How Has the Industrial Refrigeration Systems Market Evolved Historically and What is its Current Size?
The industrial refrigeration systems market has seen considerable growth due to a variety of factors.
• In the past few years, there has been substantial growth in the industrial refrigeration systems market. This market, which had a value of $23.27 billion in 2024, is set to increase to $24.78 billion in 2025, showing a compound annual growth rate (CAGR) of 6.5%. Factors contributing to this growth during the historic period include environmental laws, energy efficiency worries, globalisation of supply chains, market consolidation, and shifts in consumer tastes.
What Is The Projected Growth Of The Industrial Refrigeration Systems Market?
The Industrial Refrigeration Systems market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the industrial refrigeration systems market is projected to experience substantial growth, swelling to $32.36 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%.
Several factors contributing to this projected growth during the forecast period include an increased need for cold storage, the use of natural refrigerants, integration of renewable energy, strategic alliances and partnerships, and an emphasis on energy efficiency from regulatory bodies. Key trends for the same period are the adoption of green refrigerants, energy efficiency, integration of digitalization and IoT, customization and modularization, adherence to regulatory compliance and safety standards, and an enhanced focus on cold chain logistics.
What Are The Key Drivers Fueling Growth In The Industrial Refrigeration Systems Market?
The industrial refrigeration system market is anticipated to experience significant growth due to the rising demand for frozen and processed food. Frozen food is defined as food that is quickly frozen and remains so until consumed, while processed food refers to a food product that has undergone numerous mechanical or chemical procedures for either alteration or preservation. In food processing, industrial refrigeration systems serve a crucial role by chilling the large quantities of water used in the processes. As an illustration, the American Frozen Food Institute, a national trade organization for the frozen food industry based in the US, reported in October 2023, frozen food sales were at a robust $74.2 billion, a testimony to steady market conditions and strong consumer demand. More than 38% of shoppers are regular buyers of frozen food, recognizing their ease of use and nutritional advantages. Moreover, a considerable 66% of primary consumers view the frozen food section as a provider of healthier options, underscoring a growing health consciousness among consumers. Hence, the surging demand for frozen and processed food is propelling the industrial refrigeration system market.
What Are The Principal Market Segments In The Global Industrial Refrigeration Systems Industry?
The industrial refrigeration systems market covered in this report is segmented –
1) By Component: Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Diaphragm Compressors, Evaporators, Condensers, Controls
2) By Refrigerant: Ammonia, Carbon Dioxide
3) By Application: Refrigerated Warehouse, Refrigerated Transportation, Beverage Processing, Dairy And Ice Cream Processing
Subsegments:
1) By Compressors: Technology, Refrigerant Type, Capacity
2) By Rotary Screw Compressors: Oil-Flooded, Dry Screw
3) By Centrifugal Compressors: Radial Flow, Axial Flow
4) By Reciprocating Compressors: Open-Type Compressors, Hermetic Compressors, Semi-Hermetic Compressors
5) By Diaphragm Compressors: Single-Stage Diaphragm Compressors, Multi-Stage Diaphragm Compressors
6) By Evaporators: Direct Expansion Evaporators, Flooded Evaporators, Shell And Tube Evaporators
7) By Condensers: Air-Cooled Condensers, Water-Cooled Condensers, Evaporative Condensers
8) By Controls: Electronic Controllers, Mechanical Controllers, Pressure Controls, Temperature Controls
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Which Emerging Market Trends Are Altering The Industrial Refrigeration Systems Industry?
The rising trend in the industrial refrigeration system market is product innovation. To stay competitive, major companies in this market are paying attention to the incorporation of eco-friendly refrigerants in their offerings. In a recent development in November 2022, the Chemours Company, an American chemical firm collaborated with Bohn de Mexico, a Mexican industrial refrigeration technology manufacturer. They introduced industrial refrigeration solutions with a low global warming potential (GWP). Bohn de Mexico, with its latest BOHN Ecoflex condensing units line, utilizes refrigerants Opteon XL20 (R-454 C), Opteon XL40 (R-454 A) and Opteon XL10 (R-1234yf). These refrigerants are not damaging to the ozone layer and have low GWP. Leveraging on Chemours' already existing network of authorized distributors who supply traditional fluids, this collaboration between BOHN and Chemours ensures the availability of substitute products where the systems will be installed.
Who Are the Key Players In The Industrial Refrigeration Systems Market?
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
• Güntner 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
What Are The Regional Insights Into The Industrial Refrigeration Systems Market?
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
