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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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 |
market_structure.ucfirst |
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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 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.
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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