At 8.7% CAGR, the North America Industrial Refrigeration Equipment Market is Projected to be Worth US$ 10,959.87 million by 2030, says The Business Market Insights

According to the Business Market Insights’ research, the North America industrial refrigeration equipment market was valued at US$ 5,611.33 million in 2022 and is expected to reach US$ 10,959.87 million by 2030, registering a CAGR of 8.7% from 2022 to 2030. Increasing demand for cold chain infrastructure and growing inclination towards eco-friendly refrigerant-based refrigeration system are the critical factors attributed to the North America industrial refrigeration equipment market expansion.

Smart and connected systems integrate advanced technologies such as the Internet of Things (IoT), data analytics, and automation to optimize industrial refrigeration equipment's efficiency, performance, and management. Smart systems enable real-time monitoring and control of refrigeration equipment from any location. This capability allows operators and technicians to remotely monitor parameters such as temperature, pressure, and energy consumption. It facilitates quick detection of anomalies and enables proactive maintenance, reducing downtime and improving system reliability. Connected refrigeration systems collect a huge volume of data that can be analyzed to gain insights into equipment performance and energy usage. Advanced analytics and machine learning algorithms can predict potential faults and suggest maintenance schedules, preventing expensive breakdowns of the equipment and optimizing maintenance routines. Smart systems optimize the energy consumption of industrial refrigeration equipment by adjusting settings based on real-time demand and external factors, including temperature. This reduces energy costs and minimizes environmental impact. A study by the American Council for an Energy-Efficient Economy (ACEEE) suggested that IoT-driven energy efficiency improvements can lead to energy savings of up to 15% across various industrial sectors. Smart refrigeration systems can be integrated into a wide range of building management systems, allowing for centralized control and coordination of various equipment within a facility. This integration ensures seamless communication between different systems, leading to improved overall operational efficiency. Various companies are providing smart and connected refrigeration systems and solutions, such as Facilio. Inc, Danfoss, etc.  Therefore, the launch of smart and connected refrigeration systems is expected to fuel the industrial refrigeration equipment market growth during the forecast period.  

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

Based on type, the North America industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment held 34.9% share of North America industrial refrigeration equipment market in 2022, amassing US$ 1,957.56 million. It is projected to garner US$ 4,168.01 million by 2030 to expand at 9.9% CAGR during 2022–2030.

Based on refrigerant type, the North America industrial refrigeration equipment market is segmented into ammonia – R717, carbon dioxide (CO2) – R744, and hydrocarbons – HCs. The ammonia – R717 segment held 63.3% share of North America industrial refrigeration equipment market in 2022, amassing US$ 3,551.85 million. It is projected to garner US$ 6,747.38 million by 2030 to expand at 8.4% CAGR during 2022–2030.  

Based on application, the North America 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 26.2% share of North America industrial refrigeration equipment market in 2022, amassing US$ 1,467.79 million. It is projected to garner US$ 3,451.60 million by 2030 to expand at 11.3% CAGR during 2022–2030. 

Based on country, the North America industrial refrigeration equipment market has been categorized into the US, Canada, and Mexico.  Our regional analysis states that the US captured 84.3% share of North America industrial refrigeration equipment market in 2022. It was assessed at US$ 4,731.47 million in 2022 and is likely to hit US$ 9,421.41 million by 2030, exhibiting a CAGR of 9.0% during 2022–2030.      

Key players operating in the North America industrial refrigeration equipment market are Johnson Controls International Plc, 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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