Industrial Refrigeration Service Market to Reach $7.1 Billion, Globally, by 2032 at 4.9% CAGR: Allied Market Research

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Sep 13, 2023, 03:24 ET

The global industrial refrigeration service market is experiencing growth due to an importance of refrigeration in the food & beverage industry, the necessity of periodic maintenance of refrigeration systems, and the advantages of third-party Industrial Refrigeration Service.

PORTLAND, Ore., Sept. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Refrigeration Service Market by Services (Design, Installation, and Maintenance and Repair) and End-User Industry (Fresh Fruits And Vegetables, Meat, Poultry, and Fish, Dairy and Ice Cream, Beverages, Chemical and Pharmaceutical, Petrochemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global industrial refrigeration service industry generated $3.8 billion in 2020, and is anticipated to generate $7.1 billion by 2032, witnessing a CAGR of 4.9% from 2023 to 2032.

Industrial Refrigeration Service are essential systems in numerous industries, serving the critical purpose of preserving temperature-sensitive goods. These industries span various sectors, including food and beverages, pharmaceuticals, chemicals, and more. Over the past few decades, these industries have experienced tremendous growth and expansion. Industrial Refrigeration Service involve a wide range of activities related to industrial refrigeration systems. These services involve the design, installation, maintenance, and repair of refrigeration systems. This includes tasks such as system renovation, rehabilitation, remote maintenance, and other relevant services aimed at ensuring the optimal performance and reliability of industrial refrigeration equipment.

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Prime determinants of growth

The importance of refrigeration in the food & beverage industry, the necessity of periodic maintenance of refrigeration systems, and the advantages of third-party Industrial Refrigeration Service drive the growth of the global industrial refrigeration service market. However, the high cost of industrial refrigeration service restricts market growth. Moreover, a rise in investments in the cold-supply-chain industry in developed and developing economies presents new opportunities in the coming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Historic Period	2020-2021
Base Year	2022
Market Size in 2020	$3.8 billion
Market Size in 2032	$7.1 billion
CAGR	4.9 %
No. of Pages in Report	150
Segments covered	Services, End-User Industry, and Region.
Drivers	Importance of refrigeration in food & beverage industry Necessity of periodic maintenance of refrigeration systems Advantages of third-party Industrial Refrigeration Service
Opportunities	Expansion of supply chains in developing economies
Restraints	High cost of services from skilled workforce

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global industrial refrigeration service market, owing to the temporary closure of service provider firms during the lockdown.
Not only the production but also the sale of refrigeration systems was hampered due to the closure of end-user industries across the world, which led to a decline in the demand for Industrial Refrigeration Service especially in the initial period of the pandemic.

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The maintenance and repair segment to maintain its leadership status throughout the forecast period

Based on services, the maintenance and repair segment held the highest market share in 2022, accounting for around 90% of the global industrial refrigeration service market revenue, and is estimated to maintain its leadership status throughout the forecast period. Breakdown of the refrigeration system in any industry can have serious impacts on the productivity and eventually the profitability of the firm. Therefore, regular maintenance, and repair of any refrigeration system become essential for the efficient production of a particular industry. On the other hand, the design segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032, The designing stage of an industrial refrigeration system is one of the most crucial steps, as this stage directly or indirectly affects the installation, and maintenance & repair of the refrigeration system and also affects the overall energy consumption by the system.

The meat, poultry, and fish segment to maintain its leadership status throughout the forecast period

Based on end-user industry, the meat, poultry, and fish segment held the highest market share in 2022, accounting for more than one-fifth of the global industrial refrigeration service market, and is estimated to maintain its leadership status throughout the forecast period. Meat, poultry, and fish products are generally kept below freezing temperatures to prevent the growth of harmful bacteria and pathogens. Thus, the refrigeration systems meant for facilities handling these products are designed with robust and durable components, equipment, and accessories. However, the petrochemicals segment is projected to manifest the highest CAGR of 6.1% from 2023 to 2032. Petrochemical industries focus on cooling and heat removal within various stages of production processes, with an emphasis on material compatibility, safety, and large-scale applications. This eventually drives demand for services that provide efficient design of refrigeration systems that are fully compliant with the local guidelines, and also services that provide an effective installation and maintenance of the refrigeration system for reducing downtimes.

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 service market revenue, and is likely to dominate the market during the forecast period. The Industrial Refrigeration Service market is expected to grow rapidly in Asia-Pacific, due to increase in demand for refrigeration systems in the food and beverages, pharmaceuticals, chemicals, and other industries. However, the LAMEA region is expected to witness the fastest CAGR of 5.7% from 2023 to 2032. The LAMEA market for Industrial Refrigeration Service is experiencing growth due to the rise in demand for food and beverages. In addition, the region also has a large concentration of petrochemical and other chemical processing industries. These industries make extensive use of industrial refrigeration systems, eventually driving the demand for related services.

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Leading Market Players: -

ACE Services
Carrier Corporation
COOLSYS
Daikin Industries, Ltd.
Emerson Electric Co.
Newman Refrigeration Ltd.
Nimlas Group
Seward Refrigeration Limited
Star Refrigeration
Stellar.

The report provides a detailed analysis of these key players in the global industrial refrigeration service market. These players have adopted different strategies such as new collaborations, expansion, agreements, 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.

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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.

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