According to the market research report ‘Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography – Global Forecast to 2024’, published by MarketsandMarkets™, the market is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78%, from its estimated market size of USD 18.49 billion in 2018. The growth is driven by the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC.

The market for CO2-based industrial refrigeration systems is expected to grow at the highest CAGR during the forecast period, owing to their excellent thermodynamic properties, high energy efficiency, and non-flammable characteristics. Many end users across the food and beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.

Industrial refrigeration systems are most widely used in the refrigerated warehouse industry, which is expected to dominate the market in the near future, closely followed by the fruit and vegetable processing industry. This vertical is dominated by big and established players such as AmeriCold Logistics, Lineage Logistics Holdings, and Swire Cold Storage. These market players cater to the needs of refrigerated warehousing or cold storage, and temperature-controlled logistics or refrigerated transportation
services for a broad range of verticals, including food commodities and pharmaceuticals. Australia, the USA, Canada, China, and certain European countries, such as the Netherlands, France, and the UK, are some of the key countries having a strong global refrigerated warehouse industry. The strengthening of cold chain infrastructure in other developing countries to meet the rising demand for convenience food is expected to be the key market driver.