Industrial Refrigeration Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2032

Industrial refrigeration is a specialized area that deals with the cooling and freezing of big industrial processes and equipment. Advanced temperature control systems are often found in industrial refrigerators, which maintain precise temperature ranges. They are commonly employed to store large amounts of temperature-sensitive products and are constructed to withstand tough industrial environments.

MARKET OVERVIEW

The global market valuation of Industrial Refrigeration Market is valued at approximately USD 20.3 billion in 2022 and is projected to reach USD 34 billion by 2032 exhibiting a CAGR of 5.3% during the forecast period of 2023-2032. The purpose of industrial refrigeration fundamentally revolves around maintaining the quality of perishable goods and preventing spoilage in cold storage facilities as refrigeration slows bacterial growth. The market is aligned with Food and Beverages, Pharmaceuticals, Petrochemicals and Chemical industries.

GROWTH DRIVERS

The market for industrial refrigeration is growing primarily because cold chain systems are becoming progressively more in demand due to rising concerns about spoilage and the need to maintain product freshness and quality. Advanced refrigeration equipment has been adopted by a number of developing nations in cold storage and cold chain infrastructure to ensure uninterrupted temperature regulated transportation and storage of perishable food items, beverages, chemicals, medications and pharmaceuticals.

This is driving the growth of the industrial refrigeration market. To make new drugs, the pharmaceutical industry requires industrial refrigeration equipment to store samples during R&D initiatives. As a result, the demand for Industrial refrigeration market is increasing.

MARKET SEGMENTATION:

By Components -

·         Compressors:

o   Reciprocating Compressors - Hermetic Type, Semi-Hermetic Type, Open Type

o   Screw Compressors - Single Screw Compressors, Twin-Screw Compressors

o   Centrifugal Compressors

·         Evaporators:

o   Air-Cooled Evaporators

o   Water-Cooled Evaporators

·         Condensers:

·         Air-Cooled Condensers

·         Water-Cooled Condensers

·         Evaporative Condensers

·         Controls

o   Compressor Controls

o   Condenser Controls

o   Evaporator Controls

·         Vessels

·         Pumps

·         Valves

·         Auxiliary Equipment

By Refrigerant Type -

·         Ammonia

·         CO2

·         Others

By Application -

·         Refrigerated Transport

o   Trucks & Trailers

o   Marine Transport

o   Rail Transport

o   Air Transport

·         Refrigerated Warehousing

o   Cold Storage Warehouses

o   Distribution Centers

o   Others

·         Fruits & Vegetable Processing

·         Beverage Processing

·         Meat, Poultry & Fish Processing

·         Dairy & Ice Cream Processing

·         Chemical, Petrochemicals, & Pharmaceuticals

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

Industrial Refrigeration Market By Components Segment Review:

In the global market, the compressor segment is expected to dominate the global market share during the forecast period. Refrigeration relies entirely on an industrial compressor, which is highly energy intensive. Most industrial refrigeration systems depend on screw and reciprocating compressors. Nonetheless, there has been an increase in demand for screw compressors because of its many benefits, which include great dependability, low maintenance needs and compactness.

Industrial Refrigeration Market By Refrigerant Type Segment Review:

The Ammonia segment dominated the Industrial refrigeration market by holding the maximum part of the overall revenue share. One of the most frequent refrigerants used in industrial cooling is ammonia. This natural refrigerant is safe for the environment. For absorption cooling purposes, it combines with various secondary fluids like water or glycol.

Industrial Refrigeration Market By Application Segment Review:

The largest contributor to the industrial refrigeration market is the refrigerated warehouse category. The demand for processed and frozen foods has grown along with the worldwide population, leading to the construction of bigger and better-equipped refrigerated warehouses in recent years. It is anticipated that throughout the projection period, the use of industrial refrigeration systems in refrigerated warehouse applications is supposed to rise, improving the infrastructure for cold storage and warehousing in developing nations.

Industrial Refrigeration Market By Region Segment Review:

North America holds the largest proportion of the global market for industrial refrigeration systems. The strong infrastructure in the region has a significant impact on the need for industrial refrigeration systems in this region. The Asia-Pacific area's strong industrial refrigeration systems market growth is attributed to the region's quick urbanization, rapid industrialization rate and the need of the food processing sector.

Industrial Refrigeration Market Regional Synopsis:

North America has been projected as one of the biggest markets for industrial refrigeration systems worldwide. Cold storage facilities, chemicals, pharmaceuticals and food and drink are the main industries in this area. The region's powerful infrastructure, along with its strict regulations concerning food safety and quality, significantly influences the need for industrial refrigeration systems in this region.

Asia Pacific is expected to see a rapid growth in the world of industrial refrigeration market. The region's fast urbanization rate has helped to fuel the growth of the market. The region's rapidly increasing tourism is contributing to a rise in the product's usage, particularly at food establishments including cafes, fast food chains and coffee shops.

Europe is a big market for industrial refrigeration systems since it is home to many developed countries as well as sizable manufacturing and commercial populations. This is a reason behind the significance of the market in this region. This need for refrigeration systems in this region is significantly influenced by the food processing industry in several countries.

A number of factors, including the increase of cold chain logistics, the expansion of the pharmaceutical industry and the expansion of the food and beverage industry, are impacting the industrial refrigeration systems market in Latin America. The demand for refrigerants in Latin America is being driven by the growing adoption of energy-efficient cooling solutions, the growing need for refrigerated transportation, the development of infrastructure in emerging economies and the growing use of heat pump technology for both heating and cooling.

The Middle East and Africa account for a substantial portion of the market. The region's increasing need for industrial refrigeration systems is assigned to a number of factors, including the development of the food processing industry, the expansion of the oil and gas industry, the growing emphasis on sustainable practices and energy efficiency and more. These are simply a few of the elements that have fueled this increase in demand.

Industrial Refrigeration Market Key Challenges:

The substantial initial outlay needed to set up refrigeration systems is one of the main obstacles facing the industrial refrigeration business. Industrial refrigeration systems is expensive to install, particularly if they use cutting-edge technologies like ammonia- or CO2-based systems. For many organizations considering to invest in efficient refrigeration solutions, this large upfront cost acts as a barrier.

The industrial refrigeration sector is not expanding substantially because of a shortage of skilled manpower. The market for industrial refrigeration is experiencing a skills gap as a result of both the lack of new workers and the rapid improvement of technology. Industrial refrigeration systems use refrigerants that are combustible and corrosive, such as ammonia, they must adhere to strict safety rules. The design and functioning of industrial refrigeration systems are also impacted by regulatory developments pertaining to energy efficiency and environmental impact.

In conclusion, there are several significant obstacles that the industrial refrigeration market must overcome, including high startup and operating costs, regulatory compliance, maintenance costs, technological developments, rivalry in the market, pricing pressures and consumer demand for sustainability.

Competitive Landscape:

In the fiercely competitive industrial refrigerator industry, major competitors adopt a range of development methods, including new product launches, business expansions, acquisitions and others. Companies are being pushed toward more energy-efficient units by regulatory standards and compliance requirements in order to lower their carbon footprint and remain away from danger.

Global Key Players:  

·         M&M Systems, Inc.

·         Johnson Controls.

·         Ingersoll-Rand.

·         United Technologies Corporation.

·         EVAPCO, Inc.

·         Bitzer.

·         Industrial Frigo SRL.

·         Emersion.

·         Frick India Limited

·         GEA

·         Daikin Industries Ltd

·         Dorin

·         Howden Group

·         Danfoss

·         Kirloskar Group