PUBLISHER: The Business Research Company | PRODUCT CODE: 1932669
PUBLISHER: The Business Research Company | PRODUCT CODE: 1932669
Industrial refrigeration equipment consists of cold storage equipment designed to utilize refrigerant gas to establish and maintain temperatures colder than the surrounding environment. These systems are commonly used in commercial settings for various purposes.
The primary equipment types within the industrial refrigeration equipment category include condensers, compressors, evaporators, and control systems. A condenser serves as a key component in the industrial refrigeration system, acting as a heat exchanger to transform vapor into a liquid. Various types of refrigerants are used in industrial refrigeration equipment, including ammonia, carbon dioxide, and hydrofluorocarbon (HFC). This equipment is utilized by a range of end-user industries, such as food and beverage, refrigerated warehousing, chemical and petrochemical, pharmaceutical, refrigerated transportation, and various other industrial sectors. It plays a crucial role in preserving temperature-sensitive products and maintaining controlled environments for different applications.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs are affecting the industrial refrigeration equipment market by increasing the cost of imported compressors, condensers, heat exchangers, and control systems. Food processing and cold storage operators in North America and Europe are most impacted due to reliance on imported equipment, while Asia-Pacific suppliers face export cost pressures. These tariffs are raising system installation costs and slowing upgrades. However, they are also encouraging regional manufacturing, adoption of modular systems, and innovation in energy-efficient refrigeration technologies.
The industrial refrigeration equipment market research report is one of a series of new reports from The Business Research Company that provides industrial refrigeration equipment market statistics, including industrial refrigeration equipment industry global market size, regional shares, competitors with an industrial refrigeration equipment market share, detailed industrial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the industrial refrigeration equipment industry. This industrial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial refrigeration equipment market size has grown strongly in recent years. It will grow from $33.64 billion in 2025 to $35.72 billion in 2026 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to expansion of food and beverage industry, demand for cold storage, reliance on conventional refrigerants, growth of refrigerated warehouses, pharmaceutical storage needs.
The industrial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $40.43 billion in 2030 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to stricter environmental regulations, growth of frozen food consumption, cold chain modernization, adoption of low-GWP refrigerants, digital temperature monitoring. Major trends in the forecast period include shift toward natural refrigerants, demand for energy-efficient cold storage, integration of smart refrigeration controls, expansion of cold chain infrastructure, growth of food processing applications.
The growth of the food and beverage processing industry, particularly in developing countries, is expected to drive the industrial refrigeration equipment market. Globally, food and beverage processing is one of the largest industries. On average, 90% of produced food is processed in developed countries such as the USA. Over the last decade, high demand for processed and convenience meat products emerged due to changing and busy consumer lifestyles. Over the past five years, India's food-processing sector, ranked fifth globally in terms of production, consumption, and exports, has been growing at an annual rate of 8%. For example, by 2024, according to a joint study by ASSOCHAM India and Grant Thornton UK, India's food processing sector is expected to attract $33 billion in investments, and total food production in India is projected to double by 2024. To keep processed food fresh and safe, industrial refrigeration systems are essential, and the increasing consumption of processed foods is boosting demand for these systems, further supporting market growth.
Major companies in the industrial refrigeration equipment market are focusing on developing innovative solutions, such as systems designed to operate with environment-friendly refrigerants, to meet the growing demand for sustainable cooling technologies that minimize ozone depletion and global warming impact. Environment-friendly refrigerants have lower Global Warming Potential (GWP) and do not harm the ozone layer, making them cleaner alternatives to traditional halogen-based refrigerants, which face strict global regulations due to their environmental impact. For instance, in September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a Japan-based electronics company, launched the TEJ35GAM electric-driven transport refrigeration unit, designed specifically for small and mid-size trucks. The TEJ35GAM features a hybrid system that combines a commercial plug-in power source with a dedicated power source for the refrigerator, allowing seamless operation whether the vehicle is idling or in motion.
In June 2023, Johnson Controls, a US-based company, acquired M&M Carnot for an undisclosed sum. This strategic acquisition is expected to bolster Johnson Controls' sustainable industrial refrigeration portfolio and enable them to better serve their expanding customer base in this sector. M&M Refrigeration Inc., a US-based provider, specializes in natural refrigeration solutions with an ultra-low global warming potential (GWP).
Major companies operating in the industrial refrigeration equipment market are Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand Inc., Lennox International Inc., Danfoss A/S, GEA Group AG, EVAPCO Inc., BITZER Kuhlmaschinenbau GmbH, Mayekawa Mfg. Co. Ltd., Daikin Industries Ltd., Industrial Frigo Srl, Parker Hannifin Corporation, Baltimore Aircoil Company Inc., Guntner GmbH & Co. KG, Star Refrigeration Ltd., Hussmann Corporation, Clauger SA, Rivacold srl, Dorin SPA, Thermal Care Inc., New York Blower Company, Kuhlman Inc., Samifi France SAS, Jean Paumier et Fils Ets, Honeywell International Inc, Zero Zone, KeepRite Refrigeration, Artic Temp Inc., Howe Corporation, Colmac Coil Manufacturing Inc, Frick India Limited, Carrier Commercial Refrigeration, Mitsubishi Electric Corporation, Panasonic Corporation, Schneider Electric SE
Asia-Pacific was the largest region in the industrial refrigeration equipment market in 2025. North America was the second largest region in the industrial refrigeration equipment market. The regions covered in the industrial refrigeration equipment market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the industrial refrigeration equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial refrigeration equipment market consists of sales of chillers, refrigeration compressors, condensers, cooling towers, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Refrigeration Equipment Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses industrial refrigeration equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The industrial refrigeration equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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