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Global Industrial Refrigeration Market to reach USD 36.02 billion by the end of 2030.

Global Industrial Refrigeration Market Size Study & Forecast, by Component (Compressor, Condenser, Control, Evaporators, Others), by Refrigerant Type (Ammonia, CO2, Others), by Application (Refrigerated Warehouses, Fruit And Vegetable Processing, Beverage Processing, Chemical, Petrochemical, and Pharmaceutical, Dairy And Ice Cream Processing, Meat, Poultry, and Fish Processing, Refrigerated Transportation), and Regional Analysis, 2023-2030

Product Code: OIRIME-19007464
Publish Date: 30-10-2023
Page: 200

Global Industrial Refrigeration Market is valued at approximately USD 20.3 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2023-2030. Industrial refrigeration refers to the specialized field of refrigeration systems and technologies used in commercial and industrial settings for the purpose of cooling and preserving huge amounts of goods, materials, or processes. The surging demand for innovative and compact refrigeration systems, increasing government support for the expansion of cold chain infrastructure, and rising inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies are the key factors that are propelling the market growth across the globe.

In addition, the spurring demand for frozen and processed food worldwide is further exhibiting a positive influence on the market growth during the estimated period. According to Statista, the frozen foods sector in 2019 was estimated to be worth around USD 272.11 billion, which is anticipated to grow and expected to reach USD 366.3 billion by the year 2026. Thus, these aforementioned factors are propelling the growth of the Industrial Refrigeration Market during the estimated period. Moreover, the growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems, as well as increasing industrialization in developing economies present various lucrative opportunities over the forecast years. However, the strict government regulations and the high initial costs and maintenance expenses are hampering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Industrial Refrigeration Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the surging demand for innovative and compact refrigeration systems, flourishing growth of food, beverages, and pharmaceutical industries, along with rising investment in technological developments. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies, as well as the rising number of government-supportive policies to strengthen cold chain infrastructure in developing countries such as India and China are significantly propelling the market demand across the region.

Major market players included in this report are:
Daikin Industries, Ltd.
Danfoss A/S
GEA Group AG
Mayekawa Mfg. Co., Ltd.
Swegon AB
Dover Corporation
Gordon Brothers Industries Pty. Ltd.
Kirby HVAC&R Pty Ltd.
LU-VE Group

Recent Developments in the Market:
Ø In June 2021, GEA Group Aktiengesellschaft signed an agreement to sell Clauger, a French family-owned business that specializes in industrial refrigeration and air-conditioning systems, its refrigeration contracting businesses in Spain and Italy.
Ø In June 2021, Johnson Controls introduced the Quantech QWC4 Water-Cooled Screw Chiller, which features variable speed drive technology to save carbon emissions and give flexibility in handling high-lift applications, to its product lineup. By directly regulating refrigerant charges and potential leak spots, the Quantech QWC4 chiller also lessens its negative effects on the environment.

Global Industrial Refrigeration Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Component, Refrigerant Type, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

By Refrigerant Type:

By Application:
Refrigerated Warehouses
Fruit And Vegetable Processing
Beverage Processing
Chemical, Petrochemical, and Pharmaceutical
Dairy And Ice Cream Processing
Meat, Poultry, and Fish Processing
Refrigerated Transportation

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Industrial Refrigeration Market, by Region, 2020-2030 (USD Billion)
1.2.2. Industrial Refrigeration Market, by Component, 2020-2030 (USD Billion)
1.2.3. Industrial Refrigeration Market, by Refrigerant Type, 2020-2030 (USD Billion)
1.2.4. Industrial Refrigeration Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Industrial Refrigeration Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Industrial Refrigeration Market Dynamics
3.1. Industrial Refrigeration Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Expansion of cold chain infrastructure Rising demand for frozen and processed food worldwide
3.1.2. Market Challenges Strict government regulations High initial costs and maintenance expenses
3.1.3. Market Opportunities Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems Increasing industrialization in developing economies
Chapter 4. Global Industrial Refrigeration Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Industrial Refrigeration Market, by Component
5.1. Market Snapshot
5.2. Global Industrial Refrigeration Market by Component, Performance – Potential Analysis
5.3. Global Industrial Refrigeration Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
5.4. Industrial Refrigeration Market, Sub Segment Analysis
5.4.1. Compressor
5.4.2. Condenser
5.4.3. Control
5.4.4. Evaporators
5.4.5. Others
Chapter 6. Global Industrial Refrigeration Market, by Refrigerant Type
6.1. Market Snapshot
6.2. Global Industrial Refrigeration Market by Refrigerant Type, Performance – Potential Analysis
6.3. Global Industrial Refrigeration Market Estimates & Forecasts by Refrigerant Type 2020-2030 (USD Billion)
6.4. Industrial Refrigeration Market, Sub Segment Analysis
6.4.1. Ammonia
6.4.2. CO2
6.4.3. Others
Chapter 7. Global Industrial Refrigeration Market, by Application
7.1. Market Snapshot
7.2. Global Industrial Refrigeration Market by Application, Performance – Potential Analysis
7.3. Global Industrial Refrigeration Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Industrial Refrigeration Market, Sub Segment Analysis
7.4.1. Refrigerated Warehouses
7.4.2. Fruit And Vegetable Processing
7.4.3. Beverage Processing
7.4.4. Chemical, Petrochemical, and Pharmaceutical
7.4.5. Dairy And Ice Cream Processing
7.4.6. Meat, Poultry, and Fish Processing
7.4.7. Refrigerated Transportation
Chapter 8. Global Industrial Refrigeration Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Industrial Refrigeration Market, Regional Market Snapshot
8.4. North America Industrial Refrigeration Market
8.4.1. U.S. Industrial Refrigeration Market Component breakdown estimates & forecasts, 2020-2030 Refrigerant Type breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Industrial Refrigeration Market
8.5. Europe Industrial Refrigeration Market Snapshot
8.5.1. U.K. Industrial Refrigeration Market
8.5.2. Germany Industrial Refrigeration Market
8.5.3. France Industrial Refrigeration Market
8.5.4. Spain Industrial Refrigeration Market
8.5.5. Italy Industrial Refrigeration Market
8.5.6. Rest of Europe Industrial Refrigeration Market
8.6. Asia-Pacific Industrial Refrigeration Market Snapshot
8.6.1. China Industrial Refrigeration Market
8.6.2. India Industrial Refrigeration Market
8.6.3. Japan Industrial Refrigeration Market
8.6.4. Australia Industrial Refrigeration Market
8.6.5. South Korea Industrial Refrigeration Market
8.6.6. Rest of Asia Pacific Industrial Refrigeration Market
8.7. Latin America Industrial Refrigeration Market Snapshot
8.7.1. Brazil Industrial Refrigeration Market
8.7.2. Mexico Industrial Refrigeration Market
8.8. Middle East & Africa Industrial Refrigeration Market
8.8.1. Saudi Arabia Industrial Refrigeration Market
8.8.2. South Africa Industrial Refrigeration Market
8.8.3. Rest of Middle East & Africa Industrial Refrigeration Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Daikin Industries, Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Danfoss A/S
9.3.3. GEA Group AG
9.3.4. Mayekawa Mfg. Co., Ltd.
9.3.5. Swegon AB
9.3.6. Dover Corporation
9.3.7. Gordon Brothers Industries Pty. Ltd.
9.3.8. EVAPCO, Inc.
9.3.9. Kirby HVAC&R Pty Ltd.
9.3.10. LU-VE Group
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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