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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Industrial Refrigeration Market Share by Component

Compressors are expected to account for a significant industrial refrigeration market share as they eliminate the vapours and aid in maintaining the required pressure and temperature. It also draws the refrigerant from the evaporator after expanding, by absorbing the heat. The refrigerant is sucked from the evaporator forcing it into the condenser in order to ensure the continuity of the circulation process. The compression reduces the pressure in the cooling coil of the condenser, allowing the refrigerant to boil and absorb heat.

 

Industrial Refrigeration Market Share by Region

North America is anticipated to account for a significant share of the market over the forecast period owing to the expansion of the e-commerce sector and growing demand from the pharmaceutical sector in the region. The rising adoption of e-commerce platforms and online retail stores for grocery shopping is boosting the industrial refrigeration market demand as they allow retailers to store perishable items at optimum temperatures, boosting their lifespan. Increasing research activities in the pharmaceutical sector for the development of medicines, vaccines, and reagents is further supporting the market expansion in North America.

 

Industrial Refrigeration Market Report Snapshots

Industrial Refrigeration Market Size

Industrial Refrigeration Market Analysis

Industrial Refrigeration Market Share

Industrial Refrigeration Companies

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market reached a value of approximately USD 22.68 billion in 2024.

The market is projected to grow at a CAGR of 5% between 2025 and 2034.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 34.64 billion by 2034.

The major market drivers include rising research and development activities in the pharmaceutical sector and increasing product requirement by online retail stores and e-commerce platforms.

The key trends fuelling the growth of the market include expansion of the food and beverages sector and increasing product innovations.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The applications of industrial refrigeration include food and beverages, chemical and petrochemical, pharmaceuticals, refrigerated warehouse, and refrigerated transportation.

The key players in the market are Danfoss A/S, Johnson Controls International plc, GEA Group Aktiengesellschaft, Emerson Electric Co., Dorin S.p.A, Dover Corporation, EVAPCO, Inc., Mayekawa Mfg. Co., Ltd., and Bitzer SE, among others.

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