Industrial Refrigeration Market to Reach $41.7 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research

News provided by

Jun 26, 2023, 10:43 ET

The global industrial refrigeration market is driven by factors such as growth of the cold-chain industry, the growth of food and beverages and pharmaceutical industries, and industrialization in developing economies.

PORTLAND, Ore., June 26, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Refrigeration Market By Component (Compressor, Condenser, Control, Evaporators, and Others), By Refrigerant Type (Ammonia, Carbon Dioxide, Hydroflurocarbon (HFC), Hydrochlorofluorocarbons (HCFC), and Others), By Application (Fresh Fruits And Vegetables, Meat, Poultry And Fish, Dairy And Ice Cream, Beverages, Chemicals, Pharmaceuticals, Petrochemicals, and Others), By Type (Stationary Refrigeration, and Transport Refrigeration), By Sales Type (New Sales, and Aftermarket): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global industrial refrigeration industry generated $24.7 billion in 2022, and is anticipated to generate $41.7 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.

Prime determinants of growth

The growth of the cold-chain industry, the growth of food and beverages and pharmaceutical industries, and industrialization in developing economies drive the growth of the global industrial refrigeration market. However, the strict government regulations and high initial costs and maintenance expenses restrict the market growth. Moreover, technological advancements in refrigeration systems presents new opportunities for the growth of key players in the coming years.

Download Free Sample Report (460 Pages PDF with Insights, Charts, Tables, Figures):
https://www.alliedmarketresearch.com/request-sample/4457

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$24.7 billion
Market Size in 2032	$41.7 billion
CAGR	5.2 %
No. of Pages in Report	460
Segments covered	Component, Refrigerant Type, Application, Type, Sales Type, and Region.
Drivers	Growth of the cold-chain industry Growth of food and beverages and pharmaceutical industries Industrialization in developing economies
Opportunities	Technological developments
Restraints	Strict government regulations High initial costs and maintenance expenses

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global industrial refrigeration market, owing to the temporary closure of industrial refrigeration system manufacturing firms during the lockdown.
Not only the production but also the sale of industrial refrigeration systems was hampered due to the closure of end-user industries, especially in the initial period of the pandemic.

The compressor segment to maintain its leadership status throughout the forecast period

Based on component, the compressor segment held the highest market share in 2022, accounting for nearly one-third of the global industrial refrigeration market revenue, and is estimated to maintain its leadership status throughout the forecast period. Compressors such as screw compressors, reciprocating compressors, and others are used for industrial refrigeration systems, and are the main components of a refrigeration system. On the other hand, the others segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032. The others segment includes electrical components, pipes, and expansion systems, and due to rising demand for refrigeration systems, this segment is expected to witness high growth rate.

The ammonia segment to maintain its leadership status throughout the forecast period

Based on refrigerant type, the ammonia segment held the highest market share in 2022, accounting for more than half of the global industrial refrigeration market, and is estimated to maintain its leadership status throughout the forecast period. Ammonia gas is a zero ODP and zero GWP refrigerant gas, making it an eco-friendly refrigerant. In addition, constructing a refrigeration system with ammonia-based refrigerant costs 10-20% less than one that uses CFCs, as narrower-diameter piping can be used. Such factors along with many others are driving the growth of this segment. However, the carbon dioxide segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032. The growing demand for natural and non-toxic refrigerators is expected to drive the growth of this segment in the coming years.

Buy This Research Report @ https://www.alliedmarketresearch.com/checkout-final/f9f182b0fb1c00b896b6c4454fd1d2c5

The stationary refrigeration segment to maintain its lead position during the forecast period

Based on the type, the stationary refrigeration segment accounted for the largest share in 2022, contributing to nearly 90% of the global industrial refrigeration market revenue, and is projected to maintain its lead position during the forecast period. The rapid expansion of refrigerated warehouses for storing and processing food and beverages has fuelled the demand for industrial stationary refrigeration. However, the transportation refrigeration segment is expected to portray the largest CAGR of 5.7% from 2023 to 2032. Growing domestic and international trade of temperature-sensitive goods is expected to drive demand for transportation refrigeration systems.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global industrial refrigeration market revenue, and is likely to dominate the market during the forecast period. The increase in demand for food & beverages, growth in the pharmaceutical industry, and rise in the number of refrigerated warehouses in the region have fueled the growth of the industrial refrigeration market. For instance, according to the Invest India, the Indian food processing industry is among the largest in India and is estimated to reach $535 billion by 2025. However, the LAMEA region is expected to witness the fastest CAGR of 6.0% from 2023 to 2032. The LAMEA industrial refrigeration market is witnessing growth with the growing demand for food and beverages. Further, an increase in the export of perishable products to the U.S. and the other parts of the world has supplemented the growth of the industrial refrigeration market in the region.

Make Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/4457

Leading Market Players: -

ABB
Baltimore Aircoil Company Inc.
BITZER Group
Carrier Global Corporation
Daikin Industries, Ltd.
Danfoss A/S
Dorin S.p.A.
Dover Corporation
Emerson Electric Co.
EVAPCO, Inc.
GEA Group AG
Gordon Brothers Industries Pty. Ltd.
Johnson Controls International plc
Kirby HVAC&R Pty. Ltd.
LU-VE Group
Mayekawa Mfg. Co., Ltd.
Munters
Refplus
Rivacold srl
Swegon AB
Trane Technologies plc (Thermo King)

The report provides a detailed analysis of these key players in the global industrial refrigeration market. These players have adopted different strategies such as new product launches, acquisition, expansion, product development, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Refrigeration Industry (Book Now with 10% Discount):

Global air compressor market growing at a CAGR of 4.9% from 2022 to 2031.

Global industrial cooling systems market registering a CAGR of 5.0% from 2021 to 2030.

Global chillers market is growing at a CAGR of 3.5% from 2023 to 2032.

Global industrial air chiller market growing at a CAGR of 4.3% from 2022 to 2031.

Global cold storage construction market growing at a CAGR of 10.6% from 2022 to 2031.

The modular chiller market registering a CAGR of 6.2% from 2020 to 2027.

Food Industry Vacuum Cooling Equipment Market: Global opportunity analysis and industry forecast, 2023-2030

Cooling Towers Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Scroll & Absorption Chillers Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact Us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/construction-and-manufacturing