Industrial Refrigeration Service Market Demand and Forecasts, 2032

The industrial refrigeration service market size was valued at $3.8 billion in 2020, and is estimated to reach $7.1 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032. 

The industrial refrigeration service market is witnessing a surge driven by heightened demand for refrigeration systems across sectors including food and beverages, chemical manufacturing, pharmaceuticals, and others. This increased demand stems from a corresponding rise in product demand within these industries, placing strain on the existing refrigeration system capacities. Consequently, the demand for services such as routine maintenance, repairs, rehabilitation, and other related services has seen a notable uptick.

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Industrial refrigeration services can be broadly categorized into three types: design, installation, and maintenance & repair. As of 2020, the maintenance & repair services segment held the largest market share. However, the design segment is expected to register the highest Compound Annual Growth Rate (CAGR) during the forecast period. Designing an industrial refrigeration system involves a comprehensive analysis of facility refrigeration requirements, strategic planning of system layout, positioning of refrigeration components, and other pertinent activities.

Moreover, installation services encompass the installation of various refrigeration system components such as chillers, compressors, condensers, evaporators, refrigerant tubes, among others. On the other hand, maintenance and repair services encompass a range of activities conducted on already installed refrigeration systems. This includes on-site and remote maintenance, installation of spare parts, and repair of damaged components, ensuring the smooth operation and longevity of the refrigeration systems.

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Industrial refrigeration systems are essential pieces of equipment, especially in the  and beverages industry. Activities such as freezing, chilling, and tempering require refrigeration systems. A refrigeration system aids in the production of safe and handy items including frozen foods, ice cream, and ready-to-eat meals. It also aids in maintaining a suitable temperature for food and beverage storage and transportation. Moreover, the necessity of periodic maintenance of refrigeration system to keep it running flawlessly is also a major driver of the market.

Asia-Pacific as a region witnessed a higher demand for industrial refrigeration services in 2020, which helped the region to generate the highest share of revenue that year, the industrial Moreover, the industrial refrigeration service market in LAMEA is anticipated to industrial refrigeration service market forecast by growing with the highest CAGR during the forecast period. The increase in demand for cold storages in countries, such as China, India, Malaysia, and Indonesia has been an instrumental factor for the high market growth in Asia-Pacific.

Key Findings Of The Study
  • The report provides an extensive analysis of the current and emerging industrial refrigeration service market trends and dynamics. 
  • Depending on services, the maintenance and repair segment dominated the industrial refrigeration service market, in terms of revenue in 2020 and the design segment is projected to grow at a significant CAGR during the forecast period.
  • By end-user industry, the meat, poultry, and fish segment dominated the industrial refrigeration service market share in terms of revenue generated in 2020.
  • LAMEA is projected to register the highest growth rate in the coming years.
  • The key players within the industrial refrigeration service market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the industrial refrigeration service industry.
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