Industrial Refrigeration Equipment Market Report 2026

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 Kühlmaschinenbau 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.

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