At 7.1% CAGR, the Europe Industrial Refrigeration Equipment Market is Projected to be Worth US$ 7,177.02 million by 2030, says The Business Market Insights

According to the Business Market Insights’ research, the Europe industrial refrigeration equipment market was valued at US$ 4,145.61 million in 2022 and is expected to reach US$ 7,177.02 million by 2030, registering a CAGR of 7.1% 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 Europe industrial refrigeration equipment market expansion.                     

Natural refrigerants are being adopted for their environmental benefits, energy efficiency, and regulatory compliance. CO2 (carbon dioxide) and NH3 (ammonia)-based systems are considered natural refrigerants with low Global Warming Potential (GWP) compared to synthetic refrigerants such as HFCs. As environmental regulations become strict, industries are adopting more environmentally friendly solutions to reduce their carbon footprint and comply with regulations such as the Montreal Protocol. CO2 and NH3-based systems are known for their excellent thermodynamic properties, thereby offering high energy efficiency. These systems can operate effectively across a wide range of temperatures, making them suitable for various industrial applications, such as cold storage, food processing, and petrochemical industries. Also, CO2 and NH3 have good heat transfer properties, enabling them to achieve effective cooling and freezing processes. The use of properly designed and maintained systems with these refrigerants can offer safe operation.

Furthermore, industry associations, governments, and organizations are actively promoting the adoption of natural refrigerants. They provide resources, training, and best practices to help industries successfully transition to CO2 and NH3-based systems. Hence, the growing popularity of CO2 and NH3-based systems is likely to generate lucrative opportunities for the industrial refrigeration equipment market growth during the forecast period.  

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

Based on type, the Europe industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment held 37.1% share of Europe industrial refrigeration equipment market in 2022, amassing US$ 1,504.45 million. It is projected to garner US$ 2,807.71 million by 2030 to expand at 8.1% CAGR during 2022–2030.

Based on refrigerant type, the Europe industrial refrigeration equipment market is segmented into ammonia – R717, carbon dioxide (CO2) – R744, and hydrocarbons – HCs. The ammonia – R717 segment held 63.4% share of Europe industrial refrigeration equipment market in 2022, amassing US$ 2,610.24 million. It is projected to garner US$ 4,371.45 million by 2030 to expand at 6.7% CAGR during 2022–2030.  

Based on application, the Europe 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 30.4% share of Europe industrial refrigeration equipment market in 2022, amassing US$ 1,199.51 million. It is projected to garner US$ 2,411.75 million by 2030 to expand at 9.1% CAGR during 2022–2030. 

Based on country, the Europe industrial refrigeration equipment market has been categorized into the UK, Germany, France, Italy, Russia, Norway, Austria, and the Rest of Europe.  Our regional analysis states that the UK captured 25.5% share of Europe industrial refrigeration equipment market in 2022. It was assessed at US$ 1,057.55 million in 2022 and is likely to hit US$ 2,063.36 million by 2030, exhibiting a CAGR of 8.7% during 2022–2030.      

Key players operating in the Europe industrial refrigeration equipment market are Samifi France SAS, Johnson Controls International Plc, Jean Paumier et Fils Ets, 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.

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