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 industrial refrigeration systems market has experienced robust growth in recent years, driven by various factors such as environmental regulations, energy efficiency concerns, and changing consumer preferences. With the market size projected to reach $23.45 billion in 2024 and expected to grow to $30.32 billion by 2028, it’s essential to delve into the key drivers, trends, and segments shaping this dynamic industry.

Market Dynamics

• Historic Growth Factors:
  • Environmental regulations
  • Energy efficiency concerns
  • Globalization of supply chains
  • Market consolidation
  • Changing consumer preferences
• Forecasted Growth Drivers:
  • Rising demand for cold storage
  • Adoption of natural refrigerants
  • Renewable energy integration
  • Strategic partnerships and alliances
  • Regulatory emphasis on energy efficiency

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Major Trends

• Green Refrigerants Adoption
• Energy Efficiency
• Digitalization and IoT Integration
• Customization and Modularization
• Regulatory Compliance and Safety
• Focus on Cold Chain Logistics

Surging Demand For Frozen And Processed Food Boosts Growth
The increasing demand for frozen and processed food is a significant catalyst for the industrial refrigeration system market. Notable points include:

• Frozen Food Sales: Sales increased by 1% in 2021 from the previous year.
• Processed Food Exports: Exports surged from $11,671 million to $13,261 million between 2020-2022.
• Utilization in Food Processing: Industrial refrigeration systems are crucial for cooling large water amounts in food processing.

Environment-Friendly Innovation
Product innovation, particularly focusing on environmentally friendly refrigerants, is gaining traction:

• Partnerships for Eco-friendly Solutions: For instance, Chemours partnered with Bohn de Mexico to launch low GWP refrigeration solutions.
• Use of Non-Ozone Depleting Refrigerants: Opteon XL20, Opteon XL40, and Opteon XL10 are among the environmentally friendly refrigerants utilized.

Evapco Strengthens Portfolio Through Acquisition
Evapco’s acquisition of Systèmes LMP in February 2022 highlights strategic moves within the market:

• Addition of Carbon Dioxide-Based Systems: The acquisition enhances Evapco’s portfolio with high-efficiency industrial refrigeration systems.
• Expansion of Offerings: Evapco broadens its range of products to cater to diverse market needs.

Market Segmentation
The industrial refrigeration systems market is segmented based on:

1. Component:
   • Compressors
   • Evaporators
   • Condensers
   • Controls
2. Refrigerant:
   • Ammonia
   • Carbon Dioxide
3. Application:
   • Refrigerated Warehouse
   • Refrigerated Transportation
   • Beverage Processing
   • Dairy and Ice cream Processing

Regional Insights

• North America: Emerged as the largest region in the Industrial Refrigeration System market in 2023.

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The Industrial Refrigeration Systems Global Market Report 2024  provides an overview of the industrial refrigeration systems market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial refrigeration systems market forecast analyzes industrial refrigeration systems market size, industrial refrigeration systems market share, leading competitor and their market positions.

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