Industrial Refrigeration Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Compressors, Condensers, Evaporators, Controls, Others), By Refrigerator Type (Stationary, Transport), By Refrigerant Type (Ammonia, Carbon Dioxide, Others), By Application (Fresh Fruits & Vegetables, Meat, Poultry & Fish, Dairy & Ice cream, Beverages, Chemicals, Pharmaceuticals, Others) and Region Forecast 2020-2031

Industrial Refrigeration Market size was valued at US$ 21.7 billion in 2024 and is expected to reach US$ 35.1 billion by 2031, growing at a significant CAGR of 7.1% from 2025-2031. Moreover, the U.S. market is projected to grow significantly, reaching an estimated US$ 14,150.0 million by 2032. Industrial refrigeration systems are found in several industries including food and beverage processing, cold storage facilities, chemical and petrochemical, pharmaceuticals, and other product manufacturing industries requiring storage and transport of products at chilled and controlled temperatures. These refrigeration systems preserve perishable commodities' quality, freshness, and shelf life, keeping various industrial operations moving smoothly.

Key Takeaways

• The Asia-Pacific region is leading the market for industrial refrigeration
• North America holds the most significant position in the market
• Based on the Components Compressors segment holds a 32.7% market share
• Based on the Refrigerator Type Stationary segment holds a 64.7% market share
• Based on the Refrigerant Type Ammonia segment holds a 43.8% market share
• Based on the Application Meat segment holds 25.6% market share

Facts & Figures

• In March 2023: Around 30% of the food supply is lost due to inadequate refrigeration, highlighting the need for improved cold chain solutions.
• April 2023: The use of carbon dioxide as a refrigerant in commercial systems increased by 15% compared to the previous year, indicating a shift towards more sustainable practices.
• July 2023: The demand for industrial refrigeration systems in the pharmaceutical sector is projected to increase by 20% by 2025, driven by vaccine storage needs

Key Developments

• In March 2023 - Emerson Electric Co. announced advancements in smart refrigeration technology
• In April 2023 - Johnson Controls International plc introduced a sustainable refrigeration system.
• In February 2023 - Mitsubishi Electric Corporation launched a new high-efficiency heat pump.

Industrial Refrigeration Market Segmentation

Based on Components:

• Compressors
• Condensers
• Evaporators
• Controls
• Others

The compressors segment has been the most prominent driver the market, mainly because of the critical role these units play in sustaining system efficiency and performance. As the primary components in charge of circulating refrigerants, technological improvements in compressor technology, including enhanced energy efficiency and smart features, have made this segment stand out as the leader in market growth.

Based on refrigerator type:

• Stationary
• Transport

The stationary market segment leads the market, based on its large-scale usage in food processing and cold storage facilities. These are long-term efficient and reliable systems, as the increasing demand for efficient refrigeration solutions in many industries grows.

Based on refrigerant type:

• Ammonia
• Carbon Dioxide
• Others

The ammonia segment dominates the market in industrial refrigeration due to high efficiency and low environmental footprint. This segment is also one of the most affordable alternatives in the industry, which further makes it extremely popular among the leading companies involved in large-scale food processing and cold storage activities.

Based on application:

• Fresh Fruits & Vegetables
• Meat
• Poultry & Fish
• Dairy & Ice cream
• Beverages
• Chemicals
• Pharmaceuticals
• Others

This industry accounts for the leading segment of industrial refrigeration is a huge market due to the massive demand by this segment, whose critical need is the freshness, quality, and safety associated with meat processing and storage.