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Industrial Refrigeration Market to Reach $41.7 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research




Allied Market Research published a report, titled, “Industrial Refrigeration Market By Component (Compressor, Condenser, Control, Evaporators, and Others), By Refrigerant Type (Ammonia, Carbon Dioxide, Hydroflurocarbon (HFC), Hydrochlorofluorocarbons (HCFC), and Others), By Application (Fresh Fruits And Vegetables, Meat, Poultry And Fish, Dairy And Ice Cream, Beverages, Chemicals, Pharmaceuticals, Petrochemicals, and Others), By Type (Stationary Refrigeration, and Transport Refrigeration), By Sales Type (New Sales, and Aftermarket): Global Opportunity Analysis And Industry Forecast, 2023-2032.” According to the report, the global industrial refrigeration industry generated $21.9 billion in 2020 and is anticipated to generate $41.7 billion by 2032, witnessing a CAGR of 5.2% from 2023 to 2032.

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Industrial refrigeration is the engineering and technology applied to the design, installation, and maintenance of large-scale industrial cooling systems. It is employed to cool and control temperatures for a wide range of industrial applications, such as food and beverage processing, chemical processing, pharmaceutical processing, cold storage, and more. Industrial refrigeration is used to preserve and extend the shelf life of perishable goods, regulate process temperatures, and create optimal conditions for industrial operations. It is critical for industries that rely on temperature sensitive components and processes, as it safeguards product quality, personnel safety, and operational efficiency.

Prime Determinants of Growth: 

The global industrial refrigeration market growth is attributed to several factors such as the growth of the cold-chain industry, the increasing food & beverages and pharmaceutical industries, and industrialization in developing economies. However, the strict government regulations and high initial costs and maintenance expenses restrict the market growth. Moreover, technological advancements in refrigeration systems present new opportunities for the growth of key players in the coming years.

Report Coverage & Details: 

Report Coverage 


Forecast Period 


Historic period 


Base Year 


Market Size in 2020 

$21.9 Billion 

Market Size in 2032 

$41.7 Billion 


5.2 %

No. of Pages in Report 


Segments Covered 

Component, Refrigerant Type, Application, Type, Sales Type, and Region 


Growth of the cold-chain industry 

Growth of food and beverages and pharmaceutical industries 

Industrialization in developing economies 


Technological developments 


Strict government regulations 

High initial costs and maintenance expenses 

COVID-19 Scenario: 

  • The outbreak of the COVID-19 pandemic had a negative impact on the global industrial refrigeration market, owing to the temporary closure of industrial refrigeration system manufacturing firms during the lockdown.
  • Not only the production but also the sale of industrial refrigeration systems was hampered due to the closure of end-user industries, especially in the initial period of the pandemic.
  • However, the situation has recovered, and the industrial refrigeration market is growing steadily.

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The compressor segment to maintain its leadership status throughout the forecast period- 

Based on component, the compressor segment held the highest market share in 2020, accounting for nearly one-third of the global industrial refrigeration market revenue, and is estimated to maintain its leadership status throughout the forecast period. Compressors such as screw compressors, reciprocating compressors, and others are used for industrial refrigeration systems and are the main components of a refrigeration system. On the other hand, the others segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032. The others segment includes electrical components, pipes, and expansion systems, and due to the rising demand for refrigeration systems, this segment is expected to witness a high growth rate.

The ammonia segment to maintain its leadership status throughout the forecast period- 

Based on refrigerant type, the ammonia segment held the highest market share in 2020, contributing to more than half of the global industrial refrigeration market, and is estimated to maintain its leadership status throughout the forecast period. Ammonia gas is a zero ODP and zero GWP refrigerant gas, making it an eco-friendly refrigerant. In addition, constructing a refrigeration system with ammonia-based refrigerant costs 10-20% less than one that uses CFCs, as narrower-diameter piping can be used. Such factors along with many others are driving the growth of this segment. However, the carbon dioxide segment is projected to manifest the highest CAGR of 6.1% from 2023 to 2032. This is due to growing demand for natural and non-toxic refrigerators which is expected to drive the growth of this segment in the coming years.

The stationary refrigeration segment to maintain its lead position during the forecast period- 

Based on type, the stationary refrigeration segment accounted for the largest share in 2020, holding around 90% of the global industrial refrigeration market revenue, and is projected to maintain its lead position during the forecast period. The rapid expansion of refrigerated warehouses for storing and processing food and beverages has fueled the demand for industrial stationary refrigeration. However, the transportation refrigeration segment would portray the largest CAGR of 5.6% from 2023 to 2032. Growing domestic and international trade of temperature-sensitive goods is expected to drive demand for transportation refrigeration systems.

Asia-Pacific to maintain its dominance by 2032- 

Based on region, Asia-Pacific held the highest market share in 2020, accounting for more than two-fifths of the global industrial refrigeration market revenue, and is likely to dominate the market during the forecast period. The increase in demand for food & beverages, growth in the pharmaceutical industry, and rise in the number of refrigerated warehouses in the region have fueled the growth of the industrial refrigeration market. However, the LAMEA region is expected to witness the fastest CAGR of 5.9% from 2023 to 2032. The LAMEA industrial refrigeration market is witnessing growth with the growing demand for food and beverages. Further, an increase in the export of perishable products to the U.S. and other parts of the world has supplemented the growth of the industrial refrigeration market in the region.

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Leading Market Players: – 

  • ABB
  • Baltimore Aircoil Company Inc.
  • BITZER Group
  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Danfoss A/S
  • Dorin S.p.A.
  • Dover Corporation
  • Emerson Electric Co.
  • EVAPCO, Inc.
  • GEA Group AG
  • Gordon Brothers Industries Pty. Ltd.
  • Johnson Controls International plc
  • Kirby HVAC&R Pty. Ltd.
  • LU-VE Group
  • Mayekawa Mfg. Co., Ltd.
  • Munters
  • Refplus
  • Rivacold srl
  • Swegon AB
  • Trane Technologies plc (Thermo King)

The report provides a detailed analysis of these key players in the global industrial refrigeration market. These players have adopted different strategies such as new product launches, acquisitions, expansion, product development, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Refrigeration System Market:

HVAC Chillers Market is projected to reach $15 billion by 2031

Absorption chillers market is projected to reach $2,263.7 million by 2031

Global chillers market is projected to reach $14.5 billion by 2032

Global industrial cooling systems market is projected to reach $31.3 billion by 2032

Global air handling units market is projected to reach $24.9 billion by 2031

Global air quality control systems market is projected to reach $144,091.2 million by 2026

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Artificial Intelligence

Global Methane Hub Announces the Enteric Fermentation Research & Development Accelerator, a $200M Agricultural Methane Mitigation Funding Initiative




The Largest-Ever Globally Coordinated Funding Investment in Livestock Methane Mitigation Research Announced at the COP28 Business & Philanthropy Climate Forum
The public, private and philanthropic partnership includes Bezos Earth Fund, Quadrature Climate Fund, Gerstner Philanthropies, High Tide Foundation, Bill & Melinda Gates Foundation, The Zegar Family Foundation, Danone and more
DUBAI, UAE, Dec. 2, 2023 /PRNewswire/ — Today, at COP28, the Global Methane Hub (GMH) announced a more than $200 million funding initiative between public, private and philanthropic partners including the Bezos Earth Fund, Quadrature Climate Fund, Gerstner Philanthropies, High Tide Foundation, Bill & Melinda Gates Foundation, The Zegar Family Foundation, Danone, the Governments of Ireland, New Zealand and the United States, for research and development (R&D) technologies to meaningfully address and reduce methane emissions from livestock. 

The Enteric Fermentation R&D Accelerator, or Accelerator, is the largest-ever, globally coordinated investment of breakthrough research tackling livestock methane emissions. The Global Methane Hub announced the intention to establish the Accelerator at COP27 as an AIM for Climate Innovation Sprint. The Accelerator will unite funders, guided by a science oversight committee, to invest in a globally coordinated research plan. This strategy aims to address gaps in current research and enhance existing efforts. The strategy includes work on exploring new and alternate livestock feed additives, tools to breed low-methane livestock, immunological studies for a methane vaccine, understanding the organisms in the rumen and their functions, and lowering the costs of measurement, essential to generate evidence for regulatory approval and validation of mitigation technologies.
About 40% of the world’s methane emissions come from agriculture, and 70% of that is due to enteric fermentation. This process happens in cows’ digestive systems when sugars are broken down into methane and released through belching. Unfortunately, current research on enteric fermentation is not extensive or coordinated enough to provide efficient and transformative solutions to significantly benefit farmers.
This is the latest milestone to mark the impact GMH is having on global methane reduction efforts since its founding in December 2021.
“The Accelerator is a prime example of the role philanthropy can play in driving substantive climate action and strategically aligning the key players working to solve the most pressing issue of our time,” said Hayden Montgomery, Agriculture Program Director at the Global Methane Hub. “With this effort to synchronize and consolidate public-good research on enteric methane, we aim to make multiple solutions to reduce enteric methane available quickly and provide proof of the efficacy of livestock mitigation technologies.”
“We know that cattle are responsible for most agricultural methane emissions. Promising technological and scientific solutions exist, but for too long, monetary and regulatory barriers have slowed progress and prevented critical research,” said Andy Jarvis, Director of Future of Food at the Bezos Earth Fund. “The Global Methane Hub’s Enteric Methane R&D Accelerator stands to change all of this, unlocking the resources needed to discover and develop low-cost solutions that will dramatically reduce methane emissions from livestock by 2030.”
“Through the Accelerator, we are poised to make a significant impact in driving innovation towards solutions to reduce enteric methane globally,” said Richard Lawrence, director and co-founder of High Tide Foundation. “I would like to thank Danone for stepping up as the first corporation committed to the Accelerator and I encourage others to do the same.”
“As a dairy company, curbing methane emissions is the fastest and most impactful way to slow down global warming,” said Olivier Verdelet, Vice-President Agriculture Cycle at Danone. “To do so, collaboration will be instrumental as we seek for new solutions, speed and sizable impacts. We are eager to collaborate with the Global Methane Hub and other partners to accelerate and test scalable innovations in the field. We believe this will help us build a sustainable, future-fit dairy category that is at the core of our mission to bring health through food to as many people as possible.”
Agricultural methane is projected to increase 40% by 2050. We would have to reduce emissions by 50% in order to meet the accords of the Paris Agreement to keep the global temperature rise to a maximum of 1.5 degrees Celsius. Reducing methane emissions from all sectors, including agriculture, is the fastest way to mitigate climate change.
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Digital Printing for Tableware Market worth $452 million by 2029 – Exclusive Report by MarketsandMarkets™




CHICAGO, Dec. 1, 2023 /PRNewswire/ — The Digital Printing for Tableware market is projected to reach USD 452 million by 2029 from USD 326 million in 2024; it is expected to grow at a CAGR of 6.8% from 2024 to 2029 according to a new report by MarketsandMarkets™. Heightened interest in sustainable printing practices, escalating needs within the foodservice sector, swift advancements in digital printing technology, and the accelerated prototyping and assessment of novel designs within the tableware industry are poised to propel the expansion of the Digital Printing for Tableware market.

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Browse in-depth TOC on “Digital Printing for Tableware Market” 
140 – Tables60 – Figures240 – Pages
Digital Printing for Tableware Market Report Scope:
Report Coverage
Market Revenue in 2024
$ 326 million
Estimated Value by 2029
$ 452 million
Growth Rate
Poised to grow at a CAGR of 6.8%
Market Size Available for
Forecast Period
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Application, Ink type and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Compatibility with limited materials
Key Market Opportunities
Increasing demand from the in-plant market
Key Market Drivers
Rapid technological advancements in digital printers
This market exhibits a promising growth trajectory, buoyed by prospects like escalating demand from the in-plant market, substantial investment in digital printing-centric research and development endeavors, and the consequent decrease in per-unit printing costs facilitated by digital printers.
The Ceramic and porcelain application segment is expected to hold the largest market share of the digital printing for tableware market during the forecast period.
In 2023, the Ceramic and porcelain segment held the largest market share, and this pattern is expected to persist in the forecast period. Cutting edge ceramic digital printing technology for the tableware industry is expected to revolutionize the tableware industry during the forecast period. While digital printing for porcelain tableware combines precision and versatility allowing intricate designs to enable growth of the market. Digital printing for ceramic and porcelain tableware products involves the use of advanced printing technology to apply intricate and high-quality designs directly onto ceramic and porcelain surfaces. This modern printing method has become increasingly popular in the tableware industry due to its ability to offer customization, detailed graphics, and efficient production processes.
The UV Ink segment is expected to hold the largest market share of the digital printing for tableware market during the forecast period.
The use of UV ink in digital printing for the tableware industry is driven by its unique properties and advantages that cater to the specific requirements of decorating and customizing various tableware items, such as ceramics and porcelain. It offers rapid curing, color vibrancy, versatility in design, customization capabilities, durability, efficiency in production, and reduction in waste. Because of such advantages over other inks like ceramic ink, and solvent based ink, the UV ink type is expected to hold the largest market share.
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The North American region is expected to hold the largest market share during the forecast period.
During the forecast period, North America region is poised to experience the most significant growth in the digital printing for tableware market. The surge in consumer appetite for personalized tableware due to digital printing capabilities to deliver unique designs is expected to drive the market growth in the North American region. Also, presence of major companies such as Electronics for Imaging, Inc., Inkcups Now, Boston Industrial Solutions, Inc., and INX International Ink Co., in the North American region enables research and development activities in digital printing technologies benefitting the tableware industry owing to increase in the demand for customization of tableware products across the region.
Key Players Market
SACMI (Italy), Electronics for Imaging, Inc. (US), Inkcups Now (US), Mimaki Engineering Co., ltd. (Japan), Boston Industrial Solutions, Inc. (US), PROJECTA ENGINEERING S.R.L. (Italy), Engineered Printing Solutions (US), INX International Ink Co. (US), KERAjet (Spain), and Dip-Tech Digital Printing Technologies Ltd. (Israel) are key players in the digital printing for tableware companies.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports: 
Digital Printing Market Size, Share & Industry Growth Analysis Report by Ink (UV-cured, Aqueous, Solvent, Latex, and Dye Sublimation), Printheads (Inkjet and Laser), Substrate (Plastic Film or Foil, Release Liner, Glass, Textile, Paper, Ceramic), and Geography – Global Growth Driver and Industry Forecast to 2026
Digital Textile Printing Market by Printing Process (Roll to Roll, DTG), Ink Type (Sublimation, Pigment, Reactive, Acid), Application (Textile & Decor, Industrial, Soft Signage, Direct to Garment), and Geography – Global Forecast to 2023
Large Format Printer Market by Offering, Connectivity, Printing Material (Porous, Non-porous), Technology (Ink-based, Toner-based), Print Width, Ink Type, Application (Apparel & Textile, Signage & Advertising, Decor) and Region – Forecast to 2028
Production Printer Market by Type (Monochrome, Color), Technology (Inkjet, Toner), Production Method (Cut Sheet, Continuous Feed, Sheet Fed, and Web Based), Application and Geography – Global Trends & Forecast to 2022
3D Printing Market Size, Share & Industry Growth Analysis Report by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, Technology and Region – Global Growth Driver and Industry Forecast to 2028
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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Syntax Unveils Expanded CxLink Backup Solution at AWS re:Invent 2023




Leading global solutions provider showcases new product support for Oracle cloud backup and recovery operations and achieves AWS Level 1 MSSP Competency
MONTREAL, Dec. 1, 2023 /PRNewswire/ — Syntax Systems, a leading global technology solutions and services provider for cloud application implementation and management, announced Syntax CxLink Backup solution for Oracle databases at AWS re:Invent 2023. This is a strategic enhancement to its suite of solutions that now supports the Oracle Recovery Manager (RMAN). CxLink Backup addresses a critical need for enterprise customers running Oracle databases, including SAP customers, as Oracle Database underpins more than 60% of SAP ERP Central Component customer implementations and RMAN integration options are limited.

Enterprise teams managing multiple clouds and stores of data, each with their own routine for proper storage, now have access to a cutting-edge tool to simplify backup and recovery processes as well as disaster recovery strategies. With CxLink Backup, customers now have access to several impactful functions that Oracle Recovery Manager fulfills:
Spares users the complexity of managing backup file details because it’s a module that streamlines and automates backup and recovery.Supports various backup types like full, incremental, differential, and image copies.Enhances backup efficiency and minimizes size with features like compression, parallel processing, and multisection.Ensures data security and reliability through validation, encryption, and cataloging of backups, as well as the ability to rectify corruption or errors.Offers flexible data restoration, including options like flashback, point-in-time recovery, and incomplete recovery, which allows recovery to any specific moment.”In today’s fast-paced digital world, backups are critical for enterprise applications,” said Ricardo Casanovas Ortega, VP of Product Innovation at Syntax. “Many enterprise teams are managing these processes from disparate sources and tools. Our latest features for CxLink Backup, unify and automate recovery processes, giving users a powerful tool that enhances reliability while minimizing complexity.”
In addition to revealing new capabilities in its CxLink solution, Syntax also announced its achievement of the Amazon Web Services (AWS) Level 1 Managed Security Service Provider (MSSP) Competency and renewed its status in the AWS Managed Service Provider (MSP) Partner Program. These designations recognize and validate leading AWS Partner Network (APN) members that provide full lifecycle solutions to customers and who have met AWS’s requirements for a baseline of managed security services to protect and monitor essential AWS resources 24/7, known as Level 1 Managed Security Services.
“Syntax is very proud to now be part of the elite AWS Partners who have achieved the AWS Level 1 MSSP Competency,” said Christian Primeau, Global CEO of Syntax. “Our strategy is 3-pronged: operate-to-protect, monitor-to-respond and built-to-recover. We are focused on ensuring the integrity of applications running on AWS and the data they store and process. Achieving this AWS Competency designation is recognition of the work the Syntax team delivers and our growing relationship with AWS, which adds value across our entire portfolio.”
The Syntax portfolio offers a wide range of AWS solutions as an AWS Premier Tier Services Partner. Syntax previously achieved the AWS SAP Competency, AWS Oracle Competency, and AWS Migration Competency, and AWS MSP Partner designations and is a member of the AWS Well-Architected Partner Program.
About Syntax Syntax provides comprehensive technology solutions and trusted professional, advisory, and application management services to power businesses’ mission-critical applications in the cloud. With 50 years of experience and 800+ customers around the world, Syntax has deep expertise in implementing and managing multi-ERP deployments in secure private, public, hybrid, or multi-cloud environments. Syntax partners with SAP, Oracle, JD Edwards, AWS, Microsoft, and other global technology leaders to ensure customers’ applications are seamless, secure, and at the forefront of enterprise technology innovation. Learn more about Syntax at
Contact:Walker Sands for [email protected]
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