Global Industrial Refrigeration market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 30 Bn by 2028 – Ken Research

What Is The Size Of Global Industrial Refrigeration Industry?

The Industrial Refrigeration Market is largely driven by increased use of natural refrigerant-based refrigeration as a result of stringent rules and regulations and the rising need for refrigerant for mass-produced cooling, frizzing, and chilling of food.

According to National Renewable Energy Laboratory (NREL), if a natural refrigerant system costs US$ $10,000 which is more than the baseline system, and the natural refrigerant system is expected to cost $2000 less per year to operate then it will pay back in 5 years.

Furthermore, a rise in the number of refrigerated warehouses with increased capacity propels the market growth.

It is majorly due to the constantly expanding population and rising demand for frozen and processed foods. According to American Frozen Food Institute, online frozen food dollar sales climbed 75% in 2020, with frozen dinners/entrees, beef, poultry, and seafood being the top online sellers.

During the ongoing COVID-19 pandemic, pharmaceutical, and the food and beverage sectors were operating at full capacity, raising the demand for industrial refrigerators and cold storage systems to store food products and vaccines. According to Pfizer, the COVID-19 vaccine should be kept in the refrigerator between 2 and 8 degrees Celsius for up to one month.

Industrial Refrigeration Market

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Global Industrial Refrigeration Market By Component

The Global Industrial Refrigeration market is segmented by Component into Compressors, Condensers, Evaporators, Controls and Others.

The compressor segment held the largest market share of the global industrial refrigeration market in 2022, owing to high-pressure ranges of up to 30,000 PSI, energy efficiency, and the availability of oil-free and oil-flooded varieties.

Compressors play an important role by increasing refrigerant vapor pressure in a condenser which helps in maintaining temperature for storage of products and other preservatives.

In January 2020, Emerson Electric Co., an American manufacturing company launched a new product line of compressors, for industrial and commercial refrigeration.

Global Industrial Refrigeration Market By Refrigeration Type

The Global Industrial Refrigeration market is segmented by Refrigeration type into Ammonia. Carbon Dioxide, Hydrofluorocarbon and Others.

The ammonia segment held the largest market share of the global industrial refrigeration market by refrigerant type in 2022, due to the increase in the use of natural refrigeration which is less harmful to the environment.

The high critical temperature of ammonia (NH3) enables low-pressure production. Ammonia is widely utilized in industrial refrigeration owing to its cost-effectiveness and favorable thermodynamics. Both Ozone Layer Depletion Potential (ODP) and Global Warming Potential (GWP) of ammonia are zero. A refrigeration system driven by ammonia is 10%–20% less expensive than a typical refrigeration system.

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Global Industrial Refrigeration Market By Capacity

The Global Industrial Refrigeration market is segmented by Capacity into Less than 100kW, 100-500 kW, 500 kW -1,000 kW, 1,000 kW -5,000 kW and Above 5,000 kW.

The 500 kW-1,000 kW capacity segment held the highest market share in 2022, due to its extensive usage in the food and beverage industry for storing and preservation of products.

500 kW-1,000 kW capacity provides the cooling capacity which is important for industries such as food and beverage as it is used for storing and processing food. This capacity is also required for dairy products for increasing the shelf life and minimize the wastage of products.

Global Industrial Refrigeration Market By End-User

The Global Industrial Refrigeration market is segmented by End-User into Refrigerated Warehouse, Food & Beverage, Chemical & Petrochemical, Refrigerated Transportation, Pharmaceutical, Utility and Others.

The food & beverage segment accounted for the largest market share in 2022, owing to the rising popularity of frozen food.

The rise in the demand for packed and frozen food is one of the major factors for the growth of the food & beverage segment.

In March 2022, according to indiareailing, India’s leading Retail Intelligence portal packed frozen food has been growing at a healthy rate of 20% which has attracted various companies such as ITC and Indian companies to start manufacturing packed and frozen foods.

Key Topics Covered in the Report

  • Snapshot of the Global Industrial Refrigeration Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Industrial Refrigeration Market
  • Historic Growth of the Overall Global Industrial Refrigeration Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of the Global Industrial Refrigeration Industry
  • Overview, Product Offerings, and Strength & Weakness of Key Competitors
  • Covid 19 Impact on the Overall Global Industrial Refrigeration Market
  • Future Market Forecast and Growth Rates of the Total Global Industrial Refrigeration Market and by Segments
  • Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
  • Analysis of the Industrial Refrigeration Market in Major Global Countries
  • Major Production/Supply and Consumption/Demand Hubs in Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Major Country

Notable Key Players Mentioned in the Report

  • Emerson Electric Co.
  • Baltimore Aircoil Company
  • Bitzer
  • Daikin Industries Ltd.
  • Danfoss
  • GEA Group AG
  • Güntner GmbH & Co. KG
  • Ingersoll Rand
  • Johnson Controls
  • Lennox International Inc.
  • LU-VE Group
  • Mayekawa

Notable Emerging Companies Mentioned in the Report

  • Dynamic Air Cooling Technology
  • Barocal Ltd
  • Ubiblue
  • V-Chiller

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Industrial Refrigeration Companies
  • Component Manufacturing Companies for Refrigeration Equipment
  • Industrial Refrigerator Distributors
  • Industrial Refrigeration Association
  • Government And Research Organizations
  • Investment Banks and PE Firms focused on Industrial Refrigeration Sector
  • Refrigeration Compressor Manufacturers
  • Providers of Industrial Refrigerant
  • Government Ministries and Departments of Heavy Industries
  • Environment Regulatory Authorities
  • Industrial Equipment Regulatory Authorities

Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022E-2028F

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Industrial Refrigeration Market