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 noteworthy trend of consolidation, with an increasing number of mergers and acquisitions. This trend is being fueled by companies' desire to expand their service capabilities, bolster technical expertise, and align with sustainability objectives. On April 12, 2023, Daikin Applied Europe S.p.A, a subsidiary of the global Daikin Group, announced the acquisition of Brooktherm Refrigeration Ltd, a prominent industrial refrigeration and HVAC service provider in the UK. This strategic move enables Brooktherm to operate under Daikin Applied (UK) Ltd, thereby enhancing Daikin's service and maintenance offerings in the UK. This acquisition supports Daikin's turnkey projects, bespoke maintenance, and a comprehensive portfolio of spares, ultimately strengthening its industrial HVAC and refrigeration solutions.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
255 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.7% |
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Market growth 2025-2029 |
USD 5696.9 million |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
4.3 |
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Key countries |
US, China, Germany, Canada, UK, France, Italy, India, The Netherlands, and Brazil |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Industrial Refrigeration Market is witnessing significant growth due to the integration of renewable energy, district cooling, and low-global warming potential (GWP) refrigerants. Natural refrigerants, refrigeration controls, remote diagnostics, and service contracts are key trends. Energy audits, building automation systems, smart grid integration, data analytics, predictive modeling, digital twins, and lifecycle cost analysis are essential for optimizing energy usage and reducing carbon footprint. Regulatory compliance, industry standards, code compliance, safety regulations, food safety standards, refrigeration engineering, thermal design, process optimization, system optimization, performance benchmarking, and energy savings are crucial factors driving market growth.
The industrial refrigeration market is a significant segment of the larger global industrial machinery and supplies and components market. This market encompasses businesses specializing in the production of refrigeration systems, cooling towers, cold storage solutions, and related components. Key industries served include food processing, pharmaceutical manufacturing, and chemical processing. The industrial machinery and supplies and components market, which includes manufacturers of machinery and components for industries such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications, is projected to expand due to increasing industrial output in process and discrete industries. The global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages continues to surge, particularly in developing countries, driving market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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