The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The growth of the food and beverage processing industry especially in developing countries are expected to drive innovation in industrial refrigeration equipment manufacturing, thus driving the market during the forecast period.

The global industrial refrigeration equipment market is expected to grow from $35.58 billion in 2022 to $37.02 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The global industrial refrigeration equipment market size is expected to grow to $42.5 billion in 2027 at a CAGR of 3.5%.

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Global Industrial Refrigeration Equipment Market Segments Include:

• By Equipment Type: Condenser, Compressor, Evaporator, Controls
• By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon
• By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Other End-User Industries
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global industrial refrigeration equipment market in 2021.

Major Market Players in the industrial refrigeration equipment market include Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand PLC., Lennox International Inc., Danfoss A/S.

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 a 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 May 2021, MIRAI INTEX, an Czechia-based engineering company that manufacture ultra-low temperature refrigerators for the pharmaceutical industry launched MIRAI Cold 80 T, which is an eco-friendly ultra-low temperature refrigeration system. MIRAI Cold 80 T uses only air as a refrigerant and does not use oil for lubrication, making it the most environmentally friendly Ultra-Low Temperature (ULT) refrigeration solution. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.

The Industrial Refrigeration Equipment Global Market Report 2023  provides a industrial refrigeration equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial refrigeration equipment market forecast analyzes industrial refrigeration equipment market size, industrial refrigeration equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The industrial refrigeration equipment refers to the cold storage equipment that is designed to contain and use refrigerant gas to establish or maintain colder than ambient temperatures in a confined space, used in commercial settings.

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