Industrial Refrigeration Market
Report ID: SQMIG45B2201
Report ID: SQMIG45B2201
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Report ID:
SQMIG45B2201 |
Region:
Global |
Published Date: January, 2025
Pages:
162
|Tables:
92
|Figures:
74
Global Industrial Refrigeration Market size was valued at USD 22.53 Billion in 2024 and is poised to grow from USD 23.61 Billion in 2025 to USD 34.36 Billion by 2033, growing at a CAGR of 4.8% during the forecast period (2026–2033).
The industrial refrigeration market growth is primarily driven by the increased demand for new and small sizes of refrigeration systems; growing government support to strengthen cold chain infrastructure in developing economies; and more demand for eco-friendly refrigerant-based refrigeration systems due to strong regulatory policies. Increasing consumption of processed and packaged food & beverages along with the need to avoid spoilage is further boosting the industrial refrigeration market growth. Widespread concerns over global warming impacts have compelled manufacturers to prioritize natural refrigerants instead of harmful coolants. The forecast period is expected to be affected by the introduction of better and advanced cold chain systems worldwide.
This type of refrigeration is used for sectors like food & beverage, retailing, processing, and chemicals. This includes systems commonly used in applications, including cooling storage of cold food areas, beverage processing, dairy processing along with ice rinks as well as large industrial applications. It assists in heat extraction from materials as well as large-scale processes, whereby you can bring the temperature down to a specific level. Globally, online grocery sales are expanding at a speedier rate than traditional grocery market channels. Cold chains also address spoilage on the farm to decrease food loss at such an early stage, through solutions ranging from evaporator/passive coolers to absorption refrigerators. The market is also growing due to agro-climatic conditions, including extreme heat and high temperatures.
Market snapshot - 2026-2033
Global Market Size
USD 21.5 billion
Largest Segment
Compressor
Fastest Growth
Condenser
Growth Rate
4.8% CAGR
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Global Industrial Refrigeration Market is segmented by Component, Refrigerant Type, Application and region. Based on Component, the market is segmented into Compressor, Condenser, Evaporator, Control, Vessel Pump, Valves and Auxiliary Equipment. Based on Refrigerant Type, the market is segmented into Ammonia, CO2 and Others. Based on Application, the market is segmented into Refrigerated Warehouses, Fruit And Vegetable Processing, Beverage Processing, Chemical, Petrochemical, and Pharmaceutical, Dairy And Ice Cream Processing, Meat, Poultry, and Fish Processing and Refrigerated Transportation. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The compressor segment is dominating the market with largest industrial refrigeration market share. This is because it is a critical element, responsible for driving the efficiency and performance of cooling systems across different industrial applications. They are essential in circulating the refrigerant, compressing the gas to high pressure, and making it a step for them as part of its refrigeration cycle. The increasing number of food and beverage sectors, development in cold chain transportation, and a plethora of large manufacturing plants are driving the need for compressors. This is because it requires effective heavy-duty cooling machinery to sustain the properties of product or keep it within the safety/legal requirement range. The segment is also driven by the modern technological developments including energy-efficient variable-speed compressors and specialized designs that give lesser carbon footprint. To improve monitoring and predictive maintenance, companies are focused on R&D as well as integration of IoT-based solutions.
According to industrial refrigeration market analysis, the condenser market is witnessing the fastest growth. This is because the condensers plays a crucial role in allowing the heat to be dissipated from the cooling system, which directly impacts both the performance and lifespan of these equipment. A condenser works by removing heat and transforming it into a gas; the gas then returns to a liquid. So, it plays an important role in the refrigeration cycle. Demand is mainly driven by the pharmaceutical, petrochemical and large cold storage industries as all of these sectors need reliable, high density cooling systems. As the need for environmental sustainability increases, condenser technologies are evolving so that they consume less energy, have longer lifespans, and pose lower emission output.
According to end use, the food & beverage segment is dominating the market in terms of revenue in the market and is likely to lead the market during the industrial refrigeration market forecast. With rise in disposable income and swelling number of working professionals, demand for frozen and processed food products has never been higher. As global food consumption continues to increase, the industry now requires industrial refrigeration systems capable of consistently processing large quantities of food in an efficient and effective manner. Hence, organizations are designing enhanced industrial refrigeration systems that can cater to the specific requirements of food and beverage industry.
Refrigerated warehouse segment is witnessing the fastest growth with a rapidly increasing industrial refrigeration market size. This is because the world population has increased and the requirement for more frozen and processed goods has risen in recent decades, numerous refrigerate warehouses around the globe have been erected fitted with modern equipment. The global cold chain alliance (GCCA) states that there are 616 million cubic meters of refrigerated warehouse space in the world. India government promotes cold chain facility construction through its Value Addition and Preservation Infrastructure, Mega Food Park as well as Scheme for Cold Chain programs. Due to these cold storage and warehouse infrastructure development initiatives in developing nations, industrial refrigeration systems utilized for refrigerated warehouse applications are anticipated to rise throughout the forecast period.
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As per the industrial refrigeration market analysis, North America is dominating the global market. The contribution of different types of businesses and industries is one reason why North America is considered an important market globally for industrial refrigeration systems. They include food and beverage, pharmaceuticals, chemicals, and cold storage plants. Along with the strict regulations regarding food safety and quality, the robust infrastructure of the region significantly contributes to high demand for industrial refrigeration in this region. This is due to the contribution of industrial refrigeration systems to regional demand, supported by vibrant infrastructure in the region.
The Asia-Pacific region is expected to witness the fastest growth during the industrial refrigeration market forecast. The market in this region is growing at a rapid pace thanks to the expansion of cold chain storage infrastructure in Japan, India, and China. China is the largest producer of fruits and vegetables worldwide while India ranks second. Agricultural products in both China and India are exported to different regions of the globe. Government bodies are also implementing several programs to enhance cold storage management along with refrigeration and refrigerated warehouse management system within their countries. The requirement for refrigeration across several industries such as pharmaceuticals, food & beverages and cold chain logistics has led to the growth in the size of industrial refrigeration systems market in China. Moreover, the increasing number of cold storage centers and growing need for effective refrigeration technologies are driving the growth of the industrial refrigeration systems market in India.
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Increasing Adoption of Variable Speed Compressors
Shift towards Eco-Friendly Refrigerants
High Energy Consumption and Operating Expense
Lack of Accessibility
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The industrial refrigeration industry is a volatile and competitive terrain characterised by several players competing for their share of the marketplace. These players are on constantly competing to mark their presence through means of promoting strategic schemes such as partnerships, mergers and acquisitions, along with political backing. The companies are concentrating on developing a new product line that has the potential to reach millions of people in various areas. This market is accustomed to quickly accelerating growth by means of mergers and acquisitions. Industry leaders can expand product offerings or tap into new markets through strategic alliances with other industry players or technology providers. All these methods are leading to competitive practices, innovation, and understand customer behavior. Industry leading are moving towards natural refrigerants like ammonia and CO2 with much less climate impact potential than traditional synthetic refrigerants.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, industrial refrigeration industry growth is driven by rise in demand for cold storage facilities & refrigerated warehouse applications across various industries, including beverages, chemicals, petrochemicals and cold-chain logistics. The popularity of CO2 refrigeration is increasing as they are effective, environmentally friendly, and energy-efficient. Advanced industrial refrigeration is incorporating big data, artificial intelligence (AI) and machine learning to enhance their overall efficiency and functionality. Refrigerants, such as ammonia and carbon dioxide are commonly employed in the industrial refrigeration operations. The adoption of the variable speed drive, heat recovery system, and renewable energy sources like solar wind power to minimize carbon footprint together with operational costs allows energy-efficient industrial refrigeration in various industries.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 22.53 Billion |
| Market size value in 2033 | USD 34.36 Billion |
| Growth Rate | 4.8% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Industrial Refrigeration Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Refrigeration Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Refrigeration Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Refrigeration Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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