Industrial Refrigeration Market Size

Industrial Refrigeration Market size was valued at USD 20.86 Billion in 2023 and is likely to reach USD 38.85 Billion by the end of 2036, expanding at around 4.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial refrigeration is assessed at USD 22.95 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.