The Industrial Refrigeration Market Size was valued at USD 21.46 billion in 2023 and is expected to reach USD 32.19 billion by 2031 and grow at a CAGR of 5.2% over the forecast period 2024-2031.
The industrial refrigeration sector stands out as a dynamic and crucial industry, meeting the escalating demand for effective cooling solutions across a variety of fields. With the continual increase in global consumption of processed foods and beverages, the importance of reliable industrial refrigeration systems has become paramount. This market assumes a critical role in safeguarding perishable goods within the food and beverage sector while ensuring the stability of temperature-sensitive pharmaceuticals and chemicals. The diverse applications of industrial refrigeration highlight its significance in sustaining product quality and safety across various sectors. This market is extensive, spanning a broad array of industries and applications, each requiring specialized cooling solutions. A noteworthy trend in this market is the substantial shift towards adopting natural refrigerants, driven by environmental concerns and the global imperative to address climate change. This transition has elevated the prominence of genuine refrigerant-based equipment, demonstrating both cost-effectiveness and alignment with initiatives focused on achieving climate-neutral practices. The market's versatility and adaptability underscore its capacity to meet the ever-evolving cooling needs of industries on a global scale, positioning it as a key player in the realm of international industrial solutions. The growth of the industrial refrigeration market is driven by factors such as the growing demand for compact and innovative refrigeration systems, increasing government support to strengthen cold chain infrastructure in developing countries, and a growing trend in eco-friendly refrigeration systems based on strict regulatory policies.
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KEY DRIVERS:
Growing governmental backing aimed at fortifying cold chain infrastructure in emerging nations.
The absence of an effective cold chain infrastructure stands as the primary contributor to food wastage and loss. Fruits, vegetables, fish, and dairy products experience a significant reduction in shelf life due to various factors including improper handling, inadequate infrastructure, limited access to cold chains, and insufficient energy resources to power these facilities. Consequently, several developing nations like China and India are increasingly embracing advanced refrigeration systems for their cold storage and cold chain networks to ensure seamless temperature-controlled transportation and storage of perishable goods, beverages, chemicals, medicines, and pharmaceuticals. Notably, in China, robust government initiatives aimed at developing and enhancing cold storage warehouses and refrigerated transportation systems, particularly in major urban centers such as Shanghai and Beijing, are propelling growth within the industrial refrigeration industry.
RESTRAINTS:
Substantial upfront costs and additional expenditures.
The installation of industrial refrigeration systems typically entails significant expenses due to the high prices of essential components such as compressors, condensers, and evaporators. Moreover, the incorporation of sophisticated control systems further drives up the installation costs. Additionally, certain refrigerants like ammonia and specific hydrocarbons are known for their flammable and corrosive properties. Exposure to concentrated ammonia can result in toxic effects and pose life-threatening risks if inhaled, necessitating the use of safety equipment when handling ammonia-based refrigeration systems. Apart from the initial installation outlay, other factors contribute to increased operational costs, including regular maintenance, staff training, and substantial energy consumption. These additional expenses act as a significant constraint on market growth.
OPPORTUNITIES:
Increasing preference for cascade refrigeration systems based on carbon dioxide and ammonia (CO2/NH3).
Ammonia and carbon dioxide are distinguished as refrigerants due to their ease of use, cost-effectiveness, and widespread availability. Specifically, cascade refrigeration systems based on carbon dioxide and ammonia are applied in environments requiring low temperatures. These versatile systems are available in capacities ranging from 25 to 1,500 tons, accommodating diverse applications such as process plate freezers, spiral freezers, refrigerated warehouses, and blast freezers. The structure of cascade systems typically incorporates two separate one-stage refrigeration cycles, each utilizing a distinct refrigerant. This configuration proves advantageous in situations where the heat rejection temperature and refrigeration temperature exhibit significant disparities, presenting challenges in finding a single refrigerant with suitable properties. In CO2/NH3-based cascade refrigeration systems, carbon dioxide serves in low-temperature circuits, while ammonia is employed in high-temperature circuits, optimizing efficiency and adaptability across a spectrum of industrial applications
CHALLENGES:
Shortage of qualified staff and safety considerations.
The recent upsurge in the adoption of natural refrigerant-based systems signifies a global commitment to eco-friendly practices, with governments actively endorsing these technologies to counter the detrimental effects of synthetic refrigerants on both global warming and ozone layer depletion. This positive trend reflects a growing awareness of the necessity for sustainable and climate-conscious refrigeration solutions. Despite the commendable shift towards natural refrigerants, a notable challenge arises from the shortage of skilled on-site personnel capable of effectively and safely managing these advanced systems. These substances provide environmental benefits by having zero ODP and low GWP, aligning with the global push for greener technologies. It is crucial to acknowledge the inherent risks associated with ammonia, despite its environmentally friendly profile. Ammonia is recognized as a poisonous gas, and any accidental leaks in facilities could result in severe industrial accidents. Exposure to ammonia, even at lower concentrations, poses health risks such as temporary blindness, eye damage, skin diseases, or respiratory issues. Higher concentrations of ammonia can be fatal, underscoring the critical importance of proper handling and adherence to safety protocols.
The growing demand for industrial refrigeration systems in the FMCG industry is driving the market growth dramatically, due to increased consumption of packaged & processed foods and beverages in developing countries and prevention of spoilage of processed foods and beverages. In addition, the increasing trend of developing cold and compact storage infrastructure in the whole emerging economy is driving market growth. However, high energy efficiency and high investment in industrial refrigeration systems disrupt the market growth of industrial refrigerators. In addition, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were severely affected. Production activities were also suspended or severely restricted. manufacturing and transportation operations, as well as their supply chains are hampered at the international level. As a result, the manufacturing of refrigeration systems has decreased, thus disrupting the industrial refrigeration sector. Although, food and beverage, wastewater treatment plants and pharmaceutical companies were fully operational, leading to the stabilization of the industrial refrigeration market. Gradually, however, all industries resume production and their services. This is expected to lead the re-initiation of refrigeration companies with their full potential, which is expected to help the market begin to recover by 2022.
IMPACT OF RUSSIAN-UKRAINE WAR
The Russia-Ukraine crisis has sent shockwaves across global markets and industries, casting indirect repercussions on the industrial refrigeration market through significant shifts in energy, agriculture, and global trade dynamics. The crisis triggered heightened defense expenditures in regions proximate to the conflict, potentially influencing budgets and priorities across various sectors, including investments in industrial infrastructure and technology. Moreover, the conflict gave rise to an increase in cyberattacks, primarily originating from Russia, posing potential threats to the security and operations of industrial systems, including refrigeration networks.
Corporate entities have undergone revaluations of their engagements in Russia, with numerous Western and Asian companies scaling back or withdrawing, thereby potentially disrupting the supply chains and partnerships vital to the industrial refrigeration market. Furthermore, while the initial shocks of the invasion, such as spikes in agricultural prices, have somewhat stabilized, ongoing challenges in global trade and the potential for increased food insecurity due to the conflict could impact the demand for refrigeration in the agricultural sector. The crisis has exacerbated a food security dilemma, particularly affecting countries heavily reliant on Ukrainian and Russian agricultural exports. Blockades and disruptions in these exports have led to heightened food prices, potentially influencing the global demand for refrigeration to preserve and store food products. Additionally, the war has contributed to soaring energy and fertilizer prices, directly affecting operational costs in industries, including refrigeration, which heavily depends on energy.
IMPACT OF ECONOMIC SLOWDOWN
Despite the prevailing economic downturn impacting various sectors, the industrial refrigeration market is poised for growth, showcasing remarkable resilience. This positive trend is supported by factors including an elevated demand for processed foods, progressions in refrigeration technologies, and a growing focus on energy-efficient solutions. The compressor segment is anticipated to experience substantial growth, driven by rapid industrialization and an escalating demand for environmentally friendly, oil-free compressors within the HVAC industry. The food & beverage sector retains its prominence as a dominant application, propelled by growing disposable income and a preference for eco-friendly refrigeration systems. A notable trend toward the adoption of natural refrigerants like ammonia and carbon dioxide, fueled by environmental considerations, is evident. Geographically, North America is forecasted to lead the way, buoyed by e-commerce expansion and the burgeoning cold storage industry, while the Asia-Pacific region, particularly in China and India, anticipates significant growth in cold chain storage facilities. In essence, the industrial refrigeration market displays resilience in the face of economic challenges, driven by technological advancements, sustainability imperatives, and the indispensable role of refrigeration in key industries.
BY TYPE
Transport Refrigeration
Stationary Refrigeration
The industrial refrigeration market is segmented into stationary refrigeration and transport refrigeration. The stationary refrigeration segment took precedence in terms of revenue within the industrial refrigeration market, while the transport refrigeration segment is anticipated to experience growth at a higher Compound Annual Growth Rate (CAGR) during the forecast period. Stationary refrigeration systems, being immovable and permanently fixed, are characterized by larger sizes and capacities compared to their transport counterparts. The accelerated establishment of refrigerated warehouses for the storage and processing of food and beverages has spurred the demand for industrial stationary refrigeration. Conversely, the surge in the trade of perishable goods is propelling the growth of transport refrigeration.
BY COMPONENT
Evaporator
Compressor
Control
Condenser
Other
The industrial refrigeration market is structured around segments such as compressor, condenser, control, and others. In terms of revenue, the compressor segment dominated the industrial refrigeration market, while the other sector is projected to experience a more rapid Compound Annual Growth Rate (CAGR) during the forecast period. Compressors serve as crucial components in refrigeration systems, consuming substantial energy. Consequently, leading manufacturers are focusing on developing compressors that not only provide energy efficiency but also ensure reliable and long-term refrigeration.
Moreover, as refrigeration systems play a vital role and necessitate advanced functionalities, the demand for diverse control systems is on the rise. Modern control systems are integral to achieving automated, energy-efficient, and dependable operation of refrigeration systems, contributing to the heightened demand for varied control systems in the market.
BY REFRIGERANT TYPE
Hydroflurocarbon (HFC)
Ammonia
Carbon Dioxide
Other
The industrial refrigeration market encompasses various segments including ammonia, carbon dioxide, hydrofluorocarbons (HFC)and others. The ammonia segment emerged as the dominant force in terms of revenue within the industrial refrigeration market, while the carbon dioxide segment is anticipated to exhibit notable growth with a higher Compound Annual Growth Rate (CAGR) during the forecast period. Ammonia, being a natural refrigerant, has garnered increased demand due to its environmentally benign nature. Additionally, the phasing out of Hydrofluorocarbon (HFC) refrigerants from commercial applications due to mounting environmental concerns such as ozone layer depletion and global warming has further propelled the demand for ammonia. Furthermore, carbon dioxide, characterized by its affordability and widespread availability derived from hydrocarbon combustion, is poised to maintain a high CAGR throughout the forecast period.
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BY CAPACITY
<100 kW
100-500 kW
500kW-1,000kW
1,000kW-5,000kW
>5,000 kW
BY APPLICATION
Dairy And Ice Cream
Meat, Poultry, and Fish Processing
Beverage
Petrochemical
Chemical
Pharmaceutical
Based on Application, the industrial refrigeration market is subdivided into Refrigerated Warehouses, Refrigerated Transportation, Fruit And Vegetable, Dairy And Ice Cream, Meat, Poultry, and Fish Processing, Beverage, Petrochemical, Chemical and Pharmaceutical.
The meat, poultry, and fish segment secured a larger market share, attributed to heightened consumption driven by the increased disposable income of consumers. However, the pharmaceuticals segment is poised to exhibit a higher growth rate throughout the forecast period. This growth is fueled by the heightened demand for chemicals across diverse manufacturing industries, encompassing textiles, petrochemicals, electronics, plastics, and other sectors.
During the forecast period, the Asia-Pacific (APAC) region is expected to emerge as the swiftest-growing market for industrial refrigerators. This growth is attributed to the burgeoning pharmaceutical sector in the region, complemented by governmental backing for the establishment of a robust cold chain and preservation infrastructure. APAC countries, including India, China, and Japan, are witnessing an expansion in refrigerated storage capacity. Moreover, the various governments in the APAC region actively support the Montreal Protocol program, aimed at eliminating environmentally harmful freezers, thereby creating substantial opportunities for providers of natural refrigeration-based systems. Consequently, the government's commitment to enhancing cold chain management systems is anticipated to play a pivotal role in advancing the industrial refrigerator market in the APAC region.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major key players in the industrial refrigeration market are Daikin Industries, Emerson Electric, GEA Group, Ingersoll Rand, Carrier, Danfoss, Evapco, Johnson Controls, LU-VE Group and Mayekawa & Other Players.
Emerson Electric-Company Financial Analysis
In June 2021: Johnson Controls expanded its product lineup by introducing the Quantech QWC4 Water-Cooled Screw Chiller. This chiller utilizes variable speed drive technology to mitigate carbon emissions and enhance adaptability in managing high-lift applications. The Quantech QWC4 chiller goes further in minimizing environmental impact by directly overseeing refrigerant charges and addressing potential leak points.
In June 2021: GEA Group Aktiengesellschaft finalized an agreement to divest its refrigeration contracting operations in Spain and Italy to Clauger, a French family-owned company specializing in industrial refrigeration and air-conditioning systems.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 21.46 billion |
| Market Size by 2031 | US$ 32.19 billion |
| CAGR | CAGR of 5.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Transport Refrigeration, Stationary Refrigeration) • By Component (Evaporator, Compressor, Control, Condenser, Other) • By Refrigerant Type (Hydrofluorocarbon (HFC), Ammonia, Carbon Dioxide, Other) • By Capacity (<100>5,000 Kw) • By Application (Fruit And Vegetable, Dairy And Ice Cream, Meat, Poultry, And Fish Processing, Beverage, Petrochemical, Chemical, Pharmaceutical) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Daikin Industries, Emerson Electric, GEA Group, Ingersoll Rand, Carrier, Danfoss, Evapco, Johnson Controls, LU-VE Group and Mayekawa |
| Key Drivers | • Growing governmental backing aimed at fortifying cold chain infrastructure in emerging nations. |
| Restraints | • Substantial upfront costs and additional expenditures. |
The Industrial Refrigeration Market size was valued at USD 21.46 billion in 2023 at a CAGR of 5.2%.
The market value is expected to reach USD 32.19 billion by 2031.
The market has been segmented with respect to type, product type, technology, industry vertical and application.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.9 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Industrial Refrigeration Market Segmentation, by Type
9.1Introduction
9.2 Transport Refrigeration
9.3 Stationary Refrigeration
10. Industrial Refrigeration Market Segmentation, by Component
10.1Introduction
10.2 Evaporator
10.3 Compressor
10.4 Control
10.5 Condenser
10.6 Other
11. Industrial Refrigeration Market Segmentation, by Refrigerant Type
11.1 Introduction
11.2 Hydroflurocarbon (HFC)
11.3 Ammonia
11.4 Carbon Dioxide
11.5 Other
12. Industrial Refrigeration Market Segmentation, by Capacity
12.1 Introduction
12.2 <100 kW
12.3 100-500 kW
12.4 500kW-1,000kW
12.5 1,000kW-5,000kW
12.6 >5,000 kW
13. Industrial Refrigeration Market Segmentation, by Application
13.1 Introduction
13.2 Fruit and Vegetable
13.3 Dairy and Ice Cream
13.4 Meat, Poultry, and Fish Processing
13.5 Beverage
13.6 Petrochemical
13.7 Chemical
13.8 Pharmaceutical
14. Regional Analysis
14.1 Introduction
15.2 North America
15.2.1 USA
15.2.2 Canada
15.2.3 Mexico
15.3 Europe
15.3.1 Eastern Europe
15.3.1.1 Poland
15.3.1.2 Romania
15.3.1.3 Hungary
15.3.1.4 Turkey
15.3.1.5 Rest of Eastern Europe
15.3.2 Western Europe
15.3.2.1 Germany
15.3.2.2 France
15.3.2.3 UK
15.3.2.4 Italy
15.3.2.5 Spain
15.3.2.6 Netherlands
15.3.2.7 Switzerland
15.3.2.8 Austria
15.3.2.9 Rest of Western Europe
15.4 Asia-Pacific
15.4.1 China
15.4.2 India
15.4.3 Japan
15.4.4 South Korea
15.4.5 Vietnam
15.4.6 Singapore
15.4.7 Australia
15.4.8 Rest of Asia Pacific
15.5 The Middle East & Africa
15.5.1 Middle East
15.5.1.1 UAE
15.5.1.2 Egypt
15.5.1.3 Saudi Arabia
15.5.1.4 Qatar
15.5.1.5 Rest of the Middle East
15.5.2 Africa
15.5.2.1 Nigeria
15.5.2.2 South Africa
15.5.2.3 Rest of Africa
15.6 Latin America
15.6.1 Brazil
15.6.2 Argentina
15.6.3 Colombia
15.6.4 Rest of Latin America
16. Company Profiles
16.1 Daikin Industries
16.1.1 Company Overview
16.1.2 Financials
16.1.3 Products/ Services Offered
16.1.4 SWOT Analysis
16.1.5 The SNS View
16.2 Emerson Electric
16.2.1 Company Overview
16.2.2 Financials
16.2.3 Products/ Services Offered
16.2.4 SWOT Analysis
16.2.5 The SNS View
16.3 GEA Group
16.3.1 Company Overview
16.3.2 Financials
16.3.3 Products/ Services Offered
16.3.4 SWOT Analysis
16.3.5 The SNS View
16.4 Ingersoll Rand
16.4 Company Overview
16.4.2 Financials
16.4.3 Products/ Services Offered
16.4.4 SWOT Analysis
16.4.5 The SNS View
16.5 Carrier
16.5.1 Company Overview
16.5.2 Financials
16.5.3 Products/ Services Offered
16.5.4 SWOT Analysis
16.5.5 The SNS View
16.6 Danfoss
16.6.1 Company Overview
16.6.2 Financials
16.6.3 Products/ Services Offered
16.6.4 SWOT Analysis
16.6.5 The SNS View
16.7 Evapco
16.7.1 Company Overview
16.7.2 Financials
16.7.3 Products/ Services Offered
16.7.4 SWOT Analysis
16.7.5 The SNS View
16.8 Johnson Controls
16.8.1 Company Overview
16.8.2 Financials
16.8.3 Products/ Services Offered
16.8.4 SWOT Analysis
16.8.5 The SNS View
16.9 LU-VE Group
16.9.1 Company Overview
16.9.2 Financials
16.9.3 Products/ Services Offered
16.9.4 SWOT Analysis
16.9.5 The SNS View
16.10 Mayekawa
16.10.1 Company Overview
16.10.2 Financials
16.10.3 Products/ Services Offered
16.10.4 SWOT Analysis
16.10.5 The SNS View
17. Competitive Landscape
17.1 Competitive Benchmarking
17.2 Market Share Analysis
17.3 Recent Developments
17.3.1 Industry News
17.3.2 Company News
17.3.3 Mergers & Acquisitions
18. USE Cases and Best Practices
19. Conclusion
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