Industrial refrigeration market seen nearly doubling by 2032

By AI, Created 11:21 AM UTC, June 02, 2026, /AGP/ – A new Allied Market Research report says the global industrial refrigeration market will rise from $21.9 billion in 2020 to $41.7 billion by 2032, driven by cold-chain demand, food and beverage growth and pharmaceuticals. The study also points to ammonia systems, compressors and Asia-Pacific as the market’s current leaders.

Why it matters: - Industrial refrigeration underpins food safety, pharmaceutical storage and temperature-controlled logistics. - The market’s projected growth signals more demand for cold storage, refrigerated transport and industrial cooling capacity across key sectors. - Companies that supply compressors, refrigerants and refrigeration systems stand to benefit as cold-chain infrastructure expands.

What happened: - Allied Market Research published a global industrial refrigeration market report covering 2023-2032. - The report says the market was worth $21.9 billion in 2020 and is projected to reach $41.7 billion by 2032. - The forecast implies a 5.2% compound annual growth rate from 2023 to 2032. - The report spans components, refrigerant types, applications, system types, sales channels and regions. - A sample copy is available here.

The details: - The report breaks the market into compressors, condensers, controls, evaporators and other components. - Compressors held the largest share in 2020, at nearly one-third of total revenue. - The “others” component category, which includes electrical components, pipes and expansion systems, is projected to post the fastest growth at 6.2% CAGR. - By refrigerant type, ammonia held more than half of the market in 2020. - Ammonia is a zero-ODP and zero-GWP refrigerant, and ammonia-based systems cost 10% to 20% less than systems using CFCs, according to the report. - Carbon dioxide refrigerants are projected to grow fastest at a 6.1% CAGR. - By type, stationary refrigeration accounted for about 90% of revenue in 2020. - Transport refrigeration is forecast to grow fastest at a 5.6% CAGR. - By application, the report covers fresh fruits and vegetables, meat, poultry and fish, dairy and ice cream, beverages, chemicals, pharmaceuticals and petrochemicals. - By region, Asia-Pacific held more than two-fifths of revenue in 2020 and is expected to remain the largest market through 2032. - LAMEA is projected to be the fastest-growing region at a 5.9% CAGR. - The report lists major players including ABB, Carrier Global, Daikin, Danfoss, Emerson, GEA, Johnson Controls, Trane Technologies and others. - The report says these companies are using product launches, acquisitions, expansion and development to grow share. - The company also highlighted related market reports and published contact details for David Correa of Allied Market Research. - The report includes a purchase inquiry page for buyers.

Between the lines: - The biggest growth drivers are the cold-chain industry, food and beverage demand, pharmaceutical expansion and industrialization in developing economies. - Strict regulations, high upfront costs and maintenance expenses remain the main restraints. - The report says COVID-19 temporarily hurt manufacturing and sales when lockdowns closed factories and end-user industries. - The market has since recovered and is growing steadily. - The segment mix suggests the industry is still anchored in large stationary installations, while transport refrigeration is gaining as trade in temperature-sensitive goods expands.

What’s next: - Refrigeration suppliers are likely to keep competing on energy efficiency, refrigerant choice and system upgrades. - Growth in refrigerated warehouses and global trade should support demand for both stationary and transport systems. - Faster adoption of lower-impact refrigerants such as ammonia and carbon dioxide could shape future product development.

The bottom line: - Industrial refrigeration is moving from a $21.9 billion market to a $41.7 billion market by 2032, and the next phase of growth is likely to come from cold-chain expansion, cleaner refrigerants and Asia-Pacific demand.