At 9.7% CAGR, the Asia Pacific Industrial Refrigeration Equipment Market is Projected to be Worth US$ 15,729.90 million by 2030, says The Business Market Insights

According to the Business Market Insights’ research, the Asia Pacific industrial refrigeration equipment market was valued at US$ 7,497.19 million in 2022 and is expected to reach US$ 15,729.90 million by 2030, registering a CAGR of 9.7% from 2022 to 2030. Increasing demand for cold chain infrastructure and growing inclination towards eco-friendly refrigerant-based refrigeration system are among the critical factors attributed to the Asia Pacific industrial refrigeration equipment market expansion.        

The growing importance of eco-friendly practices and sustainability is increasing the demand for refrigeration systems that use environmentally friendly refrigerants. This shift in end-user preferences drives the market players to develop and offer more energy-efficient and environmentally conscious solutions. There is a rise in environmental concerns and regulations aimed at reducing the impact of traditional refrigerants, such as hydrofluorocarbons (HFCs), on the ozone layer and climate. As regulations and awareness about climate change continue to become more stringent, businesses are adopting these systems to align with greener practices and reduce their carbon footprint. Hence, the adoption of natural refrigerants, such as hydrocarbons (propane and isobutane) and ammonia, is increasing across the globe. These substances have substantially lower Global Warming Potential (GWP) than HFCs. Industries are increasingly transitioning to these alternatives to adhere to environmental regulations and minimize their carbon footprint.

Moreover, many companies are investing in innovative technologies that utilize these eco-friendly refrigerants. For instance, CO2-based refrigeration systems, known as transcritical CO2 systems, are widely deployed in supermarkets and cold storage facilities. These systems use CO2 as a refrigerant, which has an extremely low GWP and zero ozone depletion potential. By implementing such systems, businesses can showcase their commitment to sustainability while benefiting from reduced energy consumption and operating costs.

Further, government initiatives and international agreements such as the Kigali Amendment to the Montreal Protocol have accelerated the adoption of eco-friendly refrigerants. For example, in August 2023, The Telangana Central Government Institute launched a novel initiative to promote the innovation of sustainable cooling systems and accelerate the deployment of energy-efficient refrigeration for food and vaccine supply chains across India. This initiative has encouraged industries to proactively seek alternatives. Thus, the rising inclination towards eco-friendly refrigerant-based refrigeration systems is driving the industrial refrigeration equipment market.  

On the contrary, high initial investment hurdles the growth of Asia Pacific industrial refrigeration equipment market. 

Based on type, the Asia Pacific industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment held 36.2% share of Asia Pacific industrial refrigeration equipment market in 2022, amassing US$ 2,714.29 million. It is projected to garner US$ 6,094.38 million by 2030 to expand at 10.6% CAGR during 2022–2030.

Based on refrigerant type, the Asia Pacific industrial refrigeration equipment market is segmented into ammonia – R717, carbon dioxide (CO2) – R744, and hydrocarbons – HCs. The ammonia – R717 segment held 62.8% share of Asia Pacific industrial refrigeration equipment market in 2022, amassing US$ 4,707.39 million. It is projected to garner US$ 9,570.01 million by 2030 to expand at 9.3% CAGR during 2022–2030.  

Based on application, the Asia Pacific 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 37.3% share of Asia Pacific industrial refrigeration equipment market in 2022, amassing US$ 2,796.39 million. It is projected to garner US$ 6,490.55 million by 2030 to expand at 11.1% CAGR during 2022–2030. 

Based on country, the Asia Pacific industrial refrigeration equipment market has been categorized into China, Japan, Australia, India, South Korea, Thailand, Vietnam, Indonesia, Malaysia, and the Rest of Asia Pacific.  Our regional analysis states that China captured 26.4% share of Asia Pacific industrial refrigeration equipment market in 2022. It was assessed at US$ 1,977.03 million in 2022 and is likely to hit US$ 5,273.87 million by 2030, exhibiting a CAGR of 13.0% during 2022–2030.      

Key players operating in the Asia Pacific industrial refrigeration equipment market are BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Evapco Inc, Honeywell International Inc, Johnson Controls International Plc, and Mayekawa Australia Pty Ltd, 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.

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