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Report Overview
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
Industrial Refrigeration Market Size
The global industrial refrigeration market size reached approximately USD 22.68 billion in 2023. The market is further projected to grow at a CAGR of 5% between 2024 and 2032, reaching a value of USD 34.64 billion by 2032.
Key Trends in the Global Industrial Refrigeration Market
Industrial refrigeration refers to equipment and accessories that remove heat from large scale materials and processes by lowering the temperature. These equipment are typically used in food and beverage, pharmaceutical, and chemical and petrochemical sectors, among others as they allow the conservation of essential products by providing optimal temperature conditions.
- The expansion of the food and beverage sector owing to the increased availability of various cuisines and beverages, busy lifestyle, and rising popularity of quick service restaurants is aiding the industrial refrigeration market growth. Refrigeration equipment allows restaurants, cafeterias, and commercial kitchens to store ingredients and raw materials including meat and vegetables and provide them protection against spoilage.
- Increasing investments by various research institutions and governments towards the pharmaceutical sector for development and manufacturing of novel drugs and vaccines is boosting the market expansion. Industrial refrigeration is required for storing samples, reagents, and drug variants and ensures the efficiency and success of the drug production processes.
- Rising product innovation, including integration of industrial refrigeration systems and equipment with internet of things enabled monitoring systems and deployment of natural refrigerants, due to their ability to exhibit high thermodynamic properties is supporting the market growth.
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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