North America Industrial Refrigeration Equipment Market Forecast to 2030
North America Industrial Refrigeration Equipment Market Forecast to 2030 – Regional Analysis – by Type (Mechanical-Compression Refrigeration Systems, Evaporative Cooling, Absorption, Thermoelectric); Refrigerant Type (Ammonia – R717, Carbon dioxide (CO2) – R744, Hydrocarbons – HCs); and Application (Food and Beverages, Pharmaceutical, Chemical and Petrochemical, District Cooling, Data Centres, Electricity Production, and Others)
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Description
Increasing Demand for Cold Chain Infrastructure Fuels North America Industrial Refrigeration Equipment Market
The expansion of online grocery and e-commerce delivery services is driving the need for efficient cold chain logistics. Companies such as Amazon Fresh and Instacart rely on refrigerated warehouses, delivery vans, and last-mile refrigeration solutions to ensure that products are delivered to customers in optimal condition. Hence, several companies with cold-chain logistics are increasing their capabilities.
In addition, consumers increasingly seek fresher and healthier food products, which is boosting the demand for perishable items such as fruits, vegetables, dairy, and seafood. To meet these preferences, retailers and producers invest in cold chain infrastructure to maintain product integrity. Various types of equipment are used to maintain temperature-controlled environments, from refrigerated trucks to cold storage warehouses. Thus, the demand for fresh produce and frozen goods across various regions in the food industry necessitates a robust cold chain infrastructure. Cold storage warehouses equipped with temperature control systems enable these businesses to store larger quantities of goods for longer periods, reducing wastage and meeting consumer demands.
North America Industrial Refrigeration Equipment Market Overview
The North America industrial refrigeration equipment market is segmented into the US, Canada, and Mexico. In North America, various industries are using natural refrigerants with a low global warming potential, such as Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf). In November 2022, The Chemours Company—a global chemical company with a market-leading position in titanium technologies, thermal and specialized solutions, and advanced performance materials—announced a partnership with Bohn de Mexico, an industrial and commercial refrigeration manufacturing company with a presence in South America. As per this partnership, Bohn de Mexico will use Opteon XL20 (R-454 C), Opteon XL40 (R-454A), and Opteon XL10 (R-1234yf) for its new range of BOHN Ecoflex condensing units. These refrigerants are non-ozone depleting (ODP) and have low global warming potential (GWP)..
In the North America food & beverages sector, various companies use CO2 industrial refrigeration systems. In February 2023, Frigus Bohn de Mexico, a manufacturer of industrial refrigeration equipment and systems in Mexico, supplied a large custom combined ammonia (R717) and CO2 (R744) HVAC&R system to a food production facility in Mexico. The R744 system serves the site’s cold store and its “rapid chilling tunnels” to chill food to an operating temperature of approximately -24°C (-11°F) after baking.
North America Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)
North America Industrial Refrigeration Equipment Market Segmentation
The North America industrial refrigeration equipment market is segmented into type, refrigerant type, application, and country.
Based on type, the North America industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment registered the largest North America industrial refrigeration equipment market share in 2022.
Based on refrigerant type, the North America industrial refrigeration equipment market is segmented into ammonia – R717, carbon dioxide (CO2) – R744, and hydrocarbons – HCs. The ammonia – R717 segment held the largest North America industrial refrigeration equipment market share in 2022.
Based on application, the North America industrial refrigeration equipment market is segmented into food and beverages, pharmaceutical, chemical and petrochemical, district cooling, data centres, electricity production, and others. The food and beverages segment held the largest North America industrial refrigeration equipment market share in 2022.
Based on country, the North America industrial refrigeration equipment market has been categorized into the US, Canada, and Mexico. The US dominated the North America industrial refrigeration equipment market in 2022.
Johnson Controls International Plc, Danfoss AS, Honeywell International Inc, Copeland LP, Evapco Inc, BITZER Kuhlmaschinenbau GmbH, and Carrier Global Corp. are some of the leading companies operating in the industrial refrigeration equipment market in the region.
Summary Info
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According to The Research Team’ research, the North America industrial refrigeration equipment market was valued at US$ 5,611.33 million in 2022 and is expected to reach US$ 10,959.87 million by 2030, registering a CAGR of 8.7% from 2022 to 2030. Increasing demand for cold chain infrastructure and growing inclination towards eco-friendly refrigerant-based refrigeration system are the critical factors attributed to the North America industrial refrigeration equipment market expansion.
Smart and connected systems integrate advanced technologies such as the Internet of Things (IoT), data analytics, and automation to optimize industrial refrigeration equipment’s efficiency, performance, and management. Smart systems enable real-time monitoring and control of refrigeration equipment from any location. This capability allows operators and technicians to remotely monitor parameters such as temperature, pressure, and energy consumption. It facilitates quick detection of anomalies and enables proactive maintenance, reducing downtime and improving system reliability. Connected refrigeration systems collect a huge volume of data that can be analyzed to gain insights into equipment performance and energy usage. Advanced analytics and machine learning algorithms can predict potential faults and suggest maintenance schedules, preventing expensive breakdowns of the equipment and optimizing maintenance routines. Smart systems optimize the energy consumption of industrial refrigeration equipment by adjusting settings based on real-time demand and external factors, including temperature. This reduces energy costs and minimizes environmental impact. A study by the American Council for an Energy-Efficient Economy (ACEEE) suggested that IoT-driven energy efficiency improvements can lead to energy savings of up to 15% across various industrial sectors. Smart refrigeration systems can be integrated into a wide range of building management systems, allowing for centralized control and coordination of various equipment within a facility. This integration ensures seamless communication between different systems, leading to improved overall operational efficiency. Various companies are providing smart and connected refrigeration systems and solutions, such as Facilio. Inc, Danfoss, etc. Therefore, the launch of smart and connected refrigeration systems is expected to fuel the industrial refrigeration equipment market growth during the forecast period.
On the contrary, high initial investment hurdles the growth of North America industrial refrigeration equipment market.
Based on type, the North America industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment held 34.9% share of North America industrial refrigeration equipment market in 2022, amassing US$ 1,957.56 million. It is projected to garner US$ 4,168.01 million by 2030 to expand at 9.9% CAGR during 2022–2030.
Based on refrigerant type, the North America industrial refrigeration equipment market is segmented into ammonia – R717, carbon dioxide (CO2) – R744, and hydrocarbons – HCs. The ammonia – R717 segment held 63.3% share of North America industrial refrigeration equipment market in 2022, amassing US$ 3,551.85 million. It is projected to garner US$ 6,747.38 million by 2030 to expand at 8.4% CAGR during 2022–2030.
Based on application, the North America industrial refrigeration equipment market is segmented into food and beverages, pharmaceutical, chemical and petrochemical, district cooling, data centres, electricity production, and others. The food and beverages segment held 26.2% share of North America industrial refrigeration equipment market in 2022, amassing US$ 1,467.79 million. It is projected to garner US$ 3,451.60 million by 2030 to expand at 11.3% CAGR during 2022–2030.
Based on country, the North America industrial refrigeration equipment market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.3% share of North America industrial refrigeration equipment market in 2022. It was assessed at US$ 4,731.47 million in 2022 and is likely to hit US$ 9,421.41 million by 2030, exhibiting a CAGR of 9.0% during 2022–2030.
Key players operating in the North America industrial refrigeration equipment market are Johnson Controls International Plc, Danfoss AS, Honeywell International Inc, Copeland LP, Evapco Inc, BITZER Kuhlmaschinenbau GmbH, and Carrier Global Corp, among others.
In Feb 2023, Honeywell announced that Food City has installed Honeywell’s Solstice N71 (R-471A) refrigerant in its Kodak, Tennessee, store. The solution cools the store’s beverage line-up while helping increase energy efficiency and reduce environmental impact. In June 2023, Johnson Controls, the global leader for smart, healthy and sustainable buildings, introduced its new FRICK Freezer Penthouse Evaporator-Retrofit (FPHE-R) model that includes design updates on proven technology to improve ease of installation and service for contractors while maintaining product efficiency.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America industrial refrigeration equipment market.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the North America industrial refrigeration equipment market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the industrial refrigeration equipment market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Industrial Refrigeration Equipment Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
5. North America Industrial Refrigeration Equipment Market – Key Industry Dynamics
5.1 North America Industrial Refrigeration Equipment Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increasing Demand for Cold Chain Infrastructure
5.2.2 Growing Inclination Towards Eco-friendly Refrigerant-based Refrigeration System
5.2.3 Growing Pharma Industry
5.3 Market Restraints
5.3.1 High Initial Investment
5.3.2 Stricter Regulations Regarding Use of Refrigerants
5.4 Market Opportunities
5.4.1 Growing Popularity of CO2 and NH3-based Systems
5.5 Future Trends
5.5.1 Smart and Connected Refrigeration Systems
5.6 Impact of Drivers and Restraints:
6. Industrial Refrigeration Equipment Market – North America Market Analysis
6.1 North America Industrial Refrigeration Equipment Market Revenue (US$ Million), 2022 – 2030
6.2 North America Industrial Refrigeration Equipment Market Forecast and Analysis
7. North America Industrial Refrigeration Equipment Market Analysis – Type
7.1 Mechanical-Compression Refrigeration Systems
7.1.1 Overview
7.1.2 Mechanical-Compression : North America Industrial Refrigeration Equipment Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Evaporative Cooling
7.2.1 Overview
7.2.2 Evaporative Cooling : North America Industrial Refrigeration Equipment Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Absorption
7.3.1 Overview
7.3.2 Absorption : North America Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)
7.4 Thermoelectric
7.4.1 Overview
7.4.2 Thermoelectric : North America Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)
8. North America Industrial Refrigeration Equipment Market Analysis – Refrigerant Type
8.1 Ammonia – R717
8.1.1 Overview
8.1.2 Ammonia – R717 : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Carbon dioxide (CO2) – R744
8.2.1 Overview
8.2.2 Carbon dioxide (CO2) – R744 : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Hydrocarbons – HCs
8.3.1 Overview
8.3.2 Hydrocarbons – HCs : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9. North America Industrial Refrigeration Equipment Market Analysis – Application
9.1 Food and Beverages
9.1.1 Overview
9.1.2 Food and Beverages : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Pharmaceutical
9.2.1 Overview
9.2.2 Pharmaceutical : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Chemical and Petrochemical
9.3.1 Overview
9.3.2 Chemical and Petrochemical : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9.4 District Cooling
9.4.1 Overview
9.4.2 District Cooling : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9.5 Data Centers
9.5.1 Overview
9.5.2 Data Centers : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9.6 Electricity Production
9.6.1 Overview
9.6.2 Electricity Production : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others : North America Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
10. North America Industrial Refrigeration Equipment Market – Country Analysis
10.1 North America
10.1.1 North America Industrial Refrigeration Equipment Market Overview
10.1.2 North America Industrial Refrigeration Equipment Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 North America Industrial Refrigeration Equipment Market Revenue and Forecasts and Analysis – By Country
10.1.2.2 US Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 US Industrial Refrigeration Equipment Market Breakdown by Type
10.1.2.2.2 US Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
10.1.2.2.3 US Industrial Refrigeration Equipment Market Breakdown by Application
10.1.2.3 Canada Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 Canada Industrial Refrigeration Equipment Market Breakdown by Type
10.1.2.3.2 Canada Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
10.1.2.3.3 Canada Industrial Refrigeration Equipment Market Breakdown by Application
10.1.2.4 Mexico Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 Mexico Industrial Refrigeration Equipment Market Breakdown by Type
10.1.2.4.2 Mexico Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
10.1.2.4.3 Mexico Industrial Refrigeration Equipment Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 Johnson Controls International Plc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Danfoss AS
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Honeywell International Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Copeland LP
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Evapco Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 BITZER Kuhlmaschinenbau GmbH
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Carrier Global Corp
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
14. Appendix
14.1 About the Research Team
14.2 Word Index
LIST OF TABLES
Table 1. North America Industrial Refrigeration Equipment Market Segmentation
Table 2. North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 4. US Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 5. US Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Refrigerant Type
Table 6. US Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 7. Canada Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 8. Canada Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Refrigerant Type
Table 9. Canada Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 10. Mexico Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 11. Mexico Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Refrigerant Type
Table 12. Mexico Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 13. Heat Map Analysis By Key Players
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Industrial Refrigeration Equipment Market Segmentation, By Country
Figure 2. Ecosystem: North America Industrial Refrigeration Equipment Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Industrial Refrigeration Equipment Market Revenue (US$ Million), 2022 – 2030
Figure 5. North America Industrial Refrigeration Equipment Market Share (%) – Type, 2022 and 2030
Figure 6. Mechanical-Compression : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 7. Evaporative Cooling: North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Absorption : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Thermoelectric : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. North America Industrial Refrigeration Equipment Market Share (%) – Refrigerant Type, 2022 and 2030
Figure 11. Ammonia – R717 : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Carbon dioxide (CO2) – R744 : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Hydrocarbons – HCs : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. North America Industrial Refrigeration Equipment Market Share (%) – Refrigerant Type, 2022 and 2030
Figure 15. Food and Beverages : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Pharmaceutical : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Chemical and Petrochemical : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. District Cooling : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Data Centers : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 20. Electricity Production : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Others : North America Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. North America Industrial Refrigeration Equipment Market Revenue by Key Countries, (2022) (US$ Million)
Figure 23. North America Industrial Refrigeration Equipment Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 24. US Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 25. Canada Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. Mexico Industrial Refrigeration Equipment Market Revenue and Forecasts To 2030 (US$ Mn)
The List of Companies – North America Industrial Refrigeration Equipment Market
o Johnson Controls International Plc
o Danfoss AS
o Honeywell International Inc
o Copeland LP
o Evapco Inc
o BITZER Kuhlmaschinenbau GmbH
o Carrier Global Corp
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