The global industrial refrigeration system market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021–2026. The growth of the industrial refrigeration system market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries, and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies. Industrial refrigeration systems are used to cool, freeze, and maintain appropriate temperature levels across warehouses or storage facilities, food processing units, chemical and pharmaceutical industries, and logistics and other distribution area applications. These systems are made of various components, including compressors; condensers; evaporators; controls; and vessels, pumps, valves, and auxiliary equipment.

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Control to register higher CAGR during the forecast period.

The control segment is projected to register the higher CAGR during the forecast period, by component. Controls of the industrial refrigeration system market is projected to register the highest CAGR during the forecast period, by component. The use of controls in an industrial refrigeration system ensures increased efficiency, can automate temperature controls, and makes requirement-based adjustments. Also, control systems can be used to automate defrost cycles at different times, resulting in significant energy savings. Furthermore, companies are heavily investing in R&D activities to enhance the efficiency of industrial systems and reduce operational costs, which are expected to drive the market for controls during the forecast period.
CO2-based refrigeration systems for microgrid hardware segment is expected to witness higher CAGR growth during the forecast period

The market for CO2-based refrigeration systems is expected to grow at the highest CAGR of 7.5% during the forecast period. The key factor for the market’s growth is the rising popularity of CO2 cascade refrigeration systems in various applications. CO2 is abundant and stays in the atmosphere for a longer time. Large CO2-based industrial refrigeration systems are less expensive to build than their glycol counterparts; thus, the initial and life cycle costs of CO2-based industrial refrigeration systems are comparatively low. Additionally, CO2 has other beneficial characteristics, such as no toxicity, no flammability, high heat transfer, high refrigeration volumetric capacity, and negligible GWP. It is also environmentally safe, benign, and non-corrosive with most materials, thereby providing lucrative opportunities for use in the CO2-based refrigeration system market. Moreover, all these advantages, coupled with increasing awareness about the thermodynamic properties of CO2 refrigerants, are expected to propel the market for CO2-based refrigeration systems.

The chemical, petrochemical, and pharmaceutical segment for the industrial refrigeration system market is expected to witness higher CAGR growth during the forecast period

The industrial refrigeration system market for chemical, petrochemical, and pharmaceutical applications is expected to grow at the highest CAGR during the forecast period. Processes in chemicals and petrochemicals industries, particularly handling and processing substances such as oil, gas, and other chemical compounds, are extremely challenging. Different processes and operations in these applications require the removal of heat and refrigeration to produce the final product. These processes include crystallization or condensation. Similarly, the pharmaceutical industry relies on refrigerated or temperature-controlled systems to preserve and maintain the integrity of products. A key factor for the growth in chemical, petrochemical, and pharmaceutical applications is the increasing demand for industrial cold storage facilities to store medicines and vaccines.

Asia Pacific is projected to register the highest CAGR growth during the forecast period

Asia Pacific is likely to be the fastest-growing industrial refrigeration system market during the forecast period. The market’s growth can be attributed to the growing pharmaceutical industry in the region, coupled with government subsidies for improving the cold chain and preservation infrastructure. Refrigerated storage capacities are growing in Asia Pacific countries such as India, China, and Japan. Moreover, governments of various countries in Asia Pacific support the Montreal Protocol initiative to phase out environmentally harmful refrigerants, thereby providing huge opportunities for the players offering natural refrigerant-based refrigeration systems. Thus, government initiatives to further strengthen cold chain management systems are expected to be the key driver for the growth of industrial refrigeration system in the Asia Pacific region.

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Major companies operating in the industrial refrigeration system market include Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), Mayekawa (Japan), Daikin (Japan), Ingersoll Rand (Ireland), EVAPCO, Inc. (US), Baltimore Aircoil Company (US), BITZER (Germany), LU-VE Group (Italy), MTA S.p.A. (Italy), Frascold (Italy), HITEMA INTERNATIONAL (Italy), Güntner GmbH & Co. KG (Germany), Lennox International (US), KOBELCO (Japan), Parker Hannifin (US), Clauger (France), Rivacold (Italy), Dorin S.p.A. (Italy), Star Refrigeration (Scotland), Industrial Frigo (Lombardy), SRM Italy (Italy), and Innovative Refrigeration Systems (US).