Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Industrial Refrigeration Market size was valued at USD 23.18 billion in 2024 and is set to exceed USD 44.25 billion by 2037, registering over 5.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of immunoglobulin replacement therapy is evaluated at USD 24.13 billion. The rising demand for processed and packaged food items is surging the use of industrial refrigeration to prevent food from spoiling. The revenue generated from the global sales of packaged food amounted to more than USD 2 trillion in 2019.
Industrial refrigeration is the process of cooling using large-scale cooling systems to remove the extra heat from the materials and lowers the temperature to achieve a desired temperature value. The surge in natural refrigerants owing to the rising need for environmental protection along with the recent shift towards energy-efficient facility designs are predicted to create positive opportunities for revenue generation.
Global Industrial Refrigeration Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Number of Cold Chain Warehouses - With the rising focus on increasing the shelf life of temperature-sensitive products, the demand for industrial refrigeration has also increased which drives market growth.
- Increasing Food Wastage – Owing to the inefficiency in the handling of food, a huge amount of food products is wasted even before they reach the hands of the customers. This brings the need for highly-efficient industrial refrigeration for preventing food wastage. As per the data shared by the United Nations in 2022, almost 17% of food is wasted from global food production.
- Escalation in the Production of Perishable Goods – Rapid urbanization has led to the development of perishable goods which requires high-quality industrial refrigeration for increasing their shelf life.
- Increased Penetration of Artificial Intelligence – Digital transformation has increased the penetration of artificial intelligence, the Internet of Things (IoT), and other automation processes have propelled the introduction of the latest industrial refrigeration for numerous processes. The number of Internet of Things devices in the world is projected to double from 10 billion in 2020 to 30 billion in 2030.
Challenges
- High Installation Cost – The deployment of industrial refrigeration is expensive owing to the high cost of the components being used such as compressors, condensers, and evaporators. Furthermore, the technology and systems used in industrial refrigeration increase the cost.
- Lack of Skilled Professionals for Operating
- Rising Concern Regarding Safety
Industrial Refrigeration Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.1% |
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Base Year Market Size (2024) |
USD 23.18 billion |
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Forecast Year Market Size (2037) |
USD 44.25 billion |
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Regional Scope |
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Industrial Refrigeration Segmentation
Component (Compressors, Condensers, Evaporators, Controls, Others)
The industrial refrigeration market from compressors segment is poised to grow at a significant rate and hold the largest value of 32% in 2037. Compressors have an important role to play in increasing refrigerant vapor pressure in a condenser that ensures suitable temperature and pressure. The rising focus on manufacturing innovative compressor solutions to meet the efficiency of the industrial refrigeration system is expected to create a positive outlook for segment expansion.
Application (Refrigerated Warehouse, Food & Beverage, Chemical & Petrochemical, Pharmaceutical, Refrigerated Transportation)
The food & beverage segment is estimated to grow the highest and hold the largest market share of 34% by the end of the forecast timeline. The increasing working population around the world has increased the demand for ready-to-eat food items and beverages which requires proper industrial refrigerant systems for protection.
Our in-depth analysis of the market includes the following segments:
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Component |
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Capacity |
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Refrigerant Type |
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Type |
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Application |
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Customize this ReportGlobal Industrial Refrigeration Industry - Regional Synopsis
North America Market Forecast
North America industry is expected to hold largest revenue share of 35% by 2037. The key factor responsible for the increment in market value is the rising government initiatives such as the Significant New Alternatives Policy (SNAP) and American Innovation and Manufacturing (AIM) Act encourage food manufacturers to use natural industrial refrigerant solutions to avoid food wastage.
Asia Pacific Market Analysis
The Asia Pacific industrial refrigerant market value is set to grow at a significant share registering about 24% by the end of 2037. The growing spending capacity of consumers has led to increasing demand for food items and other commodities which have less shelf-life which has escalated the demand for industrial refrigerant for protecting the products. Also, the rising living standards of the people living in the region are estimated to favor market value expansion.
Top Featured Companies Dominating the Global Industrial Refrigeration Market
- Johnson Controls
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Emerson Electric Co.
- GEA Group Aktiengesellschaft
- Danfoss A/S
- Mayekawa Group of Companies
- Daikin Industries, Ltd.
- BITZER Kühlmaschinenbau GmbH
- EVAPCO Inc.
- Guntner GmbH & Co. KG
- LU-VE S.p.A
In the News
- Johnson Controls has successfully acquired Hybrid Energy AS, a provider of high-temperature energy management solutions that focuses on heat pumps for district heating and industrial processes. The acquisition allows the company to bring new innovative solutions for consumers while addressing de-carbonization and sustainability.
- Emerson Electric Co. has decided to donate its unique and sustainable refrigeration architecture that was developed at its Helix Innovation Center in Dayton, Ohio, to the city’s Gem City Market. This will ensure the delivery of safe, high-quality food to the consumers.
Author Credits: Abhishek Verma
- Report ID: 4970
- Published Date: Dec 06, 2024
- Report Format: PDF, PPT
