Industrial Refrigeration Systems Market Size - By Component (Compressor, Condenser, Evaporator, Controls), By Refrigerant (Ammonia, CO2, HFC), By Application (Food & Beverage, Chemical & Petrochemical, Pharmaceutical, Utility) & Forecast, 2023 – 2032

Industrial Refrigeration Systems Market Size

Industrial Refrigeration Systems Market size is expected to grow at over 5% CAGR during 2023 and 2032. The expanding global population and changing dietary habits have increased the need for reliable & efficient cold storage solutions to preserve perishable goods. With increasing proportion of working professionals, the lifestyle has changed with more hectic schedules. These consumers prefer ready-to-eat and frozen food products. As per the World Bank data, the global labor force reached 3.45 billion in 2021 with an employment growth rate of 2.3%.
 

Stringent regulations on food safety pushing the product adoption. The government bodies are implementing strict FMCG policies to ensure that food products meet specific health and safety requirements before they reach consumers. Industrial refrigeration systems help maintain consistent and safe temperatures during food processing, storage, and transportation, thus preventing bacterial growth and preserving product integrity. These factors are pushing the growth of industrial refrigeration systems industry growth.
 

Industrial Refrigeration Systems Market Growth Drivers & Restraints

The advancements in technology, such as the development of eco-friendly refrigerants and the integration of Internet of Things (IoT) in refrigeration systems, have significantly improved energy efficiency & operational capabilities, attracting more businesses to invest in advanced industrial refrigeration solutions. Additionally, ongoing operational and maintenance expenses can also pose financial challenges. The hesitance among the businesses to make the initial investment and rather stick to tradition cooling systems will act as a deterrent, restraining the overall market growth.

COVID-19 Impact

During the COVID-19 pandemic, as the countries implemented lockdowns and restrictions to contain the spread of the virus, numerous industries faced disruptions in operations, affecting the demand for industrial refrigeration systems. The foodservice and hospitality sectors experienced a decline in demand due to reduced consumer footfall and restaurant closures, leading to a temporary dip in the product adoption for commercial purposes. However, as the pandemic brought attention to the importance of maintaining food safety and hygiene, the demand for cold storage and pharmaceutical refrigeration systems witnessed a surge from healthcare and pharmaceuticals sector, generating revenues for the market.

Industrial Refrigeration Systems Market Trends

As the world continues to prioritize environmental responsibility, the adoption of eco-friendly refrigerants and energy-efficient systems has become a prominent trend. The integration of smart technologies, such as the Internet of Things (IoT) and data analytics, has enabled remote monitoring, predictive maintenance, and improved system performance. Furthermore, manufacturers are increasingly emphasizing modular and scalable designs, providing customers with flexible & customized solutions to meet their specific cooling needs. As industries continue to innovate and address the challenges posed by climate change, these trends are expected to drive the future development in the industrial refrigeration systems industry.

Industrial Refrigeration Systems Market Analysis

The compressor segment of industrial refrigeration systems market is showcase significant growth through 2032 as they play a vital role in heat transfer and cooling processes. The compressor manufactures are focus on developing products with enhanced energy efficiency, minimal carbon emissions, and reduced maintenance requirements. As industries prioritize sustainable practices and seek higher-performing refrigeration solutions, there will be wider adoption of compressors with unique advantages in terms of capacity, efficiency, and application suitability.

The CO2 refrigerant segment of industrial refrigeration systems industry is gaining traction presently due to its eco-friendly nature. CO2, also known as R-744, is a natural refrigerant with low global warming potential (GWP) and zero ozone depletion potential (ODP). CO2 refrigerant systems offer high energy efficiency and have become particularly popular in commercial refrigeration and industrial cooling applications. The advancements in technology and engineering have made CO2 systems more accessible and viable for various industries, making it a promising refrigerant that aligns with the demands for greener cooling solutions.

The industrial refrigeration systems market size from food & beverage application will grow considerably during 2023 and 2032. With a rising global population and changing consumer preferences, there has been an increasing demand for processed and frozen food products, driving the need for efficient & reliable refrigeration solutions. From large-scale cold storage facilities to refrigerated transportation, the food & beverage sector heavily relies on these systems to ensure the availability of fresh and safe food products worldwide. As the food & beverage sector continue to grow across the world, the focus on food safety, sustainability, and energy efficiency will sharpen, boosting the demand for commercial refrigeration solutions.

North America industrial refrigeration systems market is poised to observe strong growth, driven by a well-established industrial infrastructure and a robust food & beverage industry. As per the study conducted by Network Science Institute of Northeaster University, 73% of the U.S. food supply chain is ultra-processed. The growing demand for processed and frozen food products from the regional population, coupled with stringent regulations on food safety and environmental sustainability, has led to increased adoption of efficient and eco-friendly refrigeration systems. Moreover, advancements in technology, emphasis on reducing carbon emissions through sustainable practices, and preference for modern refrigeration solutions will favor the regional market outlook.

Industrial Refrigeration Systems Market Share

Major companies operating in the global industrial refrigeration systems market are:

• M&M Systems, Inc.
• Johnson Controls
• Ingersoll-Rand
• United Technologies Corporation
• EVAPCO, Inc.
• Bitzer
• Industrial Frigo SRL
• Emersion
• Frick India Limited
• GEA
• Daikin Industries Ltd.
• Dorin
• Howden Group
• Danfoss
• Kirloskar Group
   

Industrial Refrigeration Systems industry News

• In July 2023, Advansor, a prominent manufacturer of CO2 climate solutions, unveiled two new sustainable refrigeration systems: ValuePack Light and Low Superheat. These cutting-edge systems aim to enhance energy efficiency and cater to the specific demands of the food retail market.
   
• In July 2023, Enel X, an energy demand response specialist, was awarded $3.7 million in funding by the Australian Renewable Energy Agency (ARENA). The funding will be utilized to demonstrate and expand flexible energy demand solutions within the commercial and industrial refrigeration sector.
   

This industrial refrigeration system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 t0 2032 for the following segments:

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Market, By Component

• Compressor
• Condenser
• Evaporator
• Controls
• Others

Market, By Refrigerant

• Ammonia
• CO2
• HFC
• Others

Market, By Application

• Food & Beverage
• Chemical & Petrochemical
• Pharmaceutical
• Utility
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa