The global industrial refrigeration market is expected to reach $29,133 million in 2026, from $19,666 million in 2018, growing at a CAGR of 4.9% from 2019 to 2026. Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.
The growth in demand for industrial refrigeration systems in the FMCG industry majorly drive the growth of the market, owing to increased use of packaged & processed food & beverages in the developing countries and prevention of spoilage of semi-processed food & drinks. The introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for industrial refrigeration market growth. Furthermore, rise in trend of upgrading cold storage infrastructures across emerging economies drives the growth of the market. However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of the industrial refrigeration market.
The global industrial refrigeration market is segmented on the basis of offering, component, refrigeration type, application, type, and region. By offering, the market is divided into industrial refrigerator and component. In 2018, the industrial refrigerator segment dominated the global market, in terms of revenue, and is expected to maintain this trend throughout the coming years. By component, the market is classified into compressor, condenser, evaporator, control, and others. The compressor segment is anticipated to dominate the global industrial refrigeration market throughout the forecast period. Compressors are generally used for commercial and industrial refrigeration, air-conditioning, and heat pump applications such as chillers, humidifiers, HVAC systems, and others. A compressor compresses the refrigerant to produce cool air, and consumes most of the power of refrigerating systems. It takes in low pressure & temperature refrigerant from the evaporator and compresses the refrigerant into high pressure and high temperature gaseous state.
By refrigerant type, the market is categorized into ammonia, carbon dioxide, hydrofluorocarbon (HFC), and others. Ammonia contributed the highest revenue in the industrial refrigeration market on the basis of refrigerant type and is expected to dominate the market during the forecast period.
The application segment is divided into fresh fruits & vegetables; meat, poultry, & fish; dairy & ice cream; beverages; chemicals; pharmaceuticals; and others. The fresh fruits & vegetable segment has attained a significant portion of industrial refrigeration market share, owing to the increase for the need to maintain a controlled temperature condition in chilling and freezing processes. Moreover, various fruit & vegetables processing industries have been utilizing cold storage facilities while processing of jams, pickles, juices, ketchups, and other products, to cater to the issue of food wastage. Further, the pharmaceuticals segment is expected to show significant growth during the forecast period because of rise in demand from temperature sensitive products.
By type, the market is bifurcated into stationary refrigeration and transport refrigeration. In 2018, the stationary refrigeration segment accounted for the highest market share due to the increased demand for cold storage infrastructures in the emerging economies and is expected to dominate the industrial refrigeration market during the forecast period.
By region, the industrial refrigeration market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2018, Asia-Pacific contributed the highest share in the industrial refrigeration market and is anticipated to secure the leading position during the forecast period, due to extensive demand in the food & beverage industry.