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Industrial Refrigeration Equipment Global Market Report 2023


Major players in the industrial refrigeration equipment market are Johnson Controls Inc, Emerson Electric Co, United Technologies Corporation, Ingersoll-Rand plc, Lennox International Inc, Danfoss A/S, GEA Group AG, EVAPCO Inc, BITZER Kühlmaschinenbau GmbH, and Mayekawa Mfg.

New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Industrial Refrigeration Equipment Global Market Report 2023" -


The global industrial refrigeration equipment market will grow from $35.58 billion in 2022 to $37.02 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The industrial refrigeration equipment market is expected to grow to $42.5 billion in 2027 at a CAGR of 3.5%.

The industrial refrigeration equipment market consists of sales of chillers, refrigeration compressors, condensers, cooling towers, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

The industrial refrigeration equipment refers to the cold storage equipment that is designed to contain and use refrigerant gas to establish or maintain colder than ambient temperatures in a confined space, used in commercial settings.

The Asia Pacific was the largest region in the industrial refrigeration equipment market in 2022.North America was the second largest region in the industrial refrigeration equipment.

The regions covered in the industrial refrigeration equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main equipment types of industrial refrigeration equipment are condenser, compressor, evaporator, and controls.A condenser refers to a piece of industrial equipment that will act as a heat exchanger to convert a vapor to a liquid.

The refrigerant types are ammonia, carbon dioxide, and hydrofluorocarbon. The various end-user industries included are food and beverage, refrigerated warehouse, chemical, petrochemical, pharmaceutical, refrigerated transportation, and other end-user industries.

The growth of the food and beverage processing industry especially in developing countries is expected to drive the industrial refrigeration equipment market.Globally, food and beverage processing is considered to be one of the largest industries.

On average, 90% of the produced food is processed in developed countries such as the USA.High demand for processed and convenience meat products was witnessed in the last decade due to the changing and busy lifestyles of consumers.

For the last five years, ranked fifth in the world in terms of production, consumption, and exports, India’s food-processing sector is growing by 8% annually.For instance, by 2024, according to a joint study by ASSOCHAM India and Grant Thornton UK, India’s food processing sector is estimated to have the potential to attract $33 billion in investments and the total food production in India is estimated to double by 2024.

To keep processed food products fresh and healthy, industrial refrigeration systems are required and the increasing consumption of processed foods is propelling the demand for industrial refrigeration systems and further supporting the market growth.

Strict regulations imposed on the use of global warming potential (GWP) refrigerants due to global concerns are expected to restrain the growth of the refrigeration equipment market.Major greenhouse gases that are responsible for environmental concerns such as global warming are chlorofluorocarbon and hydrochlorofluorocarbons.

Stringent regulations are being imposed by developing countries to overcome global environmental concerns.For instance, by 2030, according to the Montreal Protocol, full consumption phase-out of refrigerants with higher GWP to promote environmental health, is aimed at non-Article 5 countries.

The Montreal Protocol has set limits for the HCFC consumption (or cap) at 0.5% cap in 2020 and a full consumption phase-out in 2030. According to the EU F-Gases Regulation, from January 2020, the use of fluorinated greenhouse gases for servicing and maintaining refrigeration equipment with a charge size of 40 tons of CO2 equivalent [CO2e] or more, which are with a global warming potential of 2,500 or more shall be prohibited. Under this, the permission for use of virgin HFCs with a GWP >2,500 for topping up and/or maintaining existing systems onboard EU-flagged ships is prohibited. Thus, strict regulations imposed on the use of GWP refrigerants due to global concerns are acting as a restraint on market growth.

The trend of adoption of environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market.A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere.

The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming, and have a low Global Warming Potential (GWP).Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants.

For instance, in May 2021, MIRAI INTEX, an Czechia-based engineering company that manufacture ultra-low temperature refrigerators for the pharmaceutical industry launched MIRAI Cold 80 T, which is an eco-friendly ultra-low temperature refrigeration system.MIRAI Cold 80 T uses only air as a refrigerant and does not use oil for lubrication, making it the most environmentally friendly Ultra-Low Temperature (ULT) refrigeration solution.

Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.

In 2020, Gardner Denver Holdings, Inc., a US-based global provider of industrial products such as compressors, blowers, and vacuum pumps, merged with Ingersoll Rand Industrial segment for an undisclosed amount. The newly combined company, named Ingersoll Rand Inc. is expected to be placed as one of the major global players in mission-critical flow creation and industrial technologies. Ingersoll Rand will produce mission-critical flow creation systems that include air compressors, pumps, blowers, Club Car brand of electric vehicles, and systems for fluid management, loading, and material handling. Ingersoll Rand is a US-based innovative company that provides mission-critical industrial, energy, specialty vehicle, and medical products and services.

The countries covered in the industrial refrigeration equipment are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The industrial refrigeration equipment market research report is one of a series of new reports that provides industrial refrigeration equipment market statistics, including industrial refrigeration equipment industry global market size, regional shares, competitors with an industrial refrigeration equipment market share, detailed industrial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the industrial refrigeration equipment industry. This industrial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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