Industrial refrigeration market seen topping $34B by 2030

The industrial refrigeration systems market is projected to grow at a 6% CAGR through 2030 and exceed $34 billion, driven by cold chain demand, processed food consumption and the shift to natural refrigerants. Asia-Pacific is expected to lead regions, while the U.S. is forecast to be the largest country market. Why it matters: - Industrial refrigeration sits at the center of food, pharma and logistics supply chains. - The market’s growth signals more spending on cold storage, refrigerated transport and energy-efficient cooling infrastructure. - The shift toward natural refrigerants also points to broader pressure to cut emissions and modernize aging systems. What happened: - The Business Research Company released a 2026 market report on the global industrial refrigeration systems market. - The market is projected to grow at a 6% CAGR through 2030. - The market is expected to surpass $34 billion in 2030. - Industrial refrigeration systems are estimated to account for around 6% of the parent HVAC and commercial and industrial refrigeration equipment market, which is forecast at about $548 billion by 2030. - Within the broader machinery industry, the market is expected to represent nearly 1% of total market value. The details: - Asia-Pacific is projected to be the largest region in 2030, with a market value of $10.6 billion. - Asia-Pacific market value is forecast to rise from $7.4 billion in 2025 at a 7% CAGR. - Growth in Asia-Pacific is linked to cold storage expansion, processed and frozen food distribution, pharmaceutical and biotechnology cold chain needs, food processing investment, retail expansion and adoption of energy-efficient, low-emission refrigeration technologies. - The U.S. is projected to be the largest country market in 2030, with a value of $8.7 billion. - The U.S. market is expected to grow from $6.9 billion in 2025 at a 5% CAGR. - U.S. growth is tied to demand from food processing and distribution, supermarket and warehouse refrigeration, pharmaceutical cold storage, EPA refrigerant transition rules, high-efficiency low-global-warming-potential systems and third-party logistics expansion. - The market is segmented by component into compressors, rotary screw compressors, centrifugal compressors, reciprocating compressors, evaporators, controls and condensers. - Compressors are projected to be the largest component segment, representing 29% of the market and about $10 billion in 2030. - The market is also segmented by refrigerant into ammonia and carbon dioxide. - The market is segmented by application into refrigerated warehouse, refrigerated transportation, beverage processing, and dairy and ice cream processing. - The company estimates the strongest growth opportunities will be in compressors, rotary screw compressors, centrifugal compressors, reciprocating compressors, evaporators, controls and condensers. - Those segments are expected to add more than $8 billion in combined value by 2030. - The compressors market is projected to grow by $2 billion from 2025 to 2030. - Each of the rotary screw compressors, centrifugal compressors, reciprocating compressors, evaporators, controls and condensers markets is projected to grow by $1 billion over the same period. - The report highlights expanded strategic intelligence features, including market attractiveness scoring, TAM analysis, company scoring matrix graphics and tables, Excel dashboards, market hotspot infographics, and key technology and future trend analysis. - The Business Research Company says it has published more than 30,000 reports across 27 industries and 60 geographies. - The firm says its research is powered by 1,500,000 datasets, secondary research and interviews with industry leaders. - A free sample and the full report are available through the company’s sample request page and the full market report . Between the lines: - The report’s biggest growth drivers are not just equipment replacement. They also reflect structural demand from food, pharma and logistics networks. - The emphasis on ammonia, carbon dioxide and other natural refrigerants suggests regulation and sustainability concerns are reshaping purchasing decisions. - The concentration of growth in compressors and related components shows where vendors may compete most aggressively on efficiency, reliability and controls. What’s next: - Growth through 2030 will likely depend on continued cold chain expansion, food processing investment and modernization of industrial cooling systems. - Buyers and suppliers are likely to focus on energy efficiency, low-emission refrigerants and automation tools that support predictive maintenance and remote diagnostics. - Regional momentum in Asia-Pacific and the U.S. will remain key indicators for the market’s pace and mix.