production and processing applications. Additionally, various product innovations, such as the utilization of natural refrigerant-based systems and the development of units with the internet of things (IoT)-enabled monitoring systems, are acting as other growth-inducing factors. Natural refrigerants exhibit high thermodynamic properties with high energy efficiency, thereby making them suitable for industrial applications. Other factors, including rapid industrialization, along with the emerging trend of upgrading existing industrial refrigeration systems, are expected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial refrigeration system market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on component, refrigerant type and application.
Breakup by Component:
Compressor
Condenser
Evaporator
Others
Breakup by Refrigerant Type:
Ammonia
Carbon Dioxide
Hydrofluorocarbon (HFC)
Others
Breakup by Application:
Fresh Fruits and Vegetables
Meat, Poultry and Fish
Dairy Products
Beverages
Chemicals
Pharmaceuticals
Others
Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Baltimore Aircoil, Bitzer, Daikin, Danfoss, Evapco, GEA Group AG, Ingersoll-Rand, Johnson Controls, Lennox International, LU-VE Group, Mayekawa and United Technologies.
Key Questions Answered in This Report:
- How has the global industrial refrigeration system market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global industrial refrigeration system market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the refrigerant type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global industrial refrigeration system market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR112024A2465
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Industrial Refrigeration System Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Compressor
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Condenser
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Evaporator
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Refrigerant Type
- 7.1 Ammonia
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Carbon Dioxide
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Hydrofluorocarbon (HFC)
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
8 Market Breakup by Application
- 8.1 Fresh Fruits and Vegetables
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Meat, Poultry and Fish
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Dairy Products
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Beverages
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Chemicals
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Pharmaceuticals
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
- 8.7 Others
- 8.7.1 Market Trends
- 8.7.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Baltimore Aircoil
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Bitzer
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.3 Daikin
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Danfoss
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Evapco
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 GEA Group AG
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Ingersoll-Rand
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Johnson Controls
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Lennox International
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 LU-VE Group
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.11 Mayekawa
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.12 United Technologies
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.1 Baltimore Aircoil
Product Code: SR112024A2465
List of Figures
- Figure 1: Global: Industrial Refrigeration System Market: Major Drivers and Challenges
- Figure 2: Global: Industrial Refrigeration System Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Industrial Refrigeration System Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Industrial Refrigeration System Market: Breakup by Component (in %), 2023
- Figure 5: Global: Industrial Refrigeration System Market: Breakup by Refrigerant Type (in %), 2023
- Figure 6: Global: Industrial Refrigeration System Market: Breakup by Application (in %), 2023
- Figure 7: Global: Industrial Refrigeration System Market: Breakup by Region (in %), 2023
- Figure 8: Global: Industrial Refrigeration System (Compressor) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Industrial Refrigeration System (Compressor) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Industrial Refrigeration System (Condenser) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Industrial Refrigeration System (Condenser) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Industrial Refrigeration System (Evaporator) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Industrial Refrigeration System (Evaporator) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Industrial Refrigeration System (Other Components) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Industrial Refrigeration System (Other Components) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Industrial Refrigeration System (Ammonia) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Industrial Refrigeration System (Ammonia) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Industrial Refrigeration System (Carbon Dioxide) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Industrial Refrigeration System (Carbon Dioxide) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Industrial Refrigeration System (Hydrofluorocarbon-HFC) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Industrial Refrigeration System (Hydrofluorocarbon-HFC) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Industrial Refrigeration System (Other Refrigerant Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Industrial Refrigeration System (Other Refrigerant Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Industrial Refrigeration System (Fresh Fruits and Vegetables) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Industrial Refrigeration System (Fresh Fruits and Vegetables) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Industrial Refrigeration System (Meat, Poultry and Fish) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Industrial Refrigeration System (Meat, Poultry and Fish) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Global: Industrial Refrigeration System (Dairy Products) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Global: Industrial Refrigeration System (Dairy Products) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Global: Industrial Refrigeration System (Beverages) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Global: Industrial Refrigeration System (Beverages) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Global: Industrial Refrigeration System (Chemicals) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Global: Industrial Refrigeration System (Chemicals) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Global: Industrial Refrigeration System (Pharmaceuticals) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Global: Industrial Refrigeration System (Pharmaceuticals) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: Global: Industrial Refrigeration System (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: Global: Industrial Refrigeration System (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: North America: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: North America: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: United States: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: United States: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: Canada: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: Canada: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Asia Pacific: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Asia Pacific: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: China: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: China: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Japan: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Japan: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: India: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: India: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: South Korea: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: South Korea: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: Australia: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: Australia: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: Indonesia: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: Indonesia: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Others: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Others: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Europe: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Europe: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Germany: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Germany: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: France: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: France: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: United Kingdom: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: United Kingdom: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Italy: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Italy: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Spain: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Spain: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Russia: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Russia: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Others: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Others: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 76: Latin America: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 77: Latin America: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 78: Brazil: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 79: Brazil: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 80: Mexico: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 81: Mexico: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 82: Others: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 83: Others: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 84: Middle East and Africa: Industrial Refrigeration System Market: Sales Value (in Million US$), 2018 & 2023
- Figure 85: Middle East and Africa: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 86: Global: Industrial Refrigeration System Industry: SWOT Analysis
- Figure 87: Global: Industrial Refrigeration System Industry: Value Chain Analysis
- Figure 88: Global: Industrial Refrigeration System Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Industrial Refrigeration System Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Industrial Refrigeration System Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 3: Global: Industrial Refrigeration System Market Forecast: Breakup by Refrigerant Type (in Million US$), 2024-2032
- Table 4: Global: Industrial Refrigeration System Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 5: Global: Industrial Refrigeration System Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Industrial Refrigeration System Market: Competitive Structure
- Table 7: Global: Industrial Refrigeration System Market: Key Players
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