Industrial Refrigeration Equipment Market Size, Trends and Insights 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), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Johnson Controls
- Ingersoll Rand (Trane Technologies)
- Carrier Global Corporation
- Danfoss
- Emerson Electric Co.
- Güntner GmbH & Co. KG
- Others
Reports Description
As per the current market research conducted by the CMI Team, the global Industrial Refrigeration Equipment market 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.
Global Commercial refrigeration equipment market sales by region
| Region | Market Share |
| North America | 32.3% |
| Asia | 26.7% |
| Europe | 23.0% |
| Others | 18.0% |
Source: United Nations Environment Programme – United for Efficiency (U4E)
Commercial refrigeration equipment (CRE) refers generally to non-domestic (non-household) refrigeration equipment used in the retail and food service sectors for storage or display of foodstuffs. The global Industrial Refrigeration Equipment market is intricately tied to trends and developments across various industries.
Despite challenges such as fluctuating raw material prices and supply chain disruptions, the market continues to show resilience and potential for growth. As industrial production is expected to grow in the near future, driven by improved output amid ongoing challenges like high production costs and weather disruptions, there remains a consistent demand for efficient refrigeration solutions.
The increase in global demand for refrigerated and strong economic growth in recent years underscores a growing consumer preference for convenience and high-quality refrigeration.
However, anticipated economic slowdowns and rising living costs may moderate the pace of demand growth in the coming years. Also, innovations in industrial refrigeration equipment, offering efficiency, convenience, and enhanced capabilities, are poised to capitalize on evolving consumer preferences and maintain momentum in the market despite economic challenges.
These innovations include advancements in energy efficiency, smart control systems, and the use of eco-friendly refrigerants, which are essential for meeting regulatory standards and consumer expectations. As industries continue to prioritize sustainability and operational efficiency, the industrial refrigeration equipment market is well-positioned to leverage these trends for sustained growth.
Industrial Refrigeration Equipment Market – Significant Growth Factors
The Industrial Refrigeration Equipment Market presents significant growth opportunities due to several factors:
- 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 Launches
The Industrial Refrigeration Equipment Market has seen several new launches in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of product launches in the Industrial Refrigeration Equipment Market include:
- In March 2024, Hillphoenix Industrial agreed to a strategic partnership with Cool Refrigeration Systems & Solutions, based in Hagerstown, Maryland, to represent its industrial CO2refrigeration systems solutions in the Eastern U.S. and Canada.
- In November 2023, Daikin unveils 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, indoor or outdoor, 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.
This product launch helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Industrial Refrigeration Equipment market. The trend is expected to continue as companies seek to gain a competitive edge in the market.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
| Industrial Refrigeration Equipment Market | Charging Oxygen Gas Systems Market | Electro-hydraulic Pumps Market |
| CAGR 5.21% (Approx) | CAGR 6.45% (Approx) | CAGR 6.55% (Approx) |
| USD 70.05 Billion by 2033 | USD 17.64 Billion by 2033 | USD 22,856.6 Million by 2033 |
Industrial Refrigeration Equipment Market – Significant Threats
The Industrial Refrigeration Equipment Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:
- Economic Downturns: Economic recessions or downturns can impact consumer spending on essential items like Industrial Refrigeration Equipment, leading to reduced sales and market contraction.
- Intense Competition: The market faces intense competition from both established brands and new entrants, resulting in price wars, reduced profit margins, and the need for continuous innovation to stay competitive.
- Technological Obsolescence: Rapid advancements in technology could lead to the quick obsolescence of current models, requiring manufacturers to constantly upgrade their machines to keep pace with consumer expectations.
- Supply Chain Disruptions: Global supply chain disruptions, such as raw material shortages, logistics delays, or geopolitical tensions, can lead to increased production costs, delayed deliveries, and inventory shortages affecting market availability.
- Health and Safety Regulations: Stricter health and safety regulations, particularly related to materials used in refrigeration equipment and environmental concerns, could lead to increased compliance costs and limitations on product features, impacting market innovation and competitiveness.
Category-Wise Insights:
By Type
- Compressors: The workhorses of the system, compressing refrigerant gas to initiate the cooling cycle. Different types like screw, reciprocating, and centrifugal cater to various applications. (Ex: Screw compressors for large-scale industrial freezers)
- Condensers: Heat exchangers that remove heat from the compressed refrigerant, transforming it back into liquid. Air-cooled and water-cooled options exist. (Ex: Air-cooled condensers for rooftop units in cold storage)
- Evaporators: Where liquid refrigerant absorbs heat from the surroundings, converting it back into a gas and causing a cooling effect. Different evaporator designs exist for specific needs. (Ex: Shell and tube evaporators for industrial food processing)
- Controls: The brains of the operation, managing and optimizing the entire refrigeration process for efficient and safe operation. (Ex: Programmable thermostats for precise temperature control)
- Other Components: Additional parts like valves, piping, and monitoring devices that contribute to the overall functionality. (Ex: Safety relief valves for pressure control)
By Application
- Food & Beverage Processing: Maintaining precise temperatures is crucial for various food and beverage production processes. (Ex: Chilling tanks for milk pasteurization)
- Refrigerated Warehousing: Large-scale cold storage facilities rely on industrial refrigeration to preserve perishable goods.
- Pharmaceuticals & Chemicals: Many pharmaceutical products and chemicals require specific temperature-controlled environments for storage and manufacturing. (Ex: Walk-in freezers for storing vaccines)
- Other Applications: Ice rinks, data centres, chemical processing, and various industrial processes requiring temperature control. (Ex: Glycol cooling systems for data centers)
By Capacity
- Small: Systems with lower capacity, often used in smaller applications like convenience stores or walk-in coolers.
- Medium: Mid-range capacity systems for medium-scale applications like food processing facilities or cold storage units.
- Large: High-capacity systems for large-scale industrial applications like large warehouses or industrial freezers.
By End-User Industry
- Food & Beverage: Includes processing plants, dairies, and breweries. Ensures freshness and safety.
- Healthcare: Hospitals, pharmaceutical companies, biotech firms. Critical for medical storage and preservation.
- Chemical: Chemical manufacturing and processing industries. Supports controlled production environments.
- Logistics: Cold chain logistics for transporting perishables. Maintains product integrity during transport.
- Retail: Supermarkets, hypermarkets, convenience stores. Ensures quality and safety of sold products.
- Hospitality: Hotels, restaurants, catering services. Provides reliable cooling for food and beverages.
- Others: Industries like mining, marine, and entertainment. Supports unique refrigeration needs.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 44.35 Billion |
| Projected Market Size in 2033 | USD 70.05 Billion |
| Market Size in 2023 | USD 42.23 Billion |
| CAGR Growth Rate | 5.21% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Application, Capacity, End-User Industry and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Industrial Refrigeration Equipment Market – Regional Analysis
The Industrial Refrigeration Equipment Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
- North America: The Industrial Refrigeration Equipment market in North America is driven by a strong demand for energy-efficient and advanced refrigeration solutions. Consumers in this region prioritize features such as energy efficiency, smart controls, and eco-friendly materials. The market is influenced by stringent environmental regulations and a growing trend toward sustainability. Additionally, the presence of major refrigeration equipment manufacturers and high disposable income contribute to the robust growth of this market segment.
- Europe: Europe represents a significant market for Industrial Refrigeration Equipment, particularly in countries like Germany, France, and Italy. The demand is fueled by a strong industrial base and a focus on energy efficiency and sustainability. Trends in this region include a preference for compact and stylish designs, advanced control systems, and eco-friendly refrigerants. The market is also seeing growth in smart refrigeration systems with IoT capabilities for remote monitoring and management.
- Asia-Pacific: The Asia-Pacific region is experiencing rapid growth in the Industrial Refrigeration Equipment market, driven by an increasing industrial base and a rising preference for advanced refrigeration technology. Countries like China, Japan, and South Korea are leading this growth, with consumers seeking high-quality, energy-efficient solutions. Trends in this region include a demand for compact, space-saving models, and machines with multifunctional capabilities. The integration of smart technology and mobile app control is also gaining popularity among tech-savvy consumers.
- LAMEA: The Industrial Refrigeration Equipment market in Latin America, the Middle East, and Africa (LAMEA) is emerging, with growth driven by increasing urbanization and a rising middle-class population. In Latin America, industrial hubs like Brazil and Mexico are seeing a shift towards automated refrigeration systems for both commercial and industrial use. The Middle East and Africa are witnessing a growing interest in high-capacity and durable refrigeration solutions for commercial settings. Trends in this region include a demand for reliable, energy-efficient, and sustainable models that can withstand high usage.
Competitive Landscape – Industrial Refrigeration Equipment Market
The Industrial Refrigeration Equipment Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:
- 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
These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.
New players entering the Industrial Refrigeration Equipment market are adopting a variety of growth strategies to establish their presence and compete effectively with established companies. These strategies are designed to leverage technological advancements, address market demands, and create a competitive edge.
These players often focus on developing advanced products, customization, targeting emerging markets, establishing competitive pricing, and higher focus on marketing and branding activities.
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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Industrial Refrigeration Equipment Market, (2024 – 2033) (USD Billion)
- 2.2 Global Industrial Refrigeration Equipment Market: snapshot
- Chapter 3. Global Industrial Refrigeration Equipment Market – Industry Analysis
- 3.1 Industrial Refrigeration Equipment Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing Demand for Efficient Cooling Solutions
- 3.2.2 Rising Demand for Frozen and Processed Foods
- 3.2.3 Technological Advancements
- 3.2.4 Expansion of Cold Chain Logistics
- 3.2.5 Growth in Pharmaceutical and Biotechnology Sectors
- 3.2.6 Health and Safety Regulations
- 3.2.7 Urbanization and Industrial Growth
- 3.2.8 Increasing Disposable Incomes.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By Application
- 3.7.3 Market Attractiveness Analysis By Capacity
- 3.7.4 Market Attractiveness Analysis By End-User Industry
- Chapter 4. Global Industrial Refrigeration Equipment Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Industrial Refrigeration Equipment Market: company market share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Industrial Refrigeration Equipment Market – Type Analysis
- 5.1 Global Industrial Refrigeration Equipment Market Overview: By Type
- 5.1.1 Global Industrial Refrigeration Equipment Market Share, By Type, 2023 and 2033
- 5.2 Compressors
- 5.2.1 Global Industrial Refrigeration Equipment Market by Compressors, 2024 – 2033 (USD Billion)
- 5.3 Condensers
- 5.3.1 Global Industrial Refrigeration Equipment Market by Condensers, 2024 – 2033 (USD Billion)
- 5.4 Evaporators
- 5.4.1 Global Industrial Refrigeration Equipment Market by Evaporators, 2024 – 2033 (USD Billion)
- 5.5 Controls
- 5.5.1 Global Industrial Refrigeration Equipment Market by Controls, 2024 – 2033 (USD Billion)
- 5.6 Others
- 5.6.1 Global Industrial Refrigeration Equipment Market by Others, 2024 – 2033 (USD Billion)
- 5.1 Global Industrial Refrigeration Equipment Market Overview: By Type
- Chapter 6. Global Industrial Refrigeration Equipment Market – Application Analysis
- 6.1 Global Industrial Refrigeration Equipment Market Overview: By Application
- 6.1.1 Global Industrial Refrigeration Equipment Market Share, By Application, 2023 and 2033
- 6.2 Refrigerated Warehousing
- 6.2.1 Global Industrial Refrigeration Equipment Market by Refrigerated Warehousing, 2024 – 2033 (USD Billion)
- 6.3 Food & Beverage Processing
- 6.3.1 Global Industrial Refrigeration Equipment Market by Food & Beverage Processing, 2024 – 2033 (USD Billion)
- 6.4 Pharmaceuticals and Chemicals
- 6.4.1 Global Industrial Refrigeration Equipment Market by Pharmaceuticals and Chemicals, 2024 – 2033 (USD Billion)
- 6.5 Others
- 6.5.1 Global Industrial Refrigeration Equipment Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Industrial Refrigeration Equipment Market Overview: By Application
- Chapter 7. Global Industrial Refrigeration Equipment Market – Capacity Analysis
- 7.1 Global Industrial Refrigeration Equipment Market Overview: By Capacity
- 7.1.1 Global Industrial Refrigeration Equipment Market Share, By Capacity, 2023 and 2033
- 7.2 Small
- 7.2.1 Global Industrial Refrigeration Equipment Market by Small, 2024 – 2033 (USD Billion)
- 7.3 Medium
- 7.3.1 Global Industrial Refrigeration Equipment Market by Medium, 2024 – 2033 (USD Billion)
- 7.4 Large
- 7.4.1 Global Industrial Refrigeration Equipment Market by Large, 2024 – 2033 (USD Billion)
- 7.1 Global Industrial Refrigeration Equipment Market Overview: By Capacity
- Chapter 8. Global Industrial Refrigeration Equipment Market – End-User Industry Analysis
- 8.1 Global Industrial Refrigeration Equipment Market Overview: By End-User Industry
- 8.1.1 Global Industrial Refrigeration Equipment Market Share, By End-User Industry, 2023 and 2033
- 8.2 Food & Beverage
- 8.2.1 Global Industrial Refrigeration Equipment Market by Food & Beverage, 2024 – 2033 (USD Billion)
- 8.3 Healthcare
- 8.3.1 Global Industrial Refrigeration Equipment Market by Healthcare, 2024 – 2033 (USD Billion)
- 8.4 Chemical
- 8.4.1 Global Industrial Refrigeration Equipment Market by Chemical, 2024 – 2033 (USD Billion)
- 8.5 Logistics
- 8.5.1 Global Industrial Refrigeration Equipment Market by Logistics, 2024 – 2033 (USD Billion)
- 8.6 Retail
- 8.6.1 Global Industrial Refrigeration Equipment Market by Retail, 2024 – 2033 (USD Billion)
- 8.7 Hospitality
- 8.7.1 Global Industrial Refrigeration Equipment Market by Hospitality, 2024 – 2033 (USD Billion)
- 8.8 Others
- 8.8.1 Global Industrial Refrigeration Equipment Market by Others, 2024 – 2033 (USD Billion)
- 8.1 Global Industrial Refrigeration Equipment Market Overview: By End-User Industry
- Chapter 9. Industrial Refrigeration Equipment Market – Regional Analysis
- 9.1 Global Industrial Refrigeration Equipment Market Regional Overview
- 9.2 Global Industrial Refrigeration Equipment Market Share, by Region, 2023 & 2033 (USD Billion)
- 9.3. North America
- 9.3.1 North America Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.3.1.1 North America Industrial Refrigeration Equipment Market, by Country, 2024 – 2033 (USD Billion)
- 9.3.1 North America Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.4 North America Industrial Refrigeration Equipment Market, by Type, 2024 – 2033
- 9.4.1 North America Industrial Refrigeration Equipment Market, by Type, 2024 – 2033 (USD Billion)
- 9.5 North America Industrial Refrigeration Equipment Market, by Application, 2024 – 2033
- 9.5.1 North America Industrial Refrigeration Equipment Market, by Application, 2024 – 2033 (USD Billion)
- 9.6 North America Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033
- 9.6.1 North America Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033 (USD Billion)
- 9.7 North America Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033
- 9.7.1 North America Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.8.1.1 Europe Industrial Refrigeration Equipment Market, by Country, 2024 – 2033 (USD Billion)
- 9.8.1 Europe Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.9 Europe Industrial Refrigeration Equipment Market, by Type, 2024 – 2033
- 9.9.1 Europe Industrial Refrigeration Equipment Market, by Type, 2024 – 2033 (USD Billion)
- 9.10 Europe Industrial Refrigeration Equipment Market, by Application, 2024 – 2033
- 9.10.1 Europe Industrial Refrigeration Equipment Market, by Application, 2024 – 2033 (USD Billion)
- 9.11 Europe Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033
- 9.11.1 Europe Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033 (USD Billion)
- 9.12 Europe Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033
- 9.12.1 Europe Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.13.1.1 Asia Pacific Industrial Refrigeration Equipment Market, by Country, 2024 – 2033 (USD Billion)
- 9.13.1 Asia Pacific Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.14 Asia Pacific Industrial Refrigeration Equipment Market, by Type, 2024 – 2033
- 9.14.1 Asia Pacific Industrial Refrigeration Equipment Market, by Type, 2024 – 2033 (USD Billion)
- 9.15 Asia Pacific Industrial Refrigeration Equipment Market, by Application, 2024 – 2033
- 9.15.1 Asia Pacific Industrial Refrigeration Equipment Market, by Application, 2024 – 2033 (USD Billion)
- 9.16 Asia Pacific Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033
- 9.16.1 Asia Pacific Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033 (USD Billion)
- 9.17 Asia Pacific Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033
- 9.17.1 Asia Pacific Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.18.1.1 Latin America Industrial Refrigeration Equipment Market, by Country, 2024 – 2033 (USD Billion)
- 9.18.1 Latin America Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.19 Latin America Industrial Refrigeration Equipment Market, by Type, 2024 – 2033
- 9.19.1 Latin America Industrial Refrigeration Equipment Market, by Type, 2024 – 2033 (USD Billion)
- 9.20 Latin America Industrial Refrigeration Equipment Market, by Application, 2024 – 2033
- 9.20.1 Latin America Industrial Refrigeration Equipment Market, by Application, 2024 – 2033 (USD Billion)
- 9.21 Latin America Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033
- 9.21.1 Latin America Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033 (USD Billion)
- 9.22 Latin America Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033
- 9.22.1 Latin America Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033 (USD Billion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Country, 2024 – 2033 (USD Billion)
- 9.23.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, 2024 – 2033 (USD Billion)
- 9.24 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Type, 2024 – 2033
- 9.24.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Type, 2024 – 2033 (USD Billion)
- 9.25 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Application, 2024 – 2033
- 9.25.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Application, 2024 – 2033 (USD Billion)
- 9.26 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033
- 9.26.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, by Capacity, 2024 – 2033 (USD Billion)
- 9.27 The Middle-East and Africa Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033
- 9.27.1 The Middle-East and Africa Industrial Refrigeration Equipment Market, by End-User Industry, 2024 – 2033 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 Johnson Controls
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 Ingersoll Rand (Trane Technologies)
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 Carrier Global Corporation
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 Danfoss
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 Emerson Electric Co.
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Güntner GmbH & Co. KG
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 GEA Group AG
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 Bitzer SE
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Mayekawa Mfg. Co. Ltd. (MYCOM)
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 Lennox International Inc.
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.11 Mitsubishi Electric Corporation
- 10.11.1 Overview
- 10.11.2 Financials
- 10.11.3 Product Portfolio
- 10.11.4 Business Strategy
- 10.11.5 Recent Developments
- 10.12 Baltimore Aircoil Company (BAC)
- 10.12.1 Overview
- 10.12.2 Financials
- 10.12.3 Product Portfolio
- 10.12.4 Business Strategy
- 10.12.5 Recent Developments
- 10.13 Evapco Inc.
- 10.13.1 Overview
- 10.13.2 Financials
- 10.13.3 Product Portfolio
- 10.13.4 Business Strategy
- 10.13.5 Recent Developments
- 10.14 Johnson Controls-Hitachi Air Conditioning
- 10.14.1 Overview
- 10.14.2 Financials
- 10.14.3 Product Portfolio
- 10.14.4 Business Strategy
- 10.14.5 Recent Developments
- 10.15 Daikin Industries Ltd.
- 10.15.1 Overview
- 10.15.2 Financials
- 10.15.3 Product Portfolio
- 10.15.4 Business Strategy
- 10.15.5 Recent Developments
- 10.16 Panasonic Corporation
- 10.16.1 Overview
- 10.16.2 Financials
- 10.16.3 Product Portfolio
- 10.16.4 Business Strategy
- 10.16.5 Recent Developments
- 10.17 LU-VE Group
- 10.17.1 Overview
- 10.17.2 Financials
- 10.17.3 Product Portfolio
- 10.17.4 Business Strategy
- 10.17.5 Recent Developments
- 10.18 SPX Cooling Technologies Inc.
- 10.18.1 Overview
- 10.18.2 Financials
- 10.18.3 Product Portfolio
- 10.18.4 Business Strategy
- 10.18.5 Recent Developments
- 10.19 Thermo Fisher Scientific Inc.
- 10.19.1 Overview
- 10.19.2 Financials
- 10.19.3 Product Portfolio
- 10.19.4 Business Strategy
- 10.19.5 Recent Developments
- 10.20 Others.
- 10.20.1 Overview
- 10.20.2 Financials
- 10.20.3 Product Portfolio
- 10.20.4 Business Strategy
- 10.20.5 Recent Developments
- 10.1 Johnson Controls
List Of Figures
Figures No 1 to 37
List Of Tables
Tables No 1 to 102
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- 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
FAQs
The key factors driving the Market are Increasing Demand for Efficient Cooling Solutions, Rising Demand for Frozen and Processed Foods, Technological Advancements, Expansion of Cold Chain Logistics, Growth in Pharmaceutical and Biotechnology Sectors, Health and Safety Regulations, Urbanization and Industrial Growth, Increasing Disposable Incomes.
The “Refrigerated Warehousing” had the largest share in the global market for Industrial Refrigeration Equipment.
The “Compressors” category dominated the market in 2023.
The key players in the market are 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.
“North America” had the largest share in the Industrial Refrigeration Equipment Market.
The global market is projected to grow at a CAGR of 5.21% during the forecast period, 2024-2033.
The Industrial Refrigeration Equipment Market size was valued at USD 44.35 Billion in 2024.