PUBLISHER: QYResearch | PRODUCT CODE: 1862352
PUBLISHER: QYResearch | PRODUCT CODE: 1862352
The global market for Industrial Refrigeration was estimated to be worth US$ 12405 million in 2024 and is forecast to a readjusted size of US$ 16742 million by 2031 with a CAGR of 4.6% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Industrial Refrigeration cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
Industrial refrigeration is a specialized technical system that uses manual intervention to achieve and maintain the temperature of specific spaces, media, or equipment below the ambient temperature during industrial production. It is one of the core auxiliary processes supporting the efficient and stable operation of modern industry. Essentially, it uses thermodynamic cycles (such as vapor compression refrigeration) to transfer heat from the objects requiring cooling (such as production materials, reaction systems, and precision equipment) to the external environment, thereby meeting the stringent temperature accuracy and stability requirements of industrial production.
In 2024, Industrial refrigeration output is 26,722 MW, with a price of approximately US$464.23/kW.
From a technological perspective, the replacement of environmentally friendly refrigerants is accelerating significantly, with CO2 systems growing at a significantly faster rate than traditional HFCs equipment, and expected to reach a market share of 40.97% in 2031. Intelligent solutions are key to energy efficiency upgrades. Application areas are showing differentiation, with food processing and cold chain logistics constituting the core markets, accounting for 43.72% and 23.12% respectively in 2024.
The global industrial refrigeration market exhibits distinct characteristics depending on factors such as regional economic development levels, industrialization progress, environmental policies, and market demand.
The European market has extremely high environmental standards, particularly for the use of environmentally friendly refrigerants. New European F-gas regulations are driving end users away from environmentally harmful hydrofluorocarbons (HFCs). Furthermore, industrial ammonia systems are unsuitable for certain applications due to their high investment costs and potential toxicity when used in closed environments. Consequently, downstream customers are forced to adopt modified CO2 refrigeration units designed specifically for industrial applications. By 2024, CO2 refrigeration systems will account for 57% of the European market, while HFC refrigeration systems are expected to be phased out.
Future market competition will revolve around two key technological axes: greening (increasing the proportion of natural working fluids to 61%) and intelligence. However, challenges such as the increasing cost of ammonia system transformation and the global shortage of technical talent still require collaborative breakthroughs across the industry chain.
This report aims to provide a comprehensive presentation of the global market for Industrial Refrigeration, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Industrial Refrigeration by region & country, by Refrigerant Type, and by Application.
The Industrial Refrigeration market size, estimations, and forecasts are provided in terms of sales volume (MW) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Industrial Refrigeration.
Market Segmentation
By Company
Segment by Refrigerant Type
Segment by Application
By Region
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Industrial Refrigeration manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Refrigerant Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Industrial Refrigeration in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Industrial Refrigeration in country level. It provides sigmate data by Refrigerant Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.