Industrial Refrigeration System Market Size, Share, Trends, Growth, and Forecast

The global industrial refrigeration system market size was estimated at USD 20.27 billion in 2022 and is likely to grow at a CAGR of 4.94% during 2023-2028 to reach USD 27.08 billion in 2028.

Market Drivers
The market has almost neared a saturation level with an unwavering growth in the last five years and is expected to witness similar growth during the forecast period. There have been not much technological progressions in the field of industrial refrigeration systems in the recent years, but a gradual shift can be expected from the use of ozone depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) to natural refrigerant-based systems.