Global Industrial Refrigeration Market Size Study & Forecast, by Component, by Refrigerant Type, by Application, and Regional Analysis, 2023-2030

Description

List of Tables

Global Industrial Refrigeration Market is valued at approximately USD 20.3 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2023-2030. Industrial refrigeration refers to the specialized field of refrigeration systems and technologies used in commercial and industrial settings for the purpose of cooling and preserving huge amounts of goods, materials, or processes. The surging demand for innovative and compact refrigeration systems, increasing government support for the expansion of cold chain infrastructure, and rising inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies are the key factors that are propelling the market growth across the globe.

In addition, the spurring demand for frozen and processed food worldwide is further exhibiting a positive influence on the market growth during the estimated period. According to Statista, the frozen foods sector in 2019 was estimated to be worth around USD 272.11 billion, which is anticipated to grow and expected to reach USD 366.3 billion by the year 2026. Thus, these aforementioned factors are propelling the growth of the Industrial Refrigeration Market during the estimated period. Moreover, the growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems, as well as increasing industrialization in developing economies present various lucrative opportunities over the forecast years. However, the strict government regulations and the high initial costs and maintenance expenses are hampering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Industrial Refrigeration Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the surging demand for innovative and compact refrigeration systems, flourishing growth of food, beverages, and pharmaceutical industries, along with rising investment in technological developments. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies, as well as the rising number of government-supportive policies to strengthen cold chain infrastructure in developing countries such as India and China are significantly propelling the market demand across the region.

Major market players included in this report are:

Daikin Industries, Ltd.
Danfoss A/S
GEA Group AG
Mayekawa Mfg. Co., Ltd.
Swegon AB
Dover Corporation
Gordon Brothers Industries Pty. Ltd.
EVAPCO, Inc.
Kirby HVAC&R Pty Ltd.
LU-VE Group

Recent Developments in the Market:

In June 2021, GEA Group Aktiengesellschaft signed an agreement to sell Clauger, a French family-owned business that specializes in industrial refrigeration and air-conditioning systems, its refrigeration contracting businesses in Spain and Italy.
In June 2021, Johnson Controls introduced the Quantech QWC4 Water-Cooled Screw Chiller, which features variable speed drive technology to save carbon emissions and give flexibility in handling high-lift applications, to its product lineup. By directly regulating refrigerant charges and potential leak spots, the Quantech QWC4 chiller also lessens its negative effects on the environment.

Global Industrial Refrigeration Market Report Scope:

Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Component, Refrigerant Type, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

Compressor
Condenser
Control
Evaporators
Others

By Refrigerant Type:

Ammonia
CO2
Others

By Application:

Refrigerated Warehouses
Fruit And Vegetable Processing
Beverage Processing
Chemical, Petrochemical, and Pharmaceutical
Dairy And Ice Cream Processing
Meat, Poultry, and Fish Processing
Refrigerated Transportation

By Region:

North America

U.S.
Canada

Europe

UK
Germany
France
Spain
Italy
ROE

Asia Pacific

China
India
Japan
Australia
South Korea
RoAPAC

Latin America

Brazil
Mexico

Middle East & Africa

Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Industrial Refrigeration Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Industrial Refrigeration Market, by Component, 2020-2030 (USD Billion)
- 1.2.3. Industrial Refrigeration Market, by Refrigerant Type, 2020-2030 (USD Billion)
- 1.2.4. Industrial Refrigeration Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Industrial Refrigeration Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Industrial Refrigeration Market Dynamics

3.1. Industrial Refrigeration Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
  - 3.1.1.1. Expansion of cold chain infrastructure
  - 3.1.1.2. Rising demand for frozen and processed food worldwide
- 3.1.2. Market Challenges
  - 3.1.2.1. Strict government regulations
  - 3.1.2.2. High initial costs and maintenance expenses
- 3.1.3. Market Opportunities
  - 3.1.3.1. Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
  - 3.1.3.2. Increasing industrialization in developing economies

Chapter 4. Global Industrial Refrigeration Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Impact Analysis
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

Chapter 5. Global Industrial Refrigeration Market, by Component

5.1. Market Snapshot
5.2. Global Industrial Refrigeration Market by Component, Performance - Potential Analysis
5.3. Global Industrial Refrigeration Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
5.4. Industrial Refrigeration Market, Sub Segment Analysis
- 5.4.1. Compressor
- 5.4.2. Condenser
- 5.4.3. Control
- 5.4.4. Evaporators
- 5.4.5. Others

Chapter 6. Global Industrial Refrigeration Market, by Refrigerant Type

6.1. Market Snapshot
6.2. Global Industrial Refrigeration Market by Refrigerant Type, Performance - Potential Analysis
6.3. Global Industrial Refrigeration Market Estimates & Forecasts by Refrigerant Type 2020-2030 (USD Billion)
6.4. Industrial Refrigeration Market, Sub Segment Analysis
- 6.4.1. Ammonia
- 6.4.2. CO2
- 6.4.3. Others

Chapter 7. Global Industrial Refrigeration Market, by Application

7.1. Market Snapshot
7.2. Global Industrial Refrigeration Market by Application, Performance - Potential Analysis
7.3. Global Industrial Refrigeration Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Industrial Refrigeration Market, Sub Segment Analysis
- 7.4.1. Refrigerated Warehouses
- 7.4.2. Fruit And Vegetable Processing
- 7.4.3. Beverage Processing
- 7.4.4. Chemical, Petrochemical, and Pharmaceutical
- 7.4.5. Dairy And Ice Cream Processing
- 7.4.6. Meat, Poultry, and Fish Processing
- 7.4.7. Refrigerated Transportation

Chapter 8. Global Industrial Refrigeration Market, Regional Analysis

8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Industrial Refrigeration Market, Regional Market Snapshot
8.4. North America Industrial Refrigeration Market
- 8.4.1. U.S. Industrial Refrigeration Market
  - 8.4.1.1. Component breakdown estimates & forecasts, 2020-2030
  - 8.4.1.2. Refrigerant Type breakdown estimates & forecasts, 2020-2030
  - 8.4.1.3. Application breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Industrial Refrigeration Market
8.5. Europe Industrial Refrigeration Market Snapshot
- 8.5.1. U.K. Industrial Refrigeration Market
- 8.5.2. Germany Industrial Refrigeration Market
- 8.5.3. France Industrial Refrigeration Market
- 8.5.4. Spain Industrial Refrigeration Market
- 8.5.5. Italy Industrial Refrigeration Market
- 8.5.6. Rest of Europe Industrial Refrigeration Market
8.6. Asia-Pacific Industrial Refrigeration Market Snapshot
- 8.6.1. China Industrial Refrigeration Market
- 8.6.2. India Industrial Refrigeration Market
- 8.6.3. Japan Industrial Refrigeration Market
- 8.6.4. Australia Industrial Refrigeration Market
- 8.6.5. South Korea Industrial Refrigeration Market
- 8.6.6. Rest of Asia Pacific Industrial Refrigeration Market
8.7. Latin America Industrial Refrigeration Market Snapshot
- 8.7.1. Brazil Industrial Refrigeration Market
- 8.7.2. Mexico Industrial Refrigeration Market
8.8. Middle East & Africa Industrial Refrigeration Market
- 8.8.1. Saudi Arabia Industrial Refrigeration Market
- 8.8.2. South Africa Industrial Refrigeration Market
- 8.8.3. Rest of Middle East & Africa Industrial Refrigeration Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Daikin Industries, Ltd.
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Recent Developments
- 9.3.2. Danfoss A/S
- 9.3.3. GEA Group AG
- 9.3.4. Mayekawa Mfg. Co., Ltd.
- 9.3.5. Swegon AB
- 9.3.6. Dover Corporation
- 9.3.7. Gordon Brothers Industries Pty. Ltd.
- 9.3.8. EVAPCO, Inc.
- 9.3.9. Kirby HVAC&R Pty Ltd.
- 9.3.10. LU-VE Group

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Industrial Refrigeration Market, report scope
TABLE 2. Global Industrial Refrigeration Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3. Global Industrial Refrigeration Market estimates & forecasts by Component 2020-2030 (USD Billion)
TABLE 4. Global Industrial Refrigeration Market estimates & forecasts by Refrigerant Type 2020-2030 (USD Billion)
TABLE 5. Global Industrial Refrigeration Market estimates & forecasts by Application 2020-2030 (USD Billion)
TABLE 6. Global Industrial Refrigeration Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7. Global Industrial Refrigeration Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8. Global Industrial Refrigeration Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9. Global Industrial Refrigeration Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10. Global Industrial Refrigeration Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11. Global Industrial Refrigeration Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12. Global Industrial Refrigeration Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13. Global Industrial Refrigeration Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14. Global Industrial Refrigeration Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15. Global Industrial Refrigeration Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16. U.S. Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17. U.S. Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18. U.S. Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19. Canada Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20. Canada Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21. Canada Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22. UK Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23. UK Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24. UK Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25. Germany Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26. Germany Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27. Germany Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28. France Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29. France Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30. France Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31. Italy Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32. Italy Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33. Italy Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34. Spain Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35. Spain Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36. Spain Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37. RoE Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38. RoE Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39. RoE Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40. China Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41. China Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42. China Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43. India Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44. India Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45. India Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46. Japan Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47. Japan Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48. Japan Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49. South Korea Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50. South Korea Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51. South Korea Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52. Australia Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53. Australia Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54. Australia Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55. RoAPAC Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56. RoAPAC Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57. RoAPAC Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58. Brazil Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59. Brazil Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60. Brazil Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61. Mexico Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62. Mexico Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63. Mexico Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64. RoLA Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65. RoLA Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66. RoLA Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67. Saudi Arabia Industrial Refrigeration Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68. South Africa Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69. RoMEA Industrial Refrigeration Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70. List of secondary sources, used in the study of global Industrial Refrigeration Market
TABLE 71. List of primary sources, used in the study of global Industrial Refrigeration Market
TABLE 72. Years considered for the study
TABLE 73. Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Industrial Refrigeration Market, research methodology
FIG 2. Global Industrial Refrigeration Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Industrial Refrigeration Market, key trends 2022
FIG 5. Global Industrial Refrigeration Market, growth prospects 2023-2030
FIG 6. Global Industrial Refrigeration Market, porters 5 force model
FIG 7. Global Industrial Refrigeration Market, pest analysis
FIG 8. Global Industrial Refrigeration Market, value chain analysis
FIG 9. Global Industrial Refrigeration Market by segment, 2020 & 2030 (USD Billion)
FIG 10. Global Industrial Refrigeration Market by segment, 2020 & 2030 (USD Billion)
FIG 11. Global Industrial Refrigeration Market by segment, 2020 & 2030 (USD Billion)
FIG 12. Global Industrial Refrigeration Market by segment, 2020 & 2030 (USD Billion)
FIG 13. Global Industrial Refrigeration Market by segment, 2020 & 2030 (USD Billion)
FIG 14. Global Industrial Refrigeration Market, regional snapshot 2020 & 2030
FIG 15. North America Industrial Refrigeration Market 2020 & 2030 (USD Billion)
FIG 16. Europe Industrial Refrigeration Market 2020 & 2030 (USD Billion)
FIG 17. Asia pacific Industrial Refrigeration Market 2020 & 2030 (USD Billion)
FIG 18. Latin America Industrial Refrigeration Market 2020 & 2030 (USD Billion)
FIG 19. Middle East & Africa Industrial Refrigeration Market 2020 & 2030 (USD Billion)