Industrial Refrigeration Market 2019-2026 - Component, Technology and Major Market Players

Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. The demand for industrial refrigeration systems has increased in the food & beverage processing and storage industries, as these systems prevent spoilage of perishable semi-processed foods & drinks.

The global industrial refrigeration market accounted for $10,127.6 million in 2017 and is expected to reach $14,525.7 million by 2024, registering a CAGR of 5.4% from 2018 to 2024. In 2017, Europe dominated the global market, in terms of revenue, accounting for about 34.5% share of the global industry, followed by North America.

Industrial Refrigeration Industry

The industrial refrigerators segment secured the highest share of 56.0% in the global market in 2017 and is expected to grow at a CAGR of 4.9% during the forecast period. In terms of application, the refrigerated warehouse segment is expected to contribute the highest market share in the coming years, as rapid expansion and upgrade of cold storage facilities fuel the demand for industrial refrigeration and related equipment in various developing countries such as India, China, Latin America, and the Middle East.

Key Findings of the Industrial Refrigeration Market:

In 2017, the refrigerated warehouse segment dominated the global industrial refrigeration market, in terms of revenue, and is projected to grow at a CAGR of 6.3% during the forecast period
The ammonia-based refrigerant segment is projected to grow at a CAGR of 4.9% during the forecast period
Europe is expected to exhibit the highest CAGR during the forecast period. Countries such as UK, Germany, Russia, France, Italy, and others are expected to drive the industrial refrigeration market in the coming years.

Download Sample Report for More Details

The major players, such as Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation, have adopted new product launch and business expansion as their key strategies to expand their market foothold.