Global industrial refrigeration systems market is projected to reach $36.5 billion in 2035 from $23.3 billion in 2024, is growing at a CAGR of 4.2% during the forecast period (2025-2035). In the HVAC-R industry, refrigerants are essential substances used in systems like air conditioners, chillers, and commercial refrigeration units. These refrigerants work by changing between liquid and gas states, absorbing and releasing heat to maintain desired temperatures. However, many traditional refrigerants, particularly hydrofluorocarbons (HFCs), possess high Global Warming Potentials (GWPs), significantly contributing to climate change. In response, regulatory bodies worldwide are implementing measures to phase down the use of high-GWP refrigerants. For instance, the European Union has enacted regulations to ban certain F-gases in refrigeration and air conditioning systems. Similarly, the US Environmental Protection Agency (EPA) has established rules to reduce HFC production and consumption by 85% by 2036, as mandated by the American Innovation and Manufacturing Act.
Browse the full report description of “Industrial Refrigeration Systems Market Size, Share & Trends Analysis Report by Component (Compressors, Condensers, Evaporators, Controls, and Others), by Capacity (Less than 100kW, 100-500kW, 500-1000kW, 1000-5000kW and More than 5000kW), by Application (Refrigerated Warehouse, Food & Beverage, Chemical Petrochemical & Pharmaceuticals and Refrigerated Transportation) and by Refrigerant Type (Ammonia (NH3), Carbon Dioxide (CO2), Hydrofluorocarbons (HFCs), Hydro chlorofluorocarbons (HCFCs)) Forecast Period (2025-2035)” at https://www.omrglobal.com/industry-reports/industrial-refrigeration-systems-market
Industry Trends in Refrigerants
- Regulatory pressure and sustainability initiatives are driving a rapid shift from high-GWP refrigerants (HFCs) to low-GWP and natural alternatives. Refrigerants such as CO? (R-744), ammonia (R-717), and hydrocarbons (R-290, R-600a) are gaining widespread adoption in commercial, industrial, and residential applications due to their low environmental impact and energy efficiency.
- Governments worldwide are tightening regulations to phase down HFCs and promote low-GWP alternatives. The Kigali Amendment targets an 80% reduction in HFC use by 2047, while the EU F-Gas Regulation aims for a complete phase-out by 2050, banning high-GWP refrigerants in new equipment by 2025. Similarly, the U.S. AIM Act mandates an 85% cut in HFC production by 2036, driving the transition to sustainable refrigerants.
- CO? refrigeration systems are becoming the preferred choice for supermarkets, cold storage, and industrial refrigeration due to their zero-ozone depletion potential (ODP), low GWP, and high energy efficiency.
Recent Developments
- In December 2024, Mitsubishi Heavy Industries Thermal Systems received the Minister of the Environment Award for Climate Action 2024 for developing its JHT-Y/JHT-YI series of large-capacity centrifugal chillers. These chillers utilize the low-GWP refrigerant HFO-1234yf, contributing to significant reductions in energy consumption and CO? emissions.
- In October 2024, FREOR hosted its first Partner Summit, bringing together global partners and industry experts to discuss sustainable refrigeration technologies. The summit emphasized FREOR's commitment to environmentally friendly refrigeration solutions and highlighted successful implementations of their Hydroloop cooling systems across various countries.
- In October 2024, Daikin Europe presented its strategic vision for refrigerant alternatives in Europe at Chillventa 2024. The company showcased a comprehensive suite of cold chain solutions and emphasized its commitment to sustainability through the adoption of low-GWP refrigerants.
- In April 2024, Zhejiang Ice Loong renewed its contract with RACC 2024, highlighting its dedication to providing high-quality green fluorinated refrigerant products. The company aims to offer sustainable solutions in line with global environmental standards.
- In November 2023, Hoshizaki announced plans to expand its lineup of products using HFC-free natural refrigerants in Japan. This initiative includes adopting natural refrigerators for standard model ice machines and launching undercounted-type commercial natural refrigerant-based refrigerators and freezers, aiming to mitigate environmental impact.
Market Coverage
• The market number available for – 2024-2035
• Base year- 2024
• Forecast period- 2025-2035
• Segment Covered-
o By Component
o By Capacity
o By Application
o By Refrigerant Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape - Daikin Industries, Ltd., Emerson Electric Co., Ingersoll Rand Plc., Johnson Controls International Plc. and others
Key questions addressed by the report.
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Industrial Refrigeration Systems Market Report Segment
By Component
- Compressors
- Condensers
- Evaporators
- Controls
- Others (Capillary tube, Condensers coils)
By Capacity
- Less than 100kW
- 100-500kW
- 500-1000kW
- 1000-5000kW
- More than 5000kW
By Application
- Refrigerated Warehouse
- Food & Beverage
- Chemical Petrochemical & Pharmaceuticals
- Refrigerated Transportation
Global Industrial Refrigeration Systems Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Russia
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia and New Zealand
• ASEAN Economies
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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