Global Industrial Refrigeration Equipment Market Size Likely to Surpass at a CAGR of 5.21% By 2033

As per the current market research conducted by the CMI Team, the global Industrial Refrigeration Equipment Market size is expected to record a CAGR of 5.21% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 44.35 Billion. By 2033, the valuation is anticipated to reach USD 70.05 Billion.

Industrial Refrigeration Equipment Market: Growth Factors and Dynamics

• Increasing Demand for Efficient Cooling Solutions: There is a growing preference among industries for hassle-free, efficient refrigeration solutions. Industrial refrigeration equipment offers convenience with programmable features, consistent performance, and energy efficiency, driving their popularity.

• Rising Demand for Frozen and Processed Foods: The global rise in demand for frozen and processed foods, fueled by changing consumer lifestyles and preferences, boosts the market for industrial refrigeration equipment. These systems are essential for maintaining the quality and safety of perishable goods.

• Technological Advancements: Continuous innovations in refrigeration technology, including advancements in energy efficiency, smart controls, and eco-friendly refrigerants, enhance the performance and user experience of industrial refrigeration equipment, attracting tech-savvy consumers.

• Expansion of Cold Chain Logistics: The expansion of cold chain logistics and storage facilities worldwide drives the demand for industrial-grade refrigeration equipment. These establishments seek efficient and reliable systems to meet high-volume demands while ensuring consistent temperature control.

• Growth in Pharmaceutical and Biotechnology Sectors: The increasing need for precise temperature control in the pharmaceutical and biotechnology sectors propels the market for industrial refrigeration equipment. These industries require reliable systems for storing and transporting sensitive products like vaccines and biological samples.

• Health and Safety Regulations: Strict health and safety regulations regarding food safety and pharmaceutical storage support the market growth for industrial refrigeration equipment that meets compliance standards and ensures product integrity.

• Urbanization and Industrial Growth: Rapid urbanization and industrial growth drive the demand for industrial refrigeration equipment in urban centers and emerging markets. These systems cater to the needs of busy industries and urban facilities seeking quick and high-quality refrigeration solutions.

• Increasing Disposable Incomes: Rising disposable incomes in emerging markets and developing economies enable industries to invest in advanced refrigeration systems. This economic factor expands the market reach beyond traditional regions, fostering global market growth.

Industrial Refrigeration Equipment Market: New Product Launch

• In March 2024, Hillphoenix Industrial agreed to a strategic partnership with Cool Refrigeration Systems & Solutions, based in Hagerstown, Maryland, to represent its industrial CO₂ refrigeration systems solutions in the Eastern U.S. and Canada.

• In November 2023, Daikin unveiled a new full-electric and plug-in hybrid transport refrigeration lineup at SOLUTRANS in Lyon. Daikin Transportation Refrigeration and the Zanotti brand have decades of experience in commercial and industrial refrigeration, and the transportation of fresh and frozen products. Both are part of Daikin Europe, which is a subsidiary of the global group Daikin Industries, the world’s leading provider of refrigeration, cooling, heating, ventilation and air purification.

• In October 2023, Emerson introduced a modular refrigeration unit with CO2 (R744) scroll compressors for small and medium retail stores in Europe. The small modular Copeland-branded units can be installed packed or split, indoors or outdoors, in 2021, Emerson introduced a CO2 scroll compressor for commercial refrigeration applications. The Copeland-branded compressors are available in low-temperature and medium-temperature options and were a highlight at Emerson’s 2022 Chillventa exhibit.

• In September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. launched sales in the domestic market of the TEJ35GAM, an electric-driven transport refrigeration unit exclusively for small and mid-size trucks. Ryoju Coldchain Co., Ltd. (RCC), the Company’s’ comprehensive sales and service arm for truck and trailer refrigeration units in Japan, oversees the new product’s sales. The TEJ35GAM joins the already available TE20/30 series, refrigeration units for plug-in hybrid transport, and the TEJ35AM, an electric-driven transport refrigeration unit with a heat-pump heating system for EV trucks.

Report Scope

Industrial Refrigeration Equipment Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Industrial Refrigeration Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in International Trade and Businesses: The ongoing pandemic has disrupted international trade and businesses, significantly affecting the industrial refrigeration equipment market. Government-imposed restrictions on the transit of people and goods have led to disruptions in supply chains and manufacturing processes, impacting the production and distribution of refrigeration equipment.

• Demand Fluctuations: The pandemic caused disruptions in various sectors, including hospitality, food processing, and retail, which are major consumers of industrial refrigeration equipment. Lockdown measures, supply chain disruptions, and reduced consumer spending resulted in a slowdown in manufacturing activities across these sectors. Many ongoing projects were delayed or put on hold due to uncertainties surrounding the pandemic, leading to reduced demand for industrial refrigeration equipment.

• Regulatory Framework and Market Restraints: The regulatory framework surrounding the use of industrial refrigeration equipment has been influenced by the pandemic, with potential changes in safety standards and regulations affecting market operations. Economic uncertainties resulting from the pandemic have posed challenges such as high costs, technical limitations, and a lack of skilled workforce, restraining market growth.

• Operational Challenges: Implementing health and safety protocols in manufacturing facilities added operational challenges and increased production costs. Labor shortages and workforce disruptions, including illness-related absences and quarantine measures, affected production capacities and efficiency in the industrial refrigeration equipment market.

• Adaptive Strategies and Focus on Innovation: Companies adopted remote work arrangements, digitalized sales and marketing efforts, and diversified supply chain sources to mitigate the pandemic’s impact. Some firms directed efforts towards innovating industrial refrigeration equipment, integrating advanced features like remote management and enhanced efficiency to cater to evolving industry needs.

• Technological Advancements: Ongoing advancements in refrigeration technology, such as improved sensor integration, AI-based temperature management, and enhanced connectivity, are opening doors to new applications and expanding the market potential for industrial refrigeration equipment. These innovations aim to improve user experience and operational efficiency.

• Automation Push: The pandemic highlighted the importance of automation in manufacturing and commercial environments to minimize reliance on human labor. This has led to a slight increase in demand for automated refrigeration solutions in specific applications, such as automated warehouses and smart industrial setups that remained operational during lockdowns.

• Focus on Sustainability: The market is also seeing a growing emphasis on sustainability, with manufacturers developing eco-friendly models that use less energy and reduce environmental impact. This trend aligns with increasing industry awareness and demand for environmentally responsible products.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Industrial Refrigeration Equipment Market, presenting both challenges and opportunities for the industry.

List of the prominent players in the Industrial Refrigeration Equipment Market:

• Johnson Controls
• Ingersoll Rand (Trane Technologies)
• Carrier Global Corporation
• Danfoss
• Emerson Electric Co.
• Güntner GmbH & Co. KG
• GEA Group AG
• Bitzer SE
• Mayekawa Mfg. Co. Ltd. (MYCOM)
• Lennox International Inc.
• Mitsubishi Electric Corporation
• Baltimore Aircoil Company (BAC)
• Evapco Inc.
• Johnson Controls-Hitachi Air Conditioning
• Daikin Industries Ltd.
• Panasonic Corporation
• LU-VE Group
• SPX Cooling Technologies Inc.
• Thermo Fisher Scientific Inc.
• Others

The Industrial Refrigeration Equipment Market is segmented as follows:

By Type

• Compressors
• Condensers
• Evaporators
• Controls
• Others

By Application

• Refrigerated Warehousing
• Food & Beverage Processing
• Pharmaceuticals and Chemicals
• Others

By Capacity

• Small
• Medium
• Large

By End-User Industry

• Food & Beverage
• Healthcare
• Chemical
• Logistics
• Retail
• Hospitality
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America