Industrial Refrigeration Equipment Global Market To Reach Value Of $50 Billion In 2025

The industrial refrigeration equipment market consists of sales of industrial refrigeration equipment by entities (organizations, sole traders and partnerships) that produce industrial refrigeration equipment such as chillers, refrigeration compressors, condensers, cooling towers, and others, which are used in food, distillery, dairy and other industries. Only goods and services traded between entities or sold to end consumers are included.

Global Industrial Refrigeration Equipment Market Size And Drivers:

The global industrial refrigeration equipment market is expected to grow from $37.9 billion in 2020 to $38.84 billion in 2021 at a compound annual growth rate (CAGR) of 2.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $50.37 billion in 2025 at a CAGR of 6.7%. The growth of the food and beverage processing industry especially in developing countries is expected to drive the industrial refrigeration equipment market.

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Trends In The Global Industrial Refrigeration Equipment Market

The trend of adoption of environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming and have low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants. For instance, in 2019, M&M Refrigeration and Carnot Refrigeration entered into a partnership to create eco-friendly refrigeration solutions. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.

Global Industrial Refrigeration Equipment Market Segments:
The global industrial refrigeration equipment market is further segmented –
By Equipment Type: Condenser, Compressor, Evaporator, Controls
By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Others
By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon
By Geography: The global industrial refrigeration equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Industrial Refrigeration Equipment Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides industrial refrigeration equipment market overviews, analyzes and forecasts market size and growth for the global industrial refrigeration equipment market, industrial refrigeration equipment market share, industrial refrigeration equipment market players, industrial refrigeration equipment market segments and geographies, industrial refrigeration equipment market’s leading competitors’ revenues, profiles and market shares. The industrial refrigeration equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.