PUBLISHER: The Business Research Company | PRODUCT CODE: 1664415
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664415
An industrial refrigeration system is a set of tools and accessories designed to extract heat from large-scale operations or substantial materials, lowering the temperature to an appropriate level. These systems find common application in cold storage, dairy processing, and beverage production.
The primary constituents of an industrial refrigeration system include compressors, rotary screw compressors, centrifugal compressors, reciprocating compressors, diaphragm compressors, evaporators, condensers, and controls. Compressors are specialized products engineered to mechanically elevate the pressure, temperature, and energy level of a refrigerant vapor as part of a transcritical CO2 refrigeration cycle or an economized vapor compression cycle. Ammonia and carbon dioxide serve as the refrigerants in various applications, such as refrigerated warehouses, refrigerated transportation, beverage processing, and dairy and ice cream processing.
The industrial refrigeration system market research report is one of a series of new reports from The Business Research Company that provides industrial refrigeration system market statistics, including industrial refrigeration system industry global market size, regional shares, competitors with an industrial refrigeration system market share, detailed industrial refrigeration system market segments, market trends and opportunities, and any further data you may need to thrive in the industrial refrigeration system industry. This industrial refrigeration system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial refrigeration systems market size has grown strongly in recent years. It will grow from $23.27 billion in 2024 to $24.78 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to environmental regulations, energy efficiency concerns, globalization of supply chains, market consolidation, changing consumer preferences.
The industrial refrigeration systems market size is expected to see strong growth in the next few years. It will grow to $32.36 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising demand for cold storage, adoption of natural refrigerants, renewable energy integration, strategic partnerships and alliances, regulatory emphasis on energy efficiency. Major trends in the forecast period include green refrigerants adoption, energy efficiency, digitalization and IoT integration, customization and modularization, regulatory compliance and safety, focus on cold chain logistics.
The increasing demand for frozen and processed foods is anticipated to drive the growth of the industrial refrigeration system market in the future. Frozen food refers to products that have been rapidly frozen and kept frozen until consumption, while processed food denotes items that have undergone various mechanical or chemical processes to alter or preserve them. Industrial refrigeration systems are utilized in food processing to cool large quantities of water required in the production process. For example, in October 2023, the American Frozen Food Institute, a US-based national trade association for the frozen food sector, reported that frozen food sales reached $74.2 billion, reflecting strong consumer demand and market stability. More than 38% of shoppers regularly buy frozen foods, appreciating their convenience and nutritional benefits. Furthermore, 66% of core consumers view the frozen food aisle as offering healthier options, underscoring a growing consumer focus on health. Therefore, the rising demand for frozen and processed foods is propelling the industrial refrigeration system market.
The expanding pharmaceutical industry is expected to contribute significantly to the growth of the industrial refrigeration system market in the coming years. This industry is involved in the discovery, development, manufacturing, and marketing of pharmaceutical drugs aimed at treating and preventing diseases and enhancing quality of life globally. Industrial refrigeration systems are essential in the pharmaceutical sector for maintaining precise temperature and humidity levels for pharmaceutical products throughout their manufacturing, storage, and distribution stages. For instance, in August 2024, the Government of Canada, a federal administration in Canada, indicated that domestic exports in the pharmaceutical trade increased from 10.71 billion in 2021 to 12.79 billion in 2022. Consequently, the growing pharmaceutical industry is driving the expansion of the industrial refrigeration system market.
A noteworthy trend in the industrial refrigeration system market is the focus on product innovation, particularly the adoption of new environmentally friendly refrigerants. Major companies in the market are incorporating low global warming potential (GWP) refrigerants into their industrial refrigeration system offerings. For example, in November 2022, the Chemours Company partnered with Bohn de Mexico to launch industrial refrigeration solutions with low GWP refrigerants. The BOHN Ecoflex condensing units utilize non-ozone depleting (ODP) and low GWP refrigerants such as OpteonTM XL20 (R-454 C), OpteonTM XL40 (R-454A), and OpteonTM XL10 (R-1234yf), emphasizing environmental responsibility.
Companies in the industrial refrigeration system market are also focusing on technological innovations, such as refrigeration-as-a-service (RaaS), to gain a competitive edge. RaaS is a subscription-based model where businesses rent refrigeration equipment and services instead of purchasing and maintaining them. In September 2023, Carrier Corporation launched a Refrigeration-as-a-Service (RaaS) solution aimed at helping food retailers enhance efficiency, reliability, cost performance, and overall business resilience. The innovative solution comes with a performance guarantee, ensuring customers receive the required refrigeration performance when needed, allowing for reduced energy costs and improved efficiency.
In February 2022, Evapco, a US-based manufacturing company specializing in heat transfer applications, acquired Systemes LMP for an undisclosed amount. This acquisition broadened Evapco's portfolio by adding carbon dioxide-based industrial refrigeration systems. Systemes LMP, based in Canada, is a provider of high-efficiency industrial refrigeration systems.
Major companies operating in the industrial refrigeration systems market include Johnson Controls International PLC, GEA Group Aktiengesellschaft, Daikin Industries Ltd., EVAPCO Inc., Bitzer Kuhlmaschinenbau GmbH, LU-VE GROUP, Guntner GmbH & Co. KG., Star Refrigeration Ltd., Emerson Electric Co., Lennox International Inc., Mayekawa Manufacturing Co. Ltd., Dover Corporation, Ingersoll Rand plc, Linde, M&M Systems Inc., MAN Energy Solutions, Mark Refrigeration Equipment Company, MTI Micro-Tech International Inc., Parker Hannifin Corporation, Polycold Systems Inc., Enviro Tech International Inc., Refrigeration Engineering Corporation, Rivacold S.r.l., SCM Frigo Group S.r.l., Sterling Cryogenics BV., Trane Technologies plc, United Technologies Corporation, Vilter Manufacturing Corporation, Vogt Ice Machine Co., Weiss Umwelttechnik GmbH
North America was the largest region in the Industrial Refrigeration System in 2024. The regions covered in the industrial refrigeration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the industrial refrigeration systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial refrigeration system market consists of revenues earned by entities by providing industrial refrigeration system services such as equipment repair and personnel training. The market value includes the value of related goods sold by the service provider or included within the service offering. The industrial refrigeration system market consists of sales of industrial refrigeration system equipment such as compressors, condensers, evaporators, and heat pumps, which are used in providing industrial refrigeration system services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Refrigeration Systems Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial refrigeration systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial refrigeration systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial refrigeration systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.