Research Expert: Sarah Overall
  • Published: Apr 2025
  • Pages: 150
  • SKU: IRTNTR76294

  • Latest News- Industrial Refrigeration Market: Compressor is expected to lead the Component segment during 2025-2029

    The Industrial Refrigeration Market is being driven by Rapid industrialization in emerging markets

    The Industrial Refrigeration Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 5696.9 million. The industrial refrigeration market is experiencing a notable trend of consolidation, with an increasing number of mergers and acquisitions (M&A) taking place. This trend is being driven by the need for companies to expand their service capabilities, enhance technical expertise, and align with sustainability goals. On April 12, 2023, Daikin Applied Europe S.p.A, a subsidiary of the Daikin Group, announced the acquisition of Brooktherm Refrigeration Ltd, a prominent industrial refrigeration and HVAC service provider in the UK. This strategic acquisition enables Brooktherm to operate under Daikin Applied (UK) Ltd, thereby expanding Daikin's service and maintenance capabilities across the UK. This move supports Daikin's turnkey projects, bespoke maintenance offerings, and a comprehensive portfolio of spares, ultimately strengthening the company's industrial HVAC and refrigeration solutions. 

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    Which Factors Are Causing a Surge in Market Growth?

    The market is segmented based on

    • Component
      • Compressor
      • Evaporator
      • Condenser
      • Control
      • Others
    • Type
      • Ammonia
      • CO2
      • Others
    • Application
      • Fruit and vegetable processing
      • Refrigerated warehouse
    • Capacity
      • Less than 100kW
      • 100-500kW
      • 500-1000kW
      • 1000-5000kW
      • More than 5000kW
    • Geography
      • North America
        • Canada
        • US
      • Europe
        • Germany
        • UK
        • France
        • Italy
      • APAC
        • China
        • India
      • Middle East and Africa
        • South America
          • Brazil

      According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

      • Rapid industrialization in emerging markets
      • Rising demand for cold storage and food processing
      • Rise of supermarkets and hypermarkets worldwide

      However, the market also witnesses some limitations, which are as follows:

      • Stringent environmental regulations
      • High initial investment and maintenance costs
      • Complexity of natural refrigerant systems

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      Market Scope in Industrial Refrigeration Market Research Report

      Market Scope

      Report Coverage

      Details

      Page number

      255

      Base year

      2024

      Historic period

      2019-2023

      Forecast period

      2025-2029

      Growth momentum & CAGR

      Accelerate at a CAGR of 4.7%

      Market growth 2025-2029

      USD 5696.9 million

      Market structure

      market_structure.ucfirst

      YoY growth 2024-2025(%)

      4.3

      Key countries

      US, China, Germany, Canada, UK, France, Italy, India, The Netherlands, and Brazil

      Competitive landscape

      Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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      Research Analysis Overview

      The Industrial Refrigeration Market encompasses various technologies including Multi-Stage Refrigeration, Vapor Compression Refrigeration, and Absorption Refrigeration. It also covers District Cooling, Refrigeration Audits, and services like Refrigerant Recovery and Reclaiming. Training for Refrigeration Technicians, Software, Simulation, and Modeling are part of the market, as well as Optimization, Efficiency, and Performance assessments. Capacity, Cost Analysis, Lifecycle Cost, Sustainability Assessment, and Environmental Impact are key considerations. Innovations in Refrigeration, Cold Chain Management, Supply Chain Refrigeration, and Transport Refrigeration (Trucks, Railcars, Shipping Containers) are driving growth. Data Acquisition, Analytics, Cloud, Security, and Cybersecurity are essential components of modern refrigeration systems.

      Market Research Overview

      The industrial refrigeration market is a significant segment of the larger global industrial machinery and supplies and components market. This market encompasses companies specializing in the production of Refrigeration Systems, Cooling Systems, Industrial Chillers, and Ammonia Refrigeration. According to Technavio's market analysis, the industrial machinery and supplies and components market size is determined by the combined revenue generated by manufacturers of machinery and components utilized in industrial applications. Key growth drivers for this market include expanding industrial production in process and discrete industries, particularly in developing countries, which increases demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.


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      Media & Marketing Executive
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      Email: media@technavio.com
      Website: www.technavio.com/

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