Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global industrial refrigeration equipment market is projected to flourish at a CAGR of 3.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 36.8 billion is anticipated for the market in 2031. As of 2023, the market for industrial refrigeration equipment is expected to close at US$ 27.4 billion.
Growth in the food and beverage sector and an increase in demand for safe storage of blood and temperature-controlled medicines are offering lucrative opportunities for growth in the industrial refrigeration equipment market.
Growth in disposable income and a rise in the number of working professionals are also boosting the demand for processed and packaged food products. These trends are likely to positively impact the industrial refrigeration equipment market growth in the near future.
The pharmaceutical and biotechnology sectors rely on precise temperature control to store and transport sensitive medications, vaccines, and biological materials. The growth of these industries has boosted the demand for industrial refrigeration equipment.
The growth of e-commerce, online grocery shopping, and the need for temperature-controlled storage facilities has driven the demand for cold storage warehouses. These facilities require industrial refrigeration equipment to maintain specific temperature ranges.
The rise in the consumption of meat and seafood and fruits & vegetables is prompting cold chain facility providers to adopt modern technologies, automation, and, enhanced infrastructure for the storage and transport of such products.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 26.4 Bn | |
| Estimated Value | US$ 36.8 Bn | |
| Growth Rate - CAGR | 3.8% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 120 Pages | |
| Market Segmentation | By Type, By Refrigerant, By End-use Industry, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Carrier, Daikin Industries, Ltd., Danfoss Group, Emerson Electric Co., EVAPCO, Inc., GEA Group AG, Johnson Controls, Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co., Ltd. | |
Key Takeaways from the Market Study
- As of 2022, the industrial refrigeration equipment market was valued at US$ 26.4 billion
- By type, the compressor segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on refrigerant, the ammonia segment is anticipated to dominate the industry during the forecast period
- Based on end-users, the pharmaceutical segment is expected to generate high revenue during the forecast period.
Industrial Refrigeration Equipment Market: Key Trends and Opportunistic Frontiers
- Increasing technological advancements in refrigeration systems, including the development of smart refrigeration solutions and remote monitoring, have enhanced the efficiency and reliability of industrial refrigeration equipment.
- The increasing application in healthcare and life sciences sectors for precise temperature control for research, development, and storage of medical and biological materials. This has led to increased demand for specialized refrigeration solutions.
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Industrial Refrigeration Equipment Market- Regional Analysis
- North America is expected to hold the largest share from 2023 to 2031. Expansion in the e-commerce sector and a rise in preference for online grocery shopping are boosting market statistics in the region. Increasing demand for ready-to-eat food and beverages plays a major role in the industrial refrigeration equipment demand outlook for this region.
- The industry in Asia Pacific is anticipated to grow at the highest rate in the near future. A surge in the number of cold chain storage facilities in countries, such as Japan, India, and China, is driving the market revenue in the region. Industrial refrigerators are expected to see an increase in demand as food and beverage manufacturers increase in the region.
Competitive Landscape
The industrial refrigeration equipment market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global industrial refrigeration equipment market report:
- Carrier
- Daikin Industries, Ltd.
- Danfoss Group
- Emerson Electric Co.
- EVAPCO, Inc.
- GEA Group AG
- Johnson Controls
- Ingersoll Rand
- LU-VE Group
- Mayekawa Mfg. Co., Ltd.
Key Development in the industrial refrigeration equipment market
- Johnson Controls focuses on sustainability and energy efficiency in industrial refrigeration equipment. They have developed innovative solutions like energy-efficient compressors, variable speed drives, and smart control systems to optimize cooling processes.
- Danfoss is known for its sustainable refrigeration solutions. They have developed advanced components and technologies, including electronic expansion valves and variable frequency drives, to improve system efficiency.
- Emerson has a strong emphasis on digitalization and data analytics in refrigeration. Their solutions include predictive maintenance tools and remote monitoring to enhance system reliability and reduce downtime.
- GEA focuses on creating sustainable and eco-friendly industrial refrigeration systems. They have introduced natural refrigerants and heat recovery solutions to reduce energy consumption and greenhouse gas emissions.
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Industrial Refrigeration Equipment Market- Key Segments
Type
- Compressor
- Condenser
- Heat Exchanger
- Evaporator
- Control
- Others
Refrigerant
- Ammonia
- CO2
- Others
End-use Industry
- Food & Beverage
- Refrigerated Warehouse
- Chemicals & Petrochemicals
- Pharmaceutical
- Others
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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