Industrial Refrigeration Industry Overview: Future Trends

Chicago, March 13, 2023 (GLOBE NEWSWIRE) -- The Industrial Refrigeration Market by Component (Compressor, Condenser, Evaporator), Application (Fruit & Vegetable Processing, Refrigerated Warehouse), Refrigerant Type, and Region (2021-2026)", The growth of the industrial refrigeration system market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries; and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.

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The industrial refrigeration industry is a large and diverse market that encompasses a range of applications such as food and beverage production, chemical processing, pharmaceutical manufacturing, and data center cooling. The market is driven by the need to maintain precise temperature and humidity control in various industrial processes to ensure product quality, safety, and energy efficiency.

Industrial Refrigeration Market Report Scope

Report MetricDetails
Estimated Value USD 19.4 Billion
Expected Value USD 25.1 Billion
Growth Rate CAGR of 5.3%
Forecast Period2021–2026
On Demand Data Available2030
Market Size Available for Years2017–2026
Segments CoveredBy Component, Refrigerant Type, Application, and Region
Geographic Regions CoveredAPAC, North America, South America, Europe, and RoW (includes South America and the Middle East & Africa)
 Market Leaders Johnson Controls (Ireland), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), Mayekawa (Japan), Daikin (Japan), Ingersoll Rand (Ireland), BITZER (Germany), LU-VE Group (Italy), MTA S.p.A. (Italy), Frascold (Italy), HITEMA INTERNATIONAL (Italy), Güntner GmbH & Co. KG (Germany), KOBELCO (Japan), Clauger (France), Rivacold (Italy), Dorin S.p.A. (Italy), Star Refrigeration (Scotland), Industrial Frigo (Lombardy), SRM Italy (Italy).
 Top Companies in North America Emerson Electric Co. (US), EVAPCO, Inc. (US), Baltimore Aircoil Company (US), Lennox International (US), Hannifin (US), and Innovative Refrigeration Systems (US)
 Key Market Driver Increasing government support to strengthen cold chain infrastructure in developing countries
 Key Market Opportunity Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
 Largest Growing Region North America
 Largest Application Market Share Refrigerated Warehouse Applications
 Highest CAGR Segment CO2-based Refrigeration Systems

In terms of potential growth use-cases:

Cold storage and warehousing - the demand for cold storage facilities is increasing due to the growth of e-commerce and the need for temperature-controlled storage for perishable goods such as food, pharmaceuticals, and chemicals.Food processing and packaging - the food industry relies heavily on refrigeration for the processing and packaging of products such as meat, dairy, and produce.Beverage production - breweries, wineries, and soft drink manufacturers require refrigeration for the fermentation, maturation, and storage of products.

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Industrial Refrigeration Market Growth Opportunity and Niche Growth Drivers

Here are some hypothetical growth opportunities and niche growth drivers industrial refrigeration business:

Growth Opportunities:

 a. Sustainable refrigeration solutions: As environmental concerns continue to grow, there will be a growing demand for eco-friendly refrigeration solutions. The use of natural refrigerants and energy-efficient technologies will become increasingly important.

 b. Developing countries: Industrialization in developing countries will drive demand for refrigeration solutions. These markets will require cost-effective and scalable solutions, presenting opportunities for innovative industrial refrigeration companies.

 c. Cold chain logistics: The growth of e-commerce and the need for cold storage and transportation of goods will create significant growth opportunities in the cold chain logistics market.

Niche Growth Drivers:

a. Customized solutions: Industrial refrigeration companies that can offer customized solutions to meet the unique needs of their clients will have a competitive advantage.

b. High-quality service: The ability to offer high-quality service and maintenance will be critical in maintaining customer loyalty and growing market share.

c. Remote monitoring: The ability to offer remote monitoring and control of refrigeration systems will become increasingly important, as clients look to minimize downtime and maximize efficiency.

Top 10 companies in Industrial Refrigeration market

As of September 2021, here are ten of the top companies in the industrial refrigeration market:

Johnson Controls International plcDanfoss A/SGEA Group AGEmerson Electric Co.Ingersoll Rand Inc.United Technologies Corporation (UTC)Mayekawa Mfg. Co., Ltd.BITZER SEEvapco, Inc.LU-VE Group

It's worth noting that the industrial refrigeration market is highly fragmented, and there are many other companies operating in the space, ranging from large multinational corporations to small and mid-sized regional players. Additionally, market share can vary by region and application, so it's important to consider these factors when evaluating the competitive landscape of the industrial refrigeration industry. 

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Industrial Refrigeration Industry Overview: Future Trends