Industrial Refrigeration Systems Market Growth Outlook Through 2024-2033

Overview and Scope

Industrial refrigeration system refers to tools and accessories designed to take heat away from big operations or big materials, bringing the temperature down to a suitable level. They are commonly used in cold storage, dairy processing, and beverage production.

Sizing and Forecast

The industrial refrigeration systems market size has grown strongly in recent years. It will grow from $21.96 billion in 2023 to $23.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%.  The  growth in the historic period can be attributed to environmental regulations, energy efficiency concerns, globalization of supply chains, market consolidation, changing consumer preferences.

The industrial refrigeration systems market size is expected to see strong growth in the next few years. It will grow to $30.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.  The growth in the forecast period can be attributed to rising demand for cold storage, adoption of natural refrigerants, renewable energy integration, strategic partnerships and alliances, regulatory emphasis on energy efficiency. Major trends in the forecast period include green refrigerants adoption, energy efficiency, digitalization and iot integration, customization and modularization, regulatory compliance and safety, focus on cold chain logistics.

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Segmentation & Regional Insights

The industrial refrigeration systems market covered in this report is segmented –

1) By Component: Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Diaphragm Compressors, Evaporators, Condensers, Controls

2) By Refrigerant: Ammonia, Carbon Dioxide

3) By Application: Refrigerated Warehouse, Refrigerated Transportation, Beverage Processing, Dairy and Ice cream Processing

North America was the largest region in the Industrial Refrigeration System in 2023. The regions covered in the industrial refrigeration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Growing demand for frozen and processed food is expected to propel the growth of the industrial refrigeration system market going forward. Frozen food refers to food that has been frozen quickly and is maintained frozen until it is used, whereas processed food refers to a food item that has gone through several mechanical or chemical processes to change or preserve it. Industrial refrigeration systems are used in food processing for cooling large amounts of water used in the process. For instance, according to the American Frozen Food Institute, a US-based national trade association for the frozen food industry, the sales of frozen food in 2021 increased by 1 percent from 2020. Further, according to the Agricultural and Processed Food Products Export Development Authority (APEDA), processed food product exports increased from $11,671 million in the 2020-21 period to $13,261 million in the 2021-22 period. Therefore, the growing demand for frozen and processed food is driving the industrial refrigeration system market.

Key Industry Players

Major companies operating in the industrial refrigeration system market are focused on developing technological innovations, such as refrigeration-as-a-service (RaaS), to gain a competitive edge in the market. Refrigeration-as-a-Service (RaaS) is a subscription-based model where businesses rent refrigeration equipment and services from a provider instead of purchasing and maintaining them themselves. For instance, in September 2023, Carrier Corporation, a US-based provider of intelligent climate and energy solutions, launched a Refrigeration-as-a-Service (RaaS) solution. The RaaS solution is designed to help food retailers of all sizes improve efficiency, reliability, cost performance, and overall business resilience. It is also backed by a novel performance guarantee, which ensures that customers receive the refrigeration performance they need to keep the food products fresh and safe. Customers only pay for refrigeration performance when it is being used, which can help to reduce energy costs and improve overall efficiency.

The industrial refrigeration systems market report table of contents includes:

1. Executive Summary

2. Industrial Refrigeration Systems Market Characteristics

3. Industrial Refrigeration Systems Market Trends And Strategies

4. Industrial Refrigeration Systems Market – Macro Economic Scenario

5. Global Industrial Refrigeration Systems Market Size and Growth

..

31. Global Industrial Refrigeration Systems Market Competitive Benchmarking

32. Global Industrial Refrigeration Systems Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Industrial Refrigeration Systems Market

34. Industrial Refrigeration Systems Market Future Outlook and Potential Analysis

35. Appendix

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