Industrial Refrigeration Systems Market Research Report: By Equipment Type, Refrigerant Type, Application - Global Industry Analysis and Growth Forecast to 2030

The major factors driving the growth of the industrial refrigeration systems market are the expansion of the food and beverage processing sector in emerging economies, the advance of the cold chain industry, and the rise in the demand for refrigeration solutions among pharmaceutical and chemical companies. As a result of all these factors, the industry is expected to grow from $26.8 billion in 2019 to $41.1 billion in 2030, witnessing a CAGR of 5.0% between 2020 and 2030 (forecast period).

Condensers, controls, evaporators, and compressors are the various categories under the equipment type segment. Among these, the compressor category led the industrial refrigeration systems market during the historical period (2014–2019). Being the component that actually provides the cooling, compressors account for anywhere between 25% and 35% of the cost of a complete refrigeration unit designed for industries. In the coming years, the controls category would grow the fastest, as the demand for energy efficiency and operational cost savings is driving the installation of control systems.

The divisions under the refrigerant type segment of the industrial refrigeration systems market are hydrofluorocarbon (HFC), ammonia (NH3), and carbon dioxide (CO2). During the forecast period, the highest CAGR is projected to be witnessed by the CO2 category, as the gas is non-flammable, as well as less toxic. Termed as a natural refrigerant, the gas causes extremely little harm to the environment, if it is accidentally released from the refrigeration system.

The adoption of eco-friendly refrigerants, such as CO2, is one of the key trends in the market presently. Owing to the high rate of ozone depletion, several laws have been implemented around the world to replace conventional refrigerants with natural and environment-friendly variants. For instance, the F-Gas Regulation of the European Union, which came into force in 2015, seeks to do away with the use of high-global-warming-potential (GWP) gases as refrigerants.

The growth of the food and beverage processing industry in emerging economies is a significant reason for the industrial refrigeration systems market growth. With the increasing demand for processed and ready-to-eat products, food processing firms are seeing brisk business in developing countries. For instance, the food and beverage processing industry of India, which is the fifth-largest in the world, is receiving government support under the Make in India initiative. Under its 11th and 12th five-year plans, the central government has sanctioned the development of 40 mega food parks.

Another reason the market for industrial refrigeration systems is expanding is the increasing demand for such systems in the pharmaceutical and chemical sectors. Refrigeration is quite important in the pharma, refining, and petrochemical sectors, as the products here need to be stored at specific temperatures to prevent spoilage. For instance, biologics, drugs, and certain medical devices need to be stored at low temperatures. With the increasing prevalence of various diseases, the demand for drugs is rising, thereby driving the demand for refrigeration solutions in the pharma industry.

During the historical period, Asia-Pacific (APAC) was the largest industrial refrigeration system market, and it will also advance the fastest during the forecast period. This is attributed to the growth of the cold chain, where refrigeration is everything. For long-distance transportation of medical, chemical, and agricultural goods, it is imperative they remain refrigerated. The Indian government announced plans to execute 27 new integrated cold chain projects, worth $67.1 million (INR 743 crore), in September 2020.

Hence, as the food and beverage processing, pharmaceutical, chemical, and cold chain sectors grow, so will the demand for industrial refrigeration systems around the world.

Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Equipment Type
1.3.2 Market Segmentation by Refrigerant Type
1.3.3 Market Segmentation by Application
1.3.4 Market Segmentation by Region
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.3.6.1 Value
1.3.6.2 Volume
1.4 Key Stakeholders

Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By Region
2.2.1.2 By Industry Participant
2.2.1.3 By Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Equipment Type
4.1.1.1 Compressors
4.1.1.2 Condensers
4.1.1.3 Evaporators
4.1.1.4 Controls
4.1.1.5 Others
4.1.2 By Refrigerant Type
4.1.2.1 Ammonia
4.1.2.2 Co2
4.1.2.3 Hfc
4.1.2.4 Others
4.1.3 By Application
4.1.3.1 Food & Beverages
4.1.3.2 Chemicals & Pharmaceuticals
4.1.3.3 Oil & Gas
4.1.3.4 Others
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Adoption of Environment-Friendly Refrigerants
4.3.1.2 Rising Concerns Toward Health and Safety
4.3.1.3 Increasing Use of Screw Compressors
4.3.2 Drivers
4.3.2.1 Growing Food and Beverages Processing Industry in Developing Countries
4.3.2.2 Surge in Global Cold Chain Market
4.3.2.3 Increasing Use of Refrigeration in Chemical and Pharmaceutical Industries
4.3.2.4 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 Fragmented Supply Chain of Food and Beverage Processing Industry
4.3.3.2 High Energy Consumption and Maintenance Cost
4.3.3.3 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Growing Popularity for Carbon Dioxide/Ammonia Cascade Refrigeration Systems
4.4 Impact of COVID-19 on Industrial Refrigeration Systems Market
4.4.1 Current Scenario
4.4.2 COVID-19 Scenario
4.4.3 Future Scenario
4.5 Porter's Five Forces Analysis

Chapter 5. Global Market Size and Forecast
5.1 By Equipment Type
5.1.1 Compressors, by Type
5.1.2 Condensers, by Type
5.1.3 Evaporators, by Type
5.2 By Refrigerant Type
5.3 By Application
5.4 By Region

Chapter 6. North America Market Size and Forecast
6.1 By Equipment Type
6.2 By Refrigerant Type
6.3 By Application
6.4 By Country

Chapter 7. Europe Market Size and Forecast
7.1 By Equipment Type
7.2 By Refrigerant Type
7.3 By Application
7.4 By Country

Chapter 8. APAC Market Size and Forecast
8.1 By Equipment Type
8.2 By Refrigerant Type
8.3 By Application
8.4 By Country

Chapter 9. LATAM Market Size and Forecast
9.1 By Equipment Type
9.2 By Refrigerant Type
9.3 By Application
9.4 By Country

Chapter 10. MEA Market Size and Forecast
10.1 By Equipment Type
10.2 By Refrigerant Type
10.3 By Application
10.4 By Country

Chapter 11. Competitive Landscape
11.1 List of Players and Their Offerings
11.2 Comparison of Key Players
11.3 Market Share Analysis of Key Players
11.4 Recent Activities of Major Players
11.5 Global Strategic Developments of Key Players
11.5.1 Mergers and Acquisitions
11.5.2 Product Launches
11.5.3 Partnerships
11.5.4 Geographic Expansions
11.5.5 Other Developments

Chapter 12. Company Profiles
12.1 Trane Technologies plc
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.2 Carrier Global Corporation
12.2.1 Business Overview
12.2.2 Product and Service Offerings
12.2.3 Key Financial Summary
12.3 Hussmann Corporation
12.3.1 Business Overview
12.3.2 Product and Service Offerings
12.4 Dover Corporation
12.4.1 Business Overview
12.4.2 Product and Service Offerings
12.4.3 Key Financial Summary
12.5 Daikin Industries Ltd.
12.5.1 Business Overview
12.5.2 Product and Service Offerings
12.5.3 Key Financial Summary
12.6 Johnson Controls International plc
12.6.1 Business Overview
12.6.2 Product and Service Offerings
12.6.3 Key Financial Summary
12.7 Midea Group Co. Ltd.
12.7.1 Business Overview
12.7.2 Product and Service Offerings
12.7.3 Key Financial Summary
12.8 Industrial Frigo Srl.
12.8.1 Business Overview
12.8.2 Product and Service Offerings
12.9 Gea Group Aktiengesellschaft
12.9.1 Business Overview
12.9.2 Product and Service Offerings
12.9.3 Key Financial Summary
12.10 Emerson Electric Co.
12.10.1 Business Overview
12.10.2 Product and Service Offerings
12.10.3 Key Financial Summary
12.11 Bitzer Kühlmaschinenbau GmbH
12.11.1 Business Overview
12.11.2 Product and Service Offerings
12.12 Danfoss A/S
12.12.1 Business Overview
12.12.2 Product and Service Offerings
12.12.3 Key Financial Summary
12.13 Star Refrigeration Ltd.
12.13.1 Business Overview
12.13.2 Product and Service Offerings
12.14 Mayekawa Mfg. Co. Ltd.
12.14.1 Business Overview
12.14.2 Product and Service Offerings

Chapter 13. Appendix
13.1 Abbreviations
13.2 Sources and References

List of Tables
Table 1 Analysis Period of the Study
Table 2 Drivers for the Market: Impact Analysis
Table 3 Restraints for the Market: Impact Analysis
Table 4 COVID-19 Impact Analysis on Different Sectors
Table 5 Global Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2019)
Table 6 Global Industrial Refrigeration Systems Market, by Equipment Type, $M (2020-2030)
Table 7 Global Industrial Refrigeration Compressors Market, by Type, $M (2014-2019)
Table 8 Global Industrial Refrigeration Compressors Market, by Type, $M (2020-2030)
Table 9 Global Industrial Refrigeration Condensers Market, by Type, $M (2014-2019)
Table 10 Global Industrial Refrigeration Condensers Market, by Type, $M (2020-2030)
Table 11 Global Industrial Refrigeration Evaporators Market, by Type, $M (2014-2019)
Table 12 Global Industrial Refrigeration Evaporators Market, by Type, $M (2020-2030)
Table 13 Global Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2019)
Table 14 Global Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2020-2030)
Table 15 Global Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2014-2019)
Table 16 Global Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2020-2030)
Table 17 Global Industrial Refrigeration Systems Market, by Application, $M (2014-2019)
Table 18 Global Industrial Refrigeration Systems Market, by Application, $M (2020-2030)
Table 19 Global Industrial Refrigeration Systems Market, by Application, ‘000 Units (2014-2019)
Table 20 Global Industrial Refrigeration Systems Market, by Application, ‘000 Units (2020-2030)
Table 21 Global Industrial Refrigeration Systems Market, by Region, $M (2014-2019)
Table 22 Global Industrial Refrigeration Systems Market, by Region, $M (2020-2030)
Table 23 Global Industrial Refrigeration Systems Market, by Region, ‘000 Units (2014-2019)
Table 24 Global Industrial Refrigeration Systems Market, by Region, ‘000 Units (2020-2030)
Table 25 North America Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2019)
Table 26 North America Industrial Refrigeration Systems Market, by Equipment Type, $M (2020-2030)
Table 27 North America Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2019)
Table 28 North America Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2020-2030)
Table 29 North America Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2014-2019)
Table 30 North America Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2020-2030)
Table 31 North America Industrial Refrigeration Systems Market, by Application, $M (2014-2019)
Table 32 North America Industrial Refrigeration Systems Market, by Application, $M (2020-2030)
Table 33 North America Industrial Refrigeration Systems Market, by Application, ‘000 Units (2014-2019)
Table 34 North America Industrial Refrigeration Systems Market, by Application, ‘000 Units (2020-2030)
Table 35 North America Industrial Refrigeration Systems Market, by Country, $M (2014-2019)
Table 36 North America Industrial Refrigeration Systems Market, by Country, $M (2020-2030)
Table 37 North America Industrial Refrigeration Systems Market, by Country, ‘000 Units (2014-2019)
Table 38 North America Industrial Refrigeration Systems Market, by Country, ‘000 Units (2020-2030)
Table 39 Europe Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2019)
Table 40 Europe Industrial Refrigeration Systems Market, by Equipment Type, $M (2020-2030)
Table 41 Europe Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2019)
Table 42 Europe Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2020-2030)
Table 43 Europe Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2014-2019)
Table 44 Europe Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2020-2030)
Table 45 Europe Industrial Refrigeration Systems Market, by Application, $M (2014-2019)
Table 46 Europe Industrial Refrigeration Systems Market, by Application, $M (2020-2030)
Table 47 Europe Industrial Refrigeration Systems Market, by Application, ‘000 Units (2014-2019)
Table 48 Europe Industrial Refrigeration Systems Market, by Application, ‘000 Units (2020-2030)
Table 49 Europe Industrial Refrigeration Systems Market, by Country, $M (2014-2019)
Table 50 Europe Industrial Refrigeration Systems Market, by Country, $M (2020-2030)
Table 51 Europe Industrial Refrigeration Systems Market, by Country, ‘000 Units (2014-2019)
Table 52 Europe Industrial Refrigeration Systems Market, by Country, ‘000 Units (2020-2030)
Table 53 APAC Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2019)
Table 54 APAC Industrial Refrigeration Systems Market, by Equipment Type, $M (2020-2030)
Table 55 APAC Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2019)
Table 56 APAC Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2020-2030)
Table 57 APAC Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2014-2019)
Table 58 APAC Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2020-2030)
Table 59 APAC Industrial Refrigeration Systems Market, by Application, $M (2014-2019)
Table 60 APAC Industrial Refrigeration Systems Market, by Application, $M (2020-2030)
Table 61 APAC Industrial Refrigeration Systems Market, by Application, ‘000 Units (2014-2019)
Table 62 APAC Industrial Refrigeration Systems Market, by Application, ‘000 Units (2020-2030)
Table 63 APAC Industrial Refrigeration Systems Market, by Country, $M (2014-2019)
Table 64 APAC Industrial Refrigeration Systems Market, by Country, $M (2020-2030)
Table 65 APAC Industrial Refrigeration Systems Market, by Country, ‘000 Units (2014-2019)
Table 66 APAC Industrial Refrigeration Systems Market, by Country, ‘000 Units (2020-2030)
Table 67 Latam Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2019)
Table 68 Latam Industrial Refrigeration Systems Market, by Equipment Type, $M (2020-2030)
Table 69 Latam Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2019)
Table 70 Latam Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2020-2030)
Table 71 Latam Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2014-2019)
Table 72 Latam Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2020-2030)
Table 73 Latam Industrial Refrigeration Systems Market, by Application, $M (2014-2019)
Table 74 Latam Industrial Refrigeration Systems Market, by Application, $M (2020-2030)
Table 75 Latam Industrial Refrigeration Systems Market, by Application, ‘000 Units (2014-2019)
Table 76 Latam Industrial Refrigeration Systems Market, by Application, ‘000 Units (2020-2030)
Table 77 Latam Industrial Refrigeration Systems Market, by Country, $M (2014-2019)
Table 78 Latam Industrial Refrigeration Systems Market, by Country, $M (2020-2030)
Table 79 Latam Industrial Refrigeration Systems Market, by Country, ‘000 Units (2014-2019)
Table 80 Latam Industrial Refrigeration Systems Market, by Country, ‘000 Units (2020-2030)
Table 81 MEA Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2019)
Table 82 MEA Industrial Refrigeration Systems Market, by Equipment Type, $M (2020-2030)
Table 83 MEA Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2019)
Table 84 MEA Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2020-2030)
Table 85 MEA Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2014-2019)
Table 86 MEA Industrial Refrigeration Systems Market, by Refrigerant Type, ‘000 Units (2020-2030)
Table 87 MEA Industrial Refrigeration Systems Market, by Application, $M (2014-2019)
Table 88 MEA Industrial Refrigeration Systems Market, by Application, $M (2020-2030)
Table 89 MEA Industrial Refrigeration Systems Market, by Application, ‘000 Units (2014-2019)
Table 90 MEA Industrial Refrigeration Systems Market, by Application, ‘000 Units (2020-2030)
Table 91 MEA Industrial Refrigeration Systems Market, by Country, $M (2014-2019)
Table 92 MEA Industrial Refrigeration Systems Market, by Country, $M (2020-2030)
Table 93 MEA Industrial Refrigeration Systems Market, by Country, ‘000 Units (2014-2019)
Table 94 MEA Industrial Refrigeration Systems Market, by Country, ‘000 Units (2020-2030)
Table 95 List of Players and Their Offerings
Table 96 Comparison of Key Players (2019)
Table 97 Trane Technologies plc - at a Glance
Table 98 Trane Technologies plc - Key Financial Summary
Table 99 Carrier Global Corporation - at a Glance
Table 100 Carrier Global Corporation - Key Financial Summary
Table 101 Hussmann Corporation - at a Glance
Table 102 Dover Corporation - at a Glance
Table 103 Dover Corporation - Key Financial Summary
Table 104 Daikin Industries Ltd. - at a Glance
Table 105 Daikin Industries Ltd. - Key Financial Summary
Table 106 Johnson Controls International plc - at a Glance
Table 107 Johnson Controls International plc - Key Financial Summary
Table 108 Midea Group Co. Ltd. - at a Glance
Table 109 Midea Group Co. Ltd. - Key Financial Summary
Table 110 Industrial Frigo Srl - at a Glance
Table 111 Gea Group Aktiengesellschaft - at a Glance
Table 112 Gea Group Aktiengesellschaft - Key Financial Summary
Table 113 Emerson Electric Co. - at a Glance
Table 114 Emerson Electric Co. - Key Financial Summary
Table 115 Bitzer Kühlmaschinenbau GmbH - at a Glance
Table 116 Danfoss A/S - at a Glance
Table 117 Danfoss A/S - Key Financial Summary
Table 118 Star Refrigeration Ltd. - at a Glance
Table 119 Mayeawa Mfg. Co. Ltd. - at a Glance

List of Figures
Fig 1 Research Scope
Fig 2 Research Methodology
Fig 3 Regional Split of Primary and Secondary Research
Fig 4 Breakdown of Primary Research by Region
Fig 5 Breakdown of Primary Research by Industry Participant
Fig 6 Breakdown of Primary Research by Company Type
Fig 7 Data Triangulation Approach
Fig 8 Global Industrial Refrigeration Systems Market Summary
Fig 9 Value Chain Analysis
Fig 10 Bargaining Power of Buyers
Fig 11 Bargaining Power of Suppliers
Fig 12 Intensity of Rivalry
Fig 13 Threat of New Entrants
Fig 14 Availability of Substitutes
Fig 15 Global Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2030)
Fig 16 Global Industrial Refrigeration Compressors Market, by Type, $M (2014-2030)
Fig 17 Global Industrial Refrigeration Condensers Market, by Type, $M (2014-2030)
Fig 18 Global Industrial Refrigeration Evaporators Market, by Type, $M (2014-2030)
Fig 19 Global Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2030)
Fig 20 Global Industrial Refrigeration Systems Market, by Application, $M (2014-2030)
Fig 21 Worldwide Major Markets for Industrial Refrigeration Systems
Fig 22 North America Industrial Refrigeration Systems Market Snapshot
Fig 23 North America Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2030)
Fig 24 North America Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2030)
Fig 25 North America Industrial Refrigeration Systems Market, by Application, $M (2014-2030)
Fig 26 North America Industrial Refrigeration Systems Market, by Country, $M (2014-2030)
Fig 27 Europe Industrial Refrigeration Systems Market Snapshot
Fig 28 Europe Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2030)
Fig 29 Europe Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2030)
Fig 30 Europe Industrial Refrigeration Systems Market, by Application, $M (2014-2030)
Fig 31 Europe Industrial Refrigeration Systems Market, by Country, $M (2014-2030)
Fig 32 APAC Industrial Refrigeration Systems Market Snapshot
Fig 33 APAC Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2030)
Fig 34 APAC Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2030)
Fig 35 APAC Industrial Refrigeration Systems Market, by Application, $M (2014-2030)
Fig 36 APAC Industrial Refrigeration Systems Market, by Country, $M (2014-2030)
Fig 37 Latam Industrial Refrigeration Systems Market Snapshot
Fig 38 Latam Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2030)
Fig 39 Latam Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2030)
Fig 40 Latam Industrial Refrigeration Systems Market, by Application, $M (2014-2030)
Fig 41 Latam Industrial Refrigeration Systems Market, by Country, $M (2014-2030)
Fig 42 MEA Industrial Refrigeration Systems Market Snapshot
Fig 43 MEA Industrial Refrigeration Systems Market, by Equipment Type, $M (2014-2030)
Fig 44 MEA Industrial Refrigeration Systems Market, by Refrigerant Type, $M (2014-2030)
Fig 45 MEA Industrial Refrigeration Systems Market, by Application, $M (2014-2030)Fig 46 MEA Industrial Refrigeration Systems Market, by Country, $M (2014-2030)
Fig 47 Global Industrial Refrigeration Systems Market Share of Key Players (2019)
Fig 48 Recent Activities of Major Players
Fig 49 Trane Technologies plc - Revenue Split by Segment and Geography (2019)
Fig 50 Carrier Global Corporation - Revenue Split by Segment and Geography (2019)
Fig 51 Dover Corporation - Revenue Split by Geography and Segment (2019)
Fig 52 Daikin Industries Ltd. - Revenue Split by Segment and Geography (2019)
Fig 53 Johnson Controls International plc - Revenue Split by Segment (2019)
Fig 54 Midea Group Co. Ltd. - Revenue Split by Product Category and Geography (2019)
Fig 55 Gea Group Aktiengesellschaft - Revenue Split by Geography and Segment (2019)
Fig 56 Emerson Electric Co. - Revenue Split by Segment and Geography (2019)
Fig 57 Danfoss A/S - Revenue Split by Geography and Segment (2019)