The Industrial Refrigeration Equipment Market is projected to grow significantly, reaching a value of US$ 36.8 billion by 2030, up from US$ 19.1 billion in 2022, reflecting an estimated compound annual growth rate (CAGR) of 8.5% during the period from 2022 to 2030.
In North America, the industrial refrigeration equipment market is divided into three main regions: the United States, Canada, and Mexico. The United States is anticipated to dominate the market share throughout the forecast period. Various sectors in North America are increasingly adopting natural refrigerants that have a minimal global warming potential, including Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf). In November 2022, Chemours Company, a leading global chemical firm known for its expertise in titanium technologies and advanced materials, announced a collaboration with Bohn de Mexico, a manufacturer specializing in industrial and commercial refrigeration solutions in South America. This partnership will see Bohn de Mexico utilize Opteon XL20, XL40, and XL10 in their new line of BOHN Ecoflex condensing units, which are designed to be non-ozone depleting and have low global warming potential. Additionally, the food and beverage industry in North America is increasingly utilizing CO2-based industrial refrigeration systems, which is further propelling the growth of the industrial refrigeration equipment market in the region. In February 2023, Frigus Bohn de Mexico delivered a large custom HVAC&R system that combines ammonia (R717) and CO2 (R744) to a food production facility in Mexico.
Furthermore, several manufacturers of industrial refrigeration systems in Canada are enhancing their market presence through strategic mergers and acquisitions. For example, in June 2023, Johnson Controls International Plc acquired M&M Carnot, a prominent provider of natural refrigeration solutions characterized by ultra-low global warming potential. This acquisition enables Johnson Controls to assist its clients in achieving sustainability objectives while adhering to environmental regulations. M&M Carnot's integration into Johnson Controls' portfolio will bolster its industrial refrigeration equipment offerings and expand its market share in locations such as Annapolis, Maryland, Trois Rivi?res, and Quebec.
The industrial refrigeration equipment market is categorized by end users into commercial, industrial, and residential segments. The commercial segment currently holds the largest share within the market. Commercial buildings typically feature HVAC systems that are interconnected to provide heating, ventilation, and cooling across various floors or sections of the structure. Heat pumps are commonly integrated into these systems to heat water or air, with water source heat pumps utilizing a network of pipes to circulate water throughout the building. While some units may be located on the ground, rooftop units are generally installed on the roofs of buildings to supply conditioned air. Chillers produce cool water that is distributed through pipes to air cooling coils. Commercial HVAC systems employ two types of heaters: furnaces that combust fuel to warm the air and radiant heaters that utilize infrared radiation for heating.
In terms of application, the industrial refrigeration equipment market is divided into several categories, including district cooling, electricity generation, chemical and petrochemical, pharmaceuticals, food and beverages, data centers, and others. The food and beverages segment commands the largest share of the market. A robust cold chain infrastructure is vital for the food and beverage sector, as effective cooling is essential for product preservation and preventing microbiological contamination. Each food item has specific optimal storage conditions, with temperature being a critical factor in ensuring food safety. Refrigeration systems play a crucial role in maintaining low temperatures for products such as meat, fish, poultry, dairy, and fruits, thereby extending their shelf life. Additionally, various subsectors within the food and beverages industry, such as breweries, require specialized refrigeration systems to facilitate biological and chemical processes and maintain optimal product conditions post-processing. Chilled water is a commonly employed refrigeration system during food processing, leading to an increased demand for refrigeration equipment in this sector, which in turn supports the growth of the industrial refrigeration equipment market.
Key players in the Industrial Refrigeration Equipment Market include Samifi France SAS, Johnson Controls International Plc, Jean Paumier et Fils Ets, Danfoss AS, Honeywell International Inc, Copeland LP, Evapco Inc, Mayekawa Australia Pty Ltd, and BITZER Kuhlmaschinenbau GmbH, all of whom are profiled in this market analysis.
The overall size of the Industrial Refrigeration Equipment Market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data regarding the market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Additionally, numerous primary interviews have been carried out with industry stakeholders to validate the findings and gain deeper analytical insights. This process includes discussions with industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the Industrial Refrigeration Equipment Market.