What will be the Industrial Refrigeration Systems market size in 2028?

Industrial Refrigeration Systems Industry Overview

The global industrial refrigeration systems market size was valued at USD 18.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2028.

The increasing demand for industrial refrigeration systems is attributed to the rising use of packaged and processed foods and drinks worldwide and the growing need to prevent them from spoilage. Global warming concerns have shifted manufacturers’ focus from harmful coolants to natural refrigerants. Since natural refrigerants are climate-neutral and inexpensive to produce, the demand for natural refrigerant-based equipment has increased significantly, creating numerous growth opportunities for the market.

Gather more insights about the market drivers, restrains and growth of the Global Industrial Refrigeration Systems Market

The emerging trend of improved and enhanced cold chain systems across the globe is expected to positively impact the market over the forecast period. This is largely attributed to the growing share of online grocery sales worldwide. Moreover, the cold chains play an important role for the post-harvest industry as it helps to minimize harvest spoilage with the help of technologies, such as absorption refrigerators and passive/evaporator coolers. Agroclimatic conditions such as excessive heat and high temperatures are also contributing to the market growth. However, the deployment of cold chains is low in developing countries due to lesser budgets allocated for advanced equipment.

Key players in the industrial refrigeration systems market are investing in technological advancements to develop simplified systems. These user-friendly applications and solutions offer information related to refrigerator systems. For instance, in March 2021, Emerson Electric Co. partnered with Carrier, a provider of sustainable and safe buildings and cold chain solutions, to offer advanced solutions from its cold chain and air conditioning business, including valves, sensors, and compressors. Furthermore, the prevalence of Artificial Intelligence (AI), Internet of Things (IoT), and next-generation technology in refrigeration systems offer lucrative opportunities for the market. For instance, in February 2021, Emerson Electric Co. introduced Lumity, a supervisory control platform for facility and refrigeration management. The platform simplifies operational complexities and streamlines facility management by allowing top-down visibility.

The increased deployment of natural refrigerants, such as Carbon dioxide (CO2), Ammonia (NH3), and others, has helped to reduce the emission of harmful gases that contribute to global warming. Manufacturers have shifted their focus from the thermodynamic features of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP) as the awareness of harmful hazards has increased among consumers. As a result, the global demand for natural refrigerant-based industrial equipment has grown in recent years. Key players in the industry are widely adopting natural refrigerants as a step toward social responsibility to minimize the depletion of the ozone layer. For instance, in October 2020, GEA Group Aktiengesellschaft launched an upgraded version of Purger that deploys propane (R290) and is used to eliminate non-condensable gases from refrigerated solutions. The natural refrigerant R290 is easy to install and has a low GWP, which allows the technology to comply with the new F-Gas regulations laid down by the European Union.

The COVID-19 pandemic has resulted in the temporary shutdown of various industrial operations owing to social distancing norms imposed by governments worldwide. On the other hand, the deployment of refrigerated transportation systems witnessed a boom during this period due to the need for vaccine preservation in large quantities for controlling the spread of the virus. The U.S. Centers for Disease Control and Prevention (CDC) has provided specific guidelines for the proper storage of vaccines, suggesting the deployment of pharmaceutical-grade or purpose-built units designed to either freeze or refrigerate. The agency recommends maintaining the temperature between -50°C and -15°C for freezers and 2°C and 8°C for refrigerators. Moreover, the constant demand for storage and distribution of vaccines as well as effective pharmaceuticals has stabilized the market.

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Industrial Refrigeration Systems Market Segmentation

Grand View Research has segmented the global industrial refrigeration systems market based on component, capacity, application, and region:

  • Industrial Refrigeration Systems Component Outlook (Revenue, USD Billion, 2018 – 2028)
    • Compressors
      • Rotary Screw Compressors
      • Centrifugal Compressors
      • Reciprocating Compressors
      • Other Compressors
    • Condensers
    • Evaporators
    • Controls
    • Others
  • Industrial Refrigeration Systems Capacity Outlook (Revenue, USD Billion, 2018 – 2028)
    • Less than 100 kW
    • 100-500 kW
    • 500kW-1,000kW
    • 1,000kW-5,000kW
    • More than 5,000 kW
  • Industrial Refrigeration Systems Application Outlook (Revenue, USD Billion, 2018 – 2028)
    • Refrigerated Warehouse
    • Food & Beverage
    • Chemical, Petrochemical, & Pharmaceutical
    • Refrigerated Transportation
  • Industrial Refrigeration Systems Regional Outlook (Revenue, USD Billion, 2018 – 2028)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • MEA

Market Share Insights

  • January 2021: Daikin North America LLC, a subsidiary of DAIKIN INDUSTRIES, Ltd., acquired ABCO, a leading distributor of refrigeration and HVAC systems in the U.S. With this acquisition, the company aimed to strengthen its reach in New Jersey, New York, and other surrounding states of the U.S. via ABCO branches.
  • January 2019: Johnson Controls expanded the capacity of its YZ magnetic bearing centrifugal industrial chiller, with 1,000 tons (3,516 kW) and 1,350 tons (4,747 kW) refrigeration capacity.

Key Companies profiled:

Some prominent players in the Industrial Refrigeration Systems market include

  • Johnson Controls
  • Emerson Electric Co.
  • Danfoss
  • GEA Group Aktiengesellschaft
  • MAYEKAWA MFG. CO., LTD.
  • BITZER Kühlmaschinenbau GmbH
  • DAIKIN INDUSTRIES, Ltd.
  • EVAPCO, Inc.
  • Güntner GmbH & Co. KG
  • LU-VE S.p.A.

Order a free sample PDF of the Industrial Refrigeration Systems Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Industrial Refrigeration Systems Industry Overview The global industrial refrigeration systems market size was valued at USD 18.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2028. The increasing demand for industrial refrigeration systems is attributed to the rising use of packaged and processed foods…

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