Industrial Refrigeration Systems Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Global Industrial Refrigeration System Market is segmented by Equipment (Compressors (Reciprocating, Centrifugal, Screw, Scroll), Condensers (Air-Cooled, Water-Cooled, Evaporative), Evaporators (Bare Tube, Plate, Finned, Shell & Tube), Controls, and others (Vessels, Pumps, Valves, and Auxiliary Equipment)), Refrigerant (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceuticals, Oil & Gas), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

Industrial Refrigeration Systems Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Industrial Refrigeration System Market Size

Industrial Refrigeration System Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 6.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Industrial Refrigeration System Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Industrial Refrigeration System Market Analysis

The Industrial Refrigeration System Market is expected to register a CAGR of 6% during the forecast period.

  • The government of India has been instrumental in the growth and development of the food processing industry which accounts for 32% of the country's total food market. The Ministry of Food Processing Industries (MoFPI) is making all efforts to encourage investments in the business also it has approved proposals for joint ventures (JV), foreign collaborations, industrial licenses, and 100% export-oriented units. As per IBEF 2019 report, Amazon, a global e-commerce giant, is planning to enter the Indian food retailing sector by investing USD 515 million in the next five years.
  • The rapid increase in demand for the safe storage of blood, blood derivatives, temperature-sensitive medicines from hospitals, pharmacies, clinics, and diagnostic centers are also fueling the growth of the refrigeration system market across the world.
  • Rising research activities for the treatment of chronic and infectious diseases has led to the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices. For instance, in 2019, the UK MRC and the Japan Agency for Medical Research and Development AMED collaborated to conduct research on infectious diseases to provide bi-lateral support to biomedical and health researchers in the UK and Japan.
  • COVID-19 outbreak has outspace the hospitals supply and people are dying due to the lack of medical equipments. The United States have 4,35,000 COVID-19 positive cases with more than 14,500 fatality as of 9th April 2020. Refrigerator trucks have been brought into the New York city (USA epicenter) to store bodies of deceased coronavirus patients. The U.S. Federal Emergency Management Agency (FEMA) has announced to send 85 more refrigerated trucks to New York to cope with the increasing number of victims.

Industrial Refrigeration System Industry Overview

The industrial refrigeration system market is competitive and consists of few major players such as Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss, GEA Group, Daikin Industries Ltd, and Dover Corporation. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.

  • April 2020 - Danfoss has launched the liquid level switches that play a critical role in the functional safety of refrigeration systems and are used to prevent liquid from slugging in compressors. The new LLS 4000 for ammonia and HFCs provides a system with better safety measures. It comes with an optional SIL2 rating for enhanced reliability while providing easier installation and commissioning compared to float valve technology. Danfoss has also opened an in-house testing facility in Lappeenranta, Finland that will conduct electromagnetic compatibility and environmental tests on Danfoss Editron's systems and machines.
  • March 2020 - Ingersoll Rand merged with Gardner Denver to provide a stronger, broader portfolio of mission-critical industrial, energy, medical and specialty vehicle products and services. The merger has positioned the new Ingersoll Rand as a global leader in mission-critical flow creation and industrial technologies. It has also partnered with Ace Group of Manchester, England and manufactured 26 Gardner Denver compressors for a London hospital during COVID -19 pandemic.

Industrial Refrigeration System Market Leaders

  1. Ingersoll Rand Plc

  2. United Technologies Corporation

  3. Danfoss

  4. GEA Group Aktiengesellschaft

  5. Johnson Controls International Plc

  6. *Disclaimer: Major Players sorted in no particular order
Industrial Refrigeration System Market Concentration
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Industrial Refrigeration System Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Deliverables
  • 1.2 Study Assumptions
  • 1.3 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Rising food and beverages processing industry
    • 4.2.2 Introduction of advanced technologies such as innovative IoT-enabled monitoring solutions
  • 4.3 Market Restraints
    • 4.3.1 High cost of development
  • 4.4 Value Chain / Supply Chain Analysis
  • 4.5 Porter's Five Force Analysis
    • 4.5.1 Threat of New Entrants
    • 4.5.2 Bargaining Power of Buyers/Consumers
    • 4.5.3 Bargaining Power of Suppliers
    • 4.5.4 Threat of Substitute Products
    • 4.5.5 Intensity of Competitive Rivalry
  • 4.6 Assessment of Impact of Covid-19 on the Industry

5. MARKET SEGMENTATION

  • 5.1 Equipment
    • 5.1.1 Compressors
    • 5.1.2 Condensers
    • 5.1.3 Evaporators
    • 5.1.4 Controls
    • 5.1.5 Others
  • 5.2 Refrigerant
    • 5.2.1 Ammonia
    • 5.2.2 CO2
    • 5.2.3 HFC
  • 5.3 Application
    • 5.3.1 Food & Beverages
    • 5.3.2 Chemicals & Pharmaceuticals
    • 5.3.3 Oil & Gas
  • 5.4 Geography
    • 5.4.1 North America
    • 5.4.1.1 US
    • 5.4.1.2 Canada
    • 5.4.2 Europe
    • 5.4.2.1 Germany
    • 5.4.2.2 France
    • 5.4.2.3 UK
    • 5.4.2.4 Rest of Europe
    • 5.4.3 Asia Pacific
    • 5.4.3.1 China
    • 5.4.3.2 India
    • 5.4.3.3 Japan
    • 5.4.3.4 Rest of Asia Pacfic
    • 5.4.4 Latin America
    • 5.4.5 Middle East & Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Investment Analysis
  • 6.3 Company Profiles
    • 6.3.1 Ingersoll Rand Plc.
    • 6.3.2 United Technologies Corporation
    • 6.3.3 Emerson Electric
    • 6.3.4 Danfoss
    • 6.3.5 Industrial Frigo SRL
    • 6.3.6 GEA Group Aktiengesellschaft
    • 6.3.7 BITZER Kühlmaschinenbau GmbH
    • 6.3.8 Star Refrigeration Ltd
    • 6.3.9 Daikin Industries Ltd
    • 6.3.10 Dover Corporation
    • 6.3.11 Johnson Controls International Plc
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Industrial Refrigeration System Industry Segmentation

Industrial refrigeration is the system to supply cooling to remove the heat from a low-temperature medium and transfer it to a high-temperature medium. They are deployed at large freezing and refrigeration plants to be utilized in various industrial applications such as food and beverage processing, cold storage, medical freezers or LNG liquefaction and others.

Equipment Compressors
Condensers
Evaporators
Controls
Others
Refrigerant Ammonia
CO2
HFC
Application Food & Beverages
Chemicals & Pharmaceuticals
Oil & Gas
Geography North America US
Canada
Europe Germany
France
UK
Rest of Europe
Asia Pacific China
India
Japan
Rest of Asia Pacfic
Latin America
Middle East & Africa
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Industrial Refrigeration System Market Research FAQs

What is the current Industrial Refrigeration System Market size?

The Industrial Refrigeration System Market is projected to register a CAGR of 6% during the forecast period (2025-2030)

Who are the key players in Industrial Refrigeration System Market?

Ingersoll Rand Plc, United Technologies Corporation, Danfoss, GEA Group Aktiengesellschaft and Johnson Controls International Plc are the major companies operating in the Industrial Refrigeration System Market.

Which is the fastest growing region in Industrial Refrigeration System Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Industrial Refrigeration System Market?

In 2025, the North America accounts for the largest market share in Industrial Refrigeration System Market.

What years does this Industrial Refrigeration System Market cover?

The report covers the Industrial Refrigeration System Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Industrial Refrigeration System Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Industrial Refrigeration System Industry Report

Statistics for the 2025 Industrial Refrigeration System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Industrial Refrigeration System analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.