Industrial Refrigeration Equipment Market Growth Report & Industry Analysis by 2030

Industrial Refrigeration Equipment Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Mechanical-Compression Refrigeration Systems, Evaporative Cooling, Absorption, and Thermoelectric), Refrigerant Type [Ammonia–R717, Carbon Dioxide (CO2)–R744, and Hydrocarbons–HCs], and Application (Food and Beverages, Pharmaceutical, Chemical and Petrochemical, District Cooling, Data Centres, Electricity Production, and Others)

Publication Month : Sep 2023

  • Report Code : TIPRE00030033
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 208
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[Research Report] The industrial refrigeration equipment market size is valued at US$ 19.1 billion in 2022 and is expected to reach US$ 36.8 billion by 2030; it is estimated to record a CAGR of 8.5% from 2022 to 2030.

Analyst Perspective:

Industrial refrigeration equipment manufacturers are focused on designing environment-friendly products with improved chilling efficiency. Furthermore, the rising deployment of energy-efficient systems to reduce operating costs and environmental impact is becoming a major trend in the market. Stringent regulations regarding food safety and quality drive the need for reliable refrigeration solutions, which leads to the increased deployment of IoT-integrated, advanced control systems and environment-friendly refrigerants. Further, the rise in global trade and e-commerce is expanding the need for efficient cold-chain transportation of various products. Hence, industries are increasingly adopting greener technologies such as natural refrigerants, which are environment friendly, to align with sustainability goals. This factor is fueling the industrial refrigeration equipment market growth.

Industrial Refrigeration Equipment Market Overview:

The industrial refrigeration equipment market is a crucial segment across industries. The market has grown steadily due to increasing demand for cold storage, preservation, and transporting perishable goods. Industrial refrigeration equipment is used in a broad range of products used in industrial applications, such as chemical processing, cold storage, and food and beverages, where the materials are required to be kept in a temperature-controlled environment. Furthermore, the usage of industrial refrigeration equipment is rapidly increasing in beverage production, food processing, process cooling, and HVAC applications. Thus, the growing number of applications in the food & beverages, pharmaceuticals, and chemical industries fuels the global industrial refrigeration equipment market. The market growth is also attributed to the growing approval of natural refrigerants, increasing efforts toward attaining energy efficiency in advanced countries, and a fast-expanding processed food industry. The demand for industrial refrigeration equipment is growing for cold storage applications in various food and beverage companies. In the pharmaceutical industry, R&D initiatives for manufacturing new drugs require industrial refrigeration equipment for storing samples. However, rising fuel costs are restricting the market growth.

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Industrial Refrigeration Equipment Market: Strategic Insights

Market Size Value inUS$ 19.1 billion in 2022
Market Size Value byUS$ 36.8 billion by 2030
Growth rateCAGR of 8.5% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Industrial Refrigeration Equipment Market Driver:

Increasing Demand for Cold Chain Infrastructure Drives Industrial Refrigeration Equipment Market Growth

The expansion of online grocery and e-commerce delivery services is driving the demand for efficient cold chain logistics. Companies such as Amazon Fresh and Instacart rely on refrigerated warehouses, delivery vans, and last-mile refrigeration solutions to ensure that the products are delivered to customers in optimal condition. Hence, several companies with cold-chain logistics are increasing their capabilities. For instance, in December 2022, a 5,000 metric-ton capacity cold-storage facility commenced operation in Assam, India. This cold storage facility is the largest in the Northeastern region of the country. These facilities significantly require various refrigeration systems; therefore, many companies in the refrigeration market have launched their refrigeration products for the cold-chain industry.

In addition, consumers increasingly seek fresher and healthier food products, which is surging the demand for fruits, vegetables, dairy, seafood, and other perishable items. To meet these preferences, retailers and producers invest in cold chain infrastructure to maintain product integrity. Various types of equipment are used to maintain temperature-controlled environments, from refrigerated trucks to cold storage warehouses. Thus, the demand for fresh produce and frozen goods across various regions in the food industry necessitates a robust cold chain infrastructure. Cold storage warehouses equipped with temperature control systems enable these businesses to store larger quantities of goods for longer periods, reducing wastage and meeting consumer demands. According to the International Institute for Refrigeration, ~1.661 million metric ton of food produced can be refrigerated. However, only 47% is refrigerated due to a lack of cold storage and infrastructure, leading to 13% of total food production losses. Hence, many countries such as China and India are adopting refrigeration systems for cold storage applications to avoid such losses. Therefore, the demand for cold chain infrastructure is growing due to the increasing international trade of perishable goods, the expanding food industry, and rising consumer expectations for fresh products, which is driving the industrial refrigeration equipment market growth.

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Industrial Refrigeration Equipment Market Segmental Analysis:

Based on refrigerant type, the industrial refrigeration equipment market is segmented into ammonia–R717, carbon dioxide (CO2)–R744, and hydrocarbons–HCs. The ammonia–R717 segment held the largest share of the industrial refrigeration equipment market. R717 (Ammonia) is one of the most prevalent refrigerants used in industrial cooling. The refrigerant selection is made on the basis of process parameters such as cooling temperature requirement, plant nature, location condensing, pressure, and efficiency or availability. R717 is an environment-friendly, natural refrigerant. It has a self-alarming pungent odor. Ammonia has an energy-efficient vapor compression cycle. Also, it can be used in conjunction with other secondary fluids, such as water or glycol, for absorption cooling applications. All these properties of ammonia result in less energy consumption and longer life expectancy, leading to reduced operational costs during the full life cycle. Ammonia is widely used in large industrial plants, where its advantages can be completely utilized without compromising the safety of the personnel working with the refrigeration installation. Ammonia has favorable thermodynamic properties. It has zero ODP and zero GWP. Equipment and installation costs remain a challenge for various companies. This is likely to lead to the growth of the industrial refrigeration equipment market during the forecast period.

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Industrial Refrigeration Equipment Market Regional Analysis:

The North America industrial refrigeration equipment market size was valued at US$ 5,611.33 million in 2022 and is projected to reach US$ 10,959.87 million by 2030; it is expected to register a CAGR of 8.7% from 2022 to 2030. The North America industrial refrigeration equipment market is segmented into the US, Canada, and Mexico. The US held the largest share of the industrial refrigeration equipment market in North America in 2022. In the US, various manufacturers of industrial refrigerators are developing products and controller technology for the CO2 industrial refrigeration system. In January 2022, Logix Controls, a US-based manufacturer, launched its refrigeration system controller specifically designed for industrial CO2 refrigeration systems. The Logix controller has been developed in partnership with the South African CO2 refrigeration consultancy—Future Green Now (FGN). Logix Controller and Future Green Now (FGN) are focused on developing industrial refrigeration controllers due to the growing use of CO2 refrigeration systems in industrial applications in the US. The new CO2 system controller minimizes the energy consumption of large industrial CO2 system operations and ensures the safest operation.

Industrial Refrigeration Equipment Market Key Player Analysis:

Samifi France SAS, Johnson Controls International Plc, Jean Paumier et Fils Ets, Danfoss AS, Honeywell International Inc, Copeland LP, Evapco Inc, Mayekawa Australia Pty Ltd, and BITZER Kuhlmaschinenbau GmbH are among the key players operating in the industrial refrigeration equipment market.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the industrial refrigeration equipment market. A few recent key industrial refrigeration equipment market developments are listed below:

  • In April 2022, Honeywell announced that Sinopharm Shanghai Biomedical Co., Ltd.—a subsidiary of China National Pharmaceutical Group Co., Ltd. (Sinopharm)—has adopted Honeywell Solstice N40 (R-448A) refrigerant. The energy-efficient, low global-warming-potential (GWP) solution will be used for cold storage of Sinopharm vaccines used in Shanghai, including the company’s COVID-19 vaccine.
  • In February 2022, Evapco Inc. acquired Systèmes LMP, Canada, a CO2 refrigeration systems manufacturer. Evapco expects the strategic alliance to support its efforts to meet growing market demand for environmentally sustainable refrigeration systems using natural refrigerants. The acquisition strengthens its chiefly ammonia-based industrial technology offerings through expansion into LMP’s carbon dioxide expertise and product offerings.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Refrigerant Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions

What will be the global market size for industrial refrigeration equipment market by 2030?

The industrial refrigeration equipment market is expected to reach US$ 36.8 bn by 2030

What is the incremental growth of the global industrial refrigeration equipment market during the forecast period?

The incremental growth, expected to be recorded for the industrial refrigeration equipment market during the forecast period, is US$ 17.6 billion.

Which is the fastest growing regional market?

APAC is anticipated to grow with the highest CAGR over the forecast period

What are the future trends of the global industrial refrigeration equipment market?

The smart and connected refrigeration systems is emerging as a future trend of the global industrial refrigeration equipment market.

What are the driving factors impacting the global industrial refrigeration equipment market?

The increasing demand for cold chain infrastructure, growing inclination towards eco-friendly refrigerant-based refrigeration system, and growing pharma industry are the major factors that propel the industrial refrigeration equipment market growth.

Which are the key players holding the major market share of global industrial refrigeration equipment market?

The key players, holding majority shares, in industrial refrigeration equipment market includes Johnson Controls, Danfoss A/S, Carrier, and Honeywell International Inc.

What is the estimated global market size for the global industrial refrigeration equipment market in 2022?

The global industrial refrigeration equipment market was estimated to be USD 19.1 billion in 2022 and is expected to grow at a CAGR of 8.5%, during the forecast period 2022 - 2030.

The List of Companies - Industrial Refrigeration Equipment Market

  1. Samifi France SAS
  2. Johnson Controls International Plc
  3. Jean Paumier et Fils Ets
  4. Danfoss AS
  5. Honeywell International Inc
  6. Copeland LP
  7. Evapco Inc
  8. Mayekawa Australia Pty Ltd
  9. BITZER Kuhlmaschinenbau GmbH
  10. Carrier Global Corp

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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