The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Industrial Refrigeration Equipment Global Market Report 2024 offers crucial insights into the industrial refrigeration equipment market help businesses analyse and build stronger strategies.

The industrial refrigeration equipment market has witnessed a steady increase in size, progressing from $33.53 billion in 2023 to $34.92 billion in 2024, marking a commendable Compound Annual Growth Rate (CAGR) of 4.1%. This growth in the historic period can be attributed to key factors such as industrialization, the imperative for food safety and regulations, the evolution of cold chain logistics, and the growing focus on environmental concerns.

Sustainable Growth Trajectory

The trajectory of the industrial refrigeration equipment market is poised for continued growth, with an anticipated expansion to $40.27 billion in 2028, boasting a CAGR of 3.6%. The forecasted growth is fueled by factors including population expansion, the surge in retail and e-commerce, rising demand for process cooling, the need for cold storage in pharmaceuticals and biotechnology, and a robust retrofit and replacement market. Emerging trends in this forecast period encompass technological advancements, the adoption of green refrigerants, IoT and smart refrigeration, cold chain optimization, and the rise of modular and scalable solutions, including hybrid refrigeration systems.

Driving Force: Food and Beverage Processing

A significant driver for the industrial refrigeration equipment market is the burgeoning food and beverage processing industry, especially in developing countries. The global significance of this industry is underscored by the fact that, on average, 90% of produced food is processed in developed countries like the USA. The food-processing sector in India, for instance, is growing at an impressive rate of 8% annually. The surge in demand for processed and convenience meat products, driven by changing lifestyles, contributes to the increasing importance of industrial refrigeration systems in keeping these products fresh and healthy.

Key Players Shaping the Market

Major companies contributing to the growth of the industrial refrigeration equipment market include industry stalwarts like Johnson Controls Inc., Emerson Electric Co., Danfoss A/S, GEA Group AG, and many more. These companies play a pivotal role in shaping the market landscape and driving innovation.

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The Rise of Environmentally-Friendly Refrigerants

A notable trend within the market is the increasing adoption of environmentally-friendly refrigerants. With a growing focus on environmental concerns such as ozone layer depletion and global warming, the industry is witnessing a shift towards refrigerants that do not contribute to these issues. For example, MIRAI INTEX introduced an eco-friendly ultra-low temperature refrigeration system using only air as a refrigerant, reinforcing the trend toward more sustainable solutions.

Strategic Acquisitions: Johnson Controls and M&M Carnot

In June 2023, Johnson Controls, a prominent player in the market, strategically acquired M&M Carnot. This move is expected to bolster Johnson Controls’ sustainable industrial refrigeration portfolio, enabling them to better serve their expanding customer base. M&M Refrigeration Inc. specializes in natural refrigeration solutions with ultra-low global warming potential (GWP), aligning with the industry’s shift towards sustainability.

Market Segmentation for Precision

The industrial refrigeration equipment market is diverse and segmented based on various criteria:

1. Equipment Type:
   • Condenser
   • Compressor
   • Evaporator
   • Controls
2. Refrigerant Type:
   • Ammonia
   • Carbon Dioxide
   • Hydrofluorocarbon
3. End-User Industry:
   • Food and Beverage
   • Refrigerated Warehouse
   • Chemical, Petrochemical
   • Pharmaceutical
   • Refrigerated Transportation
   • Other End-User Industries

Regional Dynamics: Asia-Pacific Takes the Lead
In 2023, Asia-Pacific emerged as the largest region in the industrial refrigeration equipment market. This dominance is attributed to factors like increased industrialization, rising disposable incomes, and a growing demand for cold chain solutions in the region.

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The Industrial Refrigeration Equipment Global Market Report 2024  provides a comprehensive outlook of the industrial refrigeration equipment market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial refrigeration equipment market forecast offers a thorough analysis on industrial refrigeration equipment market size, industrial refrigeration equipment market share, prominent players and their strategies.

The Table Of Content For The Industrial Refrigeration Equipment Market Include:

1. Industrial Refrigeration Equipment Market Executive Summary
2. Industrial Refrigeration Equipment Market Segments
3. Industrial Refrigeration Equipment Market Size And Industrial Refrigeration Equipment Market Growth Rate
4. Key Industrial Refrigeration Equipment Market Trends
5. Major Industrial Refrigeration Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Industrial Refrigeration Equipment Market
26. Top Industrial Refrigeration Equipment Companies
27. Industrial Refrigeration Equipment Market Opportunities And Strategies
28. Industrial Refrigeration Equipment Market, Conclusions And Recommendations
29. Appendix

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