The global industrial refrigeration market is estimated to generate revenue of USD 41.5 billion by 2024 and is expected to witness 6.6% CAGR during the forecast period. Industrial refrigeration systems are extensively being adopted by several industries for cold storage applications, chemical processing and food & beverages industry where materials are required to be maintained under a minimum temperature. These products are extensively in demand for beverage production, HVAC applications, food processing and process cooling.
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However, high initial cost of set up of these refrigeration systems along with other operating expenses is expected to further hinder the growth of the industrial refrigeration market.
Globally industry players are leveraging market growth by offering various modified commercial refrigeration systems. Moreover, there are several strategic developments undertaken in this market by the industry players along with several mergers and acquisitions that is helping them in achieving competitive efficiencies and technological development.
Geographically, Asia-Pacific have been contributing largest revenue throughout the estimated period, and will continue to remain the largest market during the forecast period. The region is also expected to witness fastest growth at 7.9% CAGR in industrial refrigeration market during the forecast period, owing to rapid growth opportunities observed from cold-chain storage infrastructure in various countries of the developing nations.
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North America is the second largest market and is expected to witness considerable growth during the forecast period. Among all the countries in the region, the U.S. is the largest consumer in industrial refrigeration market due to extensive demand from food & beverage processing sector and refrigerated warehouses. Moreover, increasing installation platform for CO2 cascade storage systems along with excessive adoption and popularity of CO2 based transport storage systems are bolstering the growth of industrial refrigeration in countries such as the U.S., Mexico and Canada.
Some of the major players in the global industrial refrigeration market include Johnson Controls GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.
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