[Latest] Global Industrial Refrigeration Equipment Market Size/Share Worth USD 70.05 Billion by 2033 at a 5.21% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
[220+ Pages Latest Report] According to a market research study published by Custom Market Insights, the demand analysis of Global Industrial Refrigeration Equipment Market size & share revenue was valued at approximately USD 42.23 Billion in 2023 and is expected to reach USD 44.35 Billion in 2024 and is expected to reach around USD 70.05 Billion by 2033, at a CAGR of 5.21% between 2024 and 2033. The key market players listed in the report with their sales, revenues and strategies are Johnson Controls, Ingersoll Rand (Trane Technologies), Carrier Global Corporation, Danfoss, Emerson Electric Co., Güntner GmbH & Co. KG, GEA Group AG, Bitzer SE, Mayekawa Mfg. Co. Ltd. (MYCOM), Lennox International Inc., Mitsubishi Electric Corporation, Baltimore Aircoil Company (BAC), Evapco, Johnson Controls-Hitachi Air Conditioning, Daikin Industries, Panasonic Corporation, LU-VE Group, SPX Co. & Others.
/EIN News/ -- Austin, TX, USA, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Industrial Refrigeration Equipment Market Size, Trends and Insights By Type (Compressors, Condensers, Evaporators, Controls, Others), By Application (Refrigerated Warehousing, Food & Beverage Processing, Pharmaceuticals and Chemicals, Others), By Capacity (Small, Medium, Large), By End-User Industry (Food & Beverage, Healthcare, Chemical, Logistics, Retail, Hospitality, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.
“According to the latest research study, the demand of global Industrial Refrigeration Equipment Market size & share was valued at approximately USD 42.23 Billion in 2023 and is expected to reach USD 44.35 Billion in 2024 and is expected to reach a value of around USD 70.05 Billion by 2033, at a compound annual growth rate (CAGR) of about 5.21% during the forecast period 2024 to 2033.”
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Industrial Refrigeration Equipment Market: Growth Factors and Dynamics
- Increasing Demand for Efficient Cooling Solutions: There is a growing preference among industries for hassle-free, efficient refrigeration solutions. Industrial refrigeration equipment offers convenience with programmable features, consistent performance, and energy efficiency, driving their popularity.
- Rising Demand for Frozen and Processed Foods: The global rise in demand for frozen and processed foods, fueled by changing consumer lifestyles and preferences, boosts the market for industrial refrigeration equipment. These systems are essential for maintaining the quality and safety of perishable goods.
- Technological Advancements: Continuous innovations in refrigeration technology, including advancements in energy efficiency, smart controls, and eco-friendly refrigerants, enhance the performance and user experience of industrial refrigeration equipment, attracting tech-savvy consumers.
- Expansion of Cold Chain Logistics: The expansion of cold chain logistics and storage facilities worldwide drives the demand for industrial-grade refrigeration equipment. These establishments seek efficient and reliable systems to meet high-volume demands while ensuring consistent temperature control.
- Growth in Pharmaceutical and Biotechnology Sectors: The increasing need for precise temperature control in the pharmaceutical and biotechnology sectors propels the market for industrial refrigeration equipment. These industries require reliable systems for storing and transporting sensitive products like vaccines and biological samples.
- Health and Safety Regulations: Strict health and safety regulations regarding food safety and pharmaceutical storage support the market growth for industrial refrigeration equipment that meets compliance standards and ensures product integrity.
- Urbanization and Industrial Growth: Rapid urbanization and industrial growth drive the demand for industrial refrigeration equipment in urban centers and emerging markets. These systems cater to the needs of busy industries and urban facilities seeking quick and high-quality refrigeration solutions.
- Increasing Disposable Incomes: Rising disposable incomes in emerging markets and developing economies enable industries to invest in advanced refrigeration systems. This economic factor expands the market reach beyond traditional regions, fostering global market growth.
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Industrial Refrigeration Equipment Market: New Product Launch
- In March 2024, Hillphoenix Industrial agreed to a strategic partnership with Cool Refrigeration Systems & Solutions, based in Hagerstown, Maryland, to represent its industrial CO2 refrigeration systems solutions in the Eastern U.S. and Canada.
- In November 2023, Daikin unveiled a new full-electric and plug-in hybrid transport refrigeration lineup at SOLUTRANS in Lyon. Daikin Transportation Refrigeration and the Zanotti brand have decades of experience in commercial and industrial refrigeration, and the transportation of fresh and frozen products. Both are part of Daikin Europe, which is a subsidiary of the global group Daikin Industries, the world’s leading provider of refrigeration, cooling, heating, ventilation and air purification.
- In October 2023, Emerson introduced a modular refrigeration unit with CO2 (R744) scroll compressors for small and medium retail stores in Europe. The small modular Copeland-branded units can be installed packed or split, indoors or outdoors, in 2021, Emerson introduced a CO2 scroll compressor for commercial refrigeration applications. The Copeland-branded compressors are available in low-temperature and medium-temperature options and were a highlight at Emerson’s 2022 Chillventa exhibit.
- In September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. launched sales in the domestic market of the TEJ35GAM, an electric-driven transport refrigeration unit exclusively for small and mid-size trucks. Ryoju Coldchain Co., Ltd. (RCC), the Company’s’ comprehensive sales and service arm for truck and trailer refrigeration units in Japan, oversees the new product’s sales. The TEJ35GAM joins the already available TE20/30 series, refrigeration units for plug-in hybrid transport, and the TEJ35AM, an electric-driven transport refrigeration unit with a heat-pump heating system for EV trucks.
Report Scope
Feature of the Report | Details |
Market Size in 2024 | USD 44.35 Billion |
Projected Market Size in 2033 | USD 70.05 Billion |
Market Size in 2023 | USD 42.23 Billion |
CAGR Growth Rate | 5.21% CAGR |
Base Year | 2023 |
Forecast Period | 2024-2033 |
Key Segment | By Type, Application, Capacity, End-User Industry and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
(A free sample of the Industrial Refrigeration Equipment report is available upon request; please contact us for more information.)
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- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
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(Please note that the sample of the Industrial Refrigeration Equipment report has been modified to include the COVID-19 impact study prior to delivery.)
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Industrial Refrigeration Equipment Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Industrial Refrigeration Equipment Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in International Trade and Businesses: The ongoing pandemic has disrupted international trade and businesses, significantly affecting the industrial refrigeration equipment market. Government-imposed restrictions on the transit of people and goods have led to disruptions in supply chains and manufacturing processes, impacting the production and distribution of refrigeration equipment.
- Demand Fluctuations: The pandemic caused disruptions in various sectors, including hospitality, food processing, and retail, which are major consumers of industrial refrigeration equipment. Lockdown measures, supply chain disruptions, and reduced consumer spending resulted in a slowdown in manufacturing activities across these sectors. Many ongoing projects were delayed or put on hold due to uncertainties surrounding the pandemic, leading to reduced demand for industrial refrigeration equipment.
- Regulatory Framework and Market Restraints: The regulatory framework surrounding the use of industrial refrigeration equipment has been influenced by the pandemic, with potential changes in safety standards and regulations affecting market operations. Economic uncertainties resulting from the pandemic have posed challenges such as high costs, technical limitations, and a lack of skilled workforce, restraining market growth.
- Operational Challenges: Implementing health and safety protocols in manufacturing facilities added operational challenges and increased production costs. Labor shortages and workforce disruptions, including illness-related absences and quarantine measures, affected production capacities and efficiency in the industrial refrigeration equipment market.
- Adaptive Strategies and Focus on Innovation: Companies adopted remote work arrangements, digitalized sales and marketing efforts, and diversified supply chain sources to mitigate the pandemic’s impact. Some firms directed efforts towards innovating industrial refrigeration equipment, integrating advanced features like remote management and enhanced efficiency to cater to evolving industry needs.
- Technological Advancements: Ongoing advancements in refrigeration technology, such as improved sensor integration, AI-based temperature management, and enhanced connectivity, are opening doors to new applications and expanding the market potential for industrial refrigeration equipment. These innovations aim to improve user experience and operational efficiency.
- Automation Push: The pandemic highlighted the importance of automation in manufacturing and commercial environments to minimize reliance on human labor. This has led to a slight increase in demand for automated refrigeration solutions in specific applications, such as automated warehouses and smart industrial setups that remained operational during lockdowns.
- Focus on Sustainability: The market is also seeing a growing emphasis on sustainability, with manufacturers developing eco-friendly models that use less energy and reduce environmental impact. This trend aligns with increasing industry awareness and demand for environmentally responsible products.
In conclusion, the COVID-19 pandemic has had a mixed impact on the Industrial Refrigeration Equipment Market, presenting both challenges and opportunities for the industry.
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Key questions answered in this report:
- What is the size of the Industrial Refrigeration Equipment market and what is its expected growth rate?
- What are the primary driving factors that push the Industrial Refrigeration Equipment market forward?
- What are the Industrial Refrigeration Equipment Industry's top companies?
- What are the different categories that the Industrial Refrigeration Equipment Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Industrial Refrigeration Equipment market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2024−2033
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Industrial Refrigeration Equipment Market – Regional Analysis
The Industrial Refrigeration Equipment Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
- North America: The Industrial Refrigeration Equipment market in North America is driven by a strong demand for energy-efficient and advanced refrigeration solutions. Consumers in this region prioritize features such as energy efficiency, smart controls, and eco-friendly materials. The market is influenced by stringent environmental regulations and a growing trend toward sustainability. Additionally, the presence of major refrigeration equipment manufacturers and high disposable income contribute to the robust growth of this market segment.
- Europe: Europe represents a significant market for Industrial Refrigeration Equipment, particularly in countries like Germany, France, and Italy. The demand is fueled by a strong industrial base and a focus on energy efficiency and sustainability. Trends in this region include a preference for compact and stylish designs, advanced control systems, and eco-friendly refrigerants. The market is also seeing growth in smart refrigeration systems with IoT capabilities for remote monitoring and management.
- Asia-Pacific: The Asia-Pacific region is experiencing rapid growth in the Industrial Refrigeration Equipment market, driven by an increasing industrial base and a rising preference for advanced refrigeration technology. Countries like China, Japan, and South Korea are leading this growth, with consumers seeking high-quality, energy-efficient solutions. Trends in this region include a demand for compact, space-saving models, and machines with multifunctional capabilities. The integration of smart technology and mobile app control is also gaining popularity among tech-savvy consumers.
- LAMEA: The Industrial Refrigeration Equipment market in Latin America, the Middle East, and Africa (LAMEA) is emerging, with growth driven by increasing urbanization and a rising middle-class population. In Latin America, industrial hubs like Brazil and Mexico are seeing a shift towards automated refrigeration systems for both commercial and industrial use. The Middle East and Africa are witnessing a growing interest in high-capacity and durable refrigeration solutions for commercial settings. Trends in this region include a demand for reliable, energy-efficient, and sustainable models that can withstand high usage.
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List of the prominent players in the Industrial Refrigeration Equipment Market:
- Johnson Controls
- Ingersoll Rand (Trane Technologies)
- Carrier Global Corporation
- Danfoss
- Emerson Electric Co.
- Güntner GmbH & Co. KG
- GEA Group AG
- Bitzer SE
- Mayekawa Mfg. Co. Ltd. (MYCOM)
- Lennox International Inc.
- Mitsubishi Electric Corporation
- Baltimore Aircoil Company (BAC)
- Evapco Inc.
- Johnson Controls-Hitachi Air Conditioning
- Daikin Industries Ltd.
- Panasonic Corporation
- LU-VE Group
- SPX Cooling Technologies Inc.
- Thermo Fisher Scientific Inc.
- Others
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The Industrial Refrigeration Equipment Market is segmented as follows:
By Type
- Compressors
- Condensers
- Evaporators
- Controls
- Others
By Application
- Refrigerated Warehousing
- Food & Beverage Processing
- Pharmaceuticals and Chemicals
- Others
By Capacity
- Small
- Medium
- Large
By End-User Industry
- Food & Beverage
- Healthcare
- Chemical
- Logistics
- Retail
- Hospitality
- Others
Click Here to Get a Free Sample Report of the Global Industrial Refrigeration Equipment Market @ https://www.custommarketinsights.com/report/industrial-refrigeration-equipment-market/
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Industrial Refrigeration Equipment Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Industrial Refrigeration Equipment Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Industrial Refrigeration Equipment Market? What Was the Capacity, Production Value, Cost and PROFIT of the Industrial Refrigeration Equipment Market?
- What Is the Current Market Status of the Industrial Refrigeration Equipment Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Industrial Refrigeration Equipment Market by Considering Applications and Types?
- What Are Projections of the Global Industrial Refrigeration Equipment Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Industrial Refrigeration Equipment Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Industrial Refrigeration Equipment Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Industrial Refrigeration Equipment Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Industrial Refrigeration Equipment Industry?
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Reasons to Purchase Industrial Refrigeration Equipment Market Report
- Industrial Refrigeration Equipment Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Industrial Refrigeration Equipment Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Industrial Refrigeration Equipment Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Industrial Refrigeration Equipment Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Industrial Refrigeration Equipment market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Industrial Refrigeration Equipment market analysis.
- The competitive environment of current and potential participants in the Industrial Refrigeration Equipment market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Industrial Refrigeration Equipment market should find this report useful. The research will be useful to all market participants in the Industrial Refrigeration Equipment industry.
- Managers in the Industrial Refrigeration Equipment sector are interested in publishing up-to-date and projected data about the worldwide Industrial Refrigeration Equipment market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Industrial Refrigeration Equipment products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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