Refrigeration Coolers Market Size and Share
Market Overview
| Study Period | 2019 - 2030 |
|---|---|
| Market Size (2025) | USD 4.41 Billion |
| Market Size (2030) | USD 6.16 Billion |
| Growth Rate (2025 - 2030) | 6.90% CAGR |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
|
Refrigeration Coolers Market Analysis by Mordor Intelligence
The refrigeration coolers market size reached USD 4.41 billion in 2025 and is forecast to climb to USD 6.16 billion by 2030, reflecting a 6.9% CAGR over the period. Tightened F-gas quotas, fast-rising prices for high-GWP refrigerants, and sustained capital outlays for food, pharmaceutical, and data-center cold chains underpin this trajectory.[1]Green Cooling Initiative, “High-GWP refrigerants face soaring prices,” green-cooling-initiative.org Natural refrigerants, especially CO₂ and hydrocarbons, are gaining share as regulatory penalties push synthetic options out of reach, while APAC’s manufacturing base supplies equipment at scale.[2]Generalgas, “New European F-Gas Regulation,” generalgas.eu Growing demand for predictive-maintenance IoT platforms, coupled with rapid solid-state breakthroughs, is reshaping competitive priorities toward service capability and technology partnerships. Meanwhile, lingering technician shortages and raw-material volatility introduce execution risks that temper the pace of system roll-outs
Key Report Takeaways
- By product type, evaporators and air coolers led with 36.4% revenue share in 2024; magnetic cooling modules are projected to expand at a 7.89% CAGR through 2030.
- By refrigerant type, ammonia captured 29% of the refrigeration coolers market share in 2024, while CO₂ systems are advancing at an 8.23% CAGR to 2030.
- By end-user application, cold-storage and logistics facilities accounted for 33.5% of the refrigeration coolers market size in 2024, and data centers are progressing at a 7.56% CAGR during the same span.
- By system type, centralized rack systems held a 41.1% share in 2024; hybrid transcritical CO₂ architectures are recording the fastest CAGR at 8.15% through 2030.
- By geography, Asia-Pacific dominated with a 43% share in 2024 and is projected to maintain the fastest 8.78% CAGR to 2030.
Global Refrigeration Coolers Market Trends and Insights
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Cold-chain infrastructure mandates | +1.8% | Global (APAC/MEA focus) | Medium term (2–4 years) |
| Phase-out of high-GWP refrigerants | +1.5% | EU and North America | Short term (≤ 2 years) |
| Refrigerated warehouse capacity surge | +1.2% | APAC core | Medium term (2–4 years) |
| IoT-enabled predictive maintenance | +0.8% | North America and EU | Long term (≥ 4 years) |
| Dark-store micro-fulfilment boom | +0.6% | Urban centers worldwide | Short term (≤ 2 years) |
| Solid-state and magnetic cooling | +0.4% | Tech hubs in developed markets | Long term (≥ 4 years) |
| Source: Mordor Intelligence | |||
Cold-chain Infrastructure Mandates Drive Systematic Modernization
Global food-safety and pharmaceutical rules are forcing operators to retrofit or replace ageing equipment to assure end-to-end temperature integrity. The International Institute of Refrigeration counts 5.4 billion units running below optimal efficiency, framing an USD 8 trillion refurbishment window.[3]International Institute of Refrigeration, “The role of refrigeration in the global economy (3rd edition),” iifiir.org Vaccine distribution adds urgency, as biologics require unwavering sub-zero control. Large retailers are responding; a single grocer announced five automated cold-storage hubs to cut spoilage and speed perishables. Compliance momentum is most pronounced in emerging markets, where chronic gaps in refrigerated transport and warehousing expose producers to regulatory fines and export barriers. Sustained capital spending therefore feeds a multi-year replacement cycle for high-efficiency, natural-refrigerant systems.
F-gas Phase-Out Accelerates Natural-Refrigerant Adoption
The EU cut its F-gas quota to 42.9 million t CO₂-eq in 2025, slashing supply nearly half from 2023 levels and propelling high-GWP prices into the EUR 30–45 kg range. Natural alternatives such as propane and CO₂ stay nearer EUR 5–15 kg, prompting mass conversions in retail chains; one discounter now runs 745 transcritical CO₂ stores plus 30 propane-only outlets in the United States. Similar moves by grocery majors confirm the cost and compliance logic. The Kigali Amendment’s wider adoption signals that quota-driven scarcity will ripple across additional regions, locking in a demand runway for equipment optimized around natural working fluids.
APAC Warehouse Expansion Reshapes Global Cold-Chain Geography
Asia-Pacific’s refrigerated warehouse boom is unprecedented. Chinese logistics startups have secured substantial funding for autonomous, AI-enabled depots that raise throughput while lowering labor reliance. Regional OEMs extend this manufacturing heft outward; a joint venture in Egypt will roll out 400,000 refrigerators annually, targeting pan-African demand. Simultaneously, APAC exports 60% of domestic refrigerator output, pushing global supply resilience but heightening concentration risk. Data-center buildouts compound regional pull, as hyperscale cloud operators locate compute clusters near population nodes, lifting demand for high-density cooling skids.
IoT-Enabled Predictive Maintenance Transforms Operational Models
Sensor arrays and AI analytics trim unplanned downtime by up to 75% and cut mean-time-to-repair 50% in pilot refrigeration fleets. A leading case pairs supermarket display cases with cloud diagnostics to shrink refrigerant leaks more than 30% within the first year. Such platforms prove especially valuable for CO₂ installations, where pressure swings need tight algorithmic control. As technician shortages persist, predictive maintenance helps stretch scarce labor while boosting energy performance. Uptake spreads from North America and Europe into Asia Pacific as digital infrastructure matures and labor costs rise.
Restraints Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| High upfront capex versus HVAC | –1.2% | Global (emerging markets acute) | Short term (≤ 2 years) |
| Technician shortage for natural refrigerants | –0.8% | North America and EU | Medium term (2–4 years) |
| Volatile steel and copper prices | –0.6% | Global production hubs | Short term (≤ 2 years) |
| Grid-instability in emerging cold chains | –0.4% | MEA, South America, APAC fringe | Medium term (2–4 years) |
| Source: Mordor Intelligence | |||
High Capital Expenditure Creates Adoption Barriers
Natural-refrigerant systems can cost 40–60% more to install than legacy HVAC setups, largely due to added safety and ventilation hardware. Access to affordable finance remains uneven, so smaller operators defer upgrades despite three- to five-year payback horizons. The capex hurdle is steepest in developing economies where lending rates exceed efficiency savings. Although multilateral banks and green-bond instruments are emerging, funding is not yet broad enough to neutralize the differential.
Technician Shortage Constrains Market Expansion
Roughly 80,000 HVAC-R roles are open in North America, while only 1,200 technicians have been re-skilled for CO₂ and ammonia since 2023. The talent gap delays project completions and raises service costs, eroding some of the economic gains from energy efficiency. Technical colleges have been slow to overhaul curricula, so the constraint is likely to persist through the medium term. In regions where cold-chain build-out is fastest, the labor deficit risks compromising safety and undermining investor confidence.
Segment Analysis
By Product Type: Magnetic Modules Signal Technology Shift
Market leadership stays with evaporators and air coolers, which held 36.4% of 2024 revenue as routine replacement cycles remain brisk. Demand intensifies as operators pursue higher heat-exchange efficiency to offset soaring energy costs and meet low-GWP mandates. Condensers and compressors also gain incremental volume because natural refrigerants often require greater capacity headroom.
Magnetic cooling modules, however, post the fastest 7.89% CAGR through 2030, anchoring a decisive pivot toward solid-state designs. A kilowatt-scale elastocaloric prototype has already exhibited 48% efficiency gains and zero emissions, signaling near-term commercial feasibility. As intellectual property from university labs flows to start-ups, new supply entrants challenge incumbent compressor vendors, potentially reshaping the long-term structure of the refrigeration coolers market.
Note: Segment shares of all individual segments available upon report purchase
By Refrigerant Type: CO₂ Momentum Challenges Ammonia Dominance
Ammonia preserved a 29% share in 2024 due to entrenched use in large cold stores where its thermodynamic benefits compensate for toxicity risk. Owners continue to retrofit legacy plants with advanced compressor packs that boost safety and cut maintenance time.
CO₂ systems, projected to rise at 8.23% CAGR, now overcome earlier warm-climate efficiency gaps through parallel compression and heat-recovery integration. Grocery chains rolling out store-format-specific CO₂ racks validate both capital economics and daily operating stability. As training capacity expands, CO₂ may erode ammonia’s lead in fresh-food distribution, further diversifying the refrigeration coolers market.
By End-User Application: Data Centers Drive Growth Beyond Traditional Segments
Cold-storage and logistics facilities accounted for 33.5% of the refrigeration coolers market size in 2024 thanks to e-commerce expansion and perishables safety rules. Supermarket remodels and industrial processing plants provide steady retrofit volume, especially as utilities roll out incentive programs for energy-efficient upgrades.
Data centers record the sharpest 7.56% CAGR as chip-density climbs and liquid cooling tops 100 kW per cabinet in hyperscale installations. Immersion technology eliminates most fan loads and reduces water use, lifting the addressable spend on precision refrigeration skids. This diversifies supplier revenue, cushioning cyclical swings in food-focused verticals and enlarging overall demand for the refrigeration coolers market.
Note: Segment shares of all individual segments available upon report purchase
By System Type: Hybrid CO₂ Systems Challenge Centralized Dominance
Conventional centralized rack plants held 41.1% of 2024 installations because they spread capital cost across multiple zones and maximize heat recovery. Remote condensing units fill mid-sized gaps, while plug-in cases service small convenience sites.
Hybrid transcritical CO₂ designs accelerate at 8.15% CAGR, combining parallel compression with adiabatic gas coolers that stabilize efficiency in hot climates. One compact rack, launched in late 2024, specifically targets urban convenience stores where footprint constraints once limited natural-refrigerant uptake. These innovations keep the refrigeration coolers market on a path toward lower emissions without sacrificing operating economics.
Geography Analysis
Asia-Pacific commanded 43% share in 2024 and is set for the fastest 8.78% CAGR, propelled by urbanization, rising disposable income, and aggressive cold-chain policy targets. Chinese appliance exports supply global demand even as domestic stimulus programs lift replacement volumes at home. India, Indonesia, and Vietnam add incremental momentum by modernizing agriculture supply links and rolling out e-grocery fulfillment nodes.
North America remains a technology bellwether. Supermarket conversions to CO₂ and propane surge as new HFC caps loom, although labor shortages slow execution. The United States cold-storage sector alone could triple to USD 118.8 billion by 2031 on a 13.5% CAGR, raising baseline demand for high-capacity rack systems. Canada’s colder climate helps CO₂ units operate with superior coefficients of performance, while Mexico benefits from regional trade pacts that drive manufacturing investments requiring industrial refrigeration.
Europe faces the strictest legal regime. The 2024/573 F-gas regulation slashes synthetic-refrigerant supply, steering investment to natural and soon-to-arrive magnetic options. Start-ups in the Netherlands and Germany lead solid-state research, aided by public grants that accelerate commercialization. Eastern member states gain cohesion funds to co-finance cold-chain upgrades, while Mediterranean nations seek high-ambient CO₂ solutions.
The Middle East and Africa advance from a smaller baseline. Food-import dependence compels new temperature-controlled warehouses around major ports, but grid instability pushes operators toward backup power and off-grid solar adjuncts. In South America, Brazil and Argentina dominate capacity, while private-equity roll-ups concentrate fragmented storage providers, spurring modernization.
Competitive Landscape
The market exhibits moderate concentration: global multinationals retain broad channels, yet specialized natural-refrigerant and solid-state entrants pressure legacy share. Daikin posted EUR 28 billion turnover in 2023, leveraging scale to weather raw-material spikes while pushing R32 product lines for transitional compliance. Carrier’s sale of its commercial refrigeration division signals portfolio reshaping, whereas Emerson’s exit from Copeland marks strategic narrowing to software and controls.
Natural-refrigerant mastery differentiates incumbents that invest early. BITZER’s 3 MW ammonia compressor pack illustrates product depth tailored to industrial food processors. At the same time, university spin-offs such as Magneto convert magnetic-cooling research into prototype cabinets that skip compressors entirely. Digital services add a new battleground: Hussmann’s AI leak-detection suite bundles hardware and analytics to tap recurring revenue and reinforce installed-base loyalty.
Ongoing M&A redraws boundaries. Bosch acquired Johnson Controls’ residential HVAC lines for USD 8 billion, doubling its segment turnover and expanding supply overlap. Cross-border ventures, such as Sharp’s Egyptian refrigerator plant, widen production footprints and localize duty exposure. In this evolving field, winners will pair compliance proof points with predictive service ecosystems, rather than rely solely on component cost.
Refrigeration Coolers Industry Leaders
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Daikin Industries, Ltd.
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Carrier Global Corporation
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Emerson Electric Co.
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Danfoss A/S
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Johnson Controls International plc
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- March 2025: Hong Kong University of Science and Technology unveiled the first kilowatt-scale elastocaloric device with 1,284 W cooling power and 48% higher efficiency than conventional systems.
- February 2025: Emerson sold its remaining 40% stake in Copeland to Blackstone, completing its climate-technologies divestiture.
- January 2025: EU F-gas Regulation 2024/573 quota cuts took effect, reducing allowances 48% versus 2023.
- November 2024: ALDI US expanded to 745 transcritical CO₂ stores and 30 propane-only outlets across its network
Global Refrigeration Coolers Market Report Scope
| Evaporators and Air Coolers |
| Condensers |
| Compressors |
| Magnetic Cooling Modules |
| Controls and Accessories |
| Other Product Types |
| Ammonia (NH₃) |
| Carbon Dioxide (CO₂) |
| HFC/HFO Blends |
| Hydrocarbons (R-290, R-600a) |
| Other Refrigerants |
| Food and Beverage Processing |
| Cold-Storage and Logistics |
| Supermarkets and Hypermarkets |
| Pharmaceuticals and Life-Sciences |
| Data Centres and Electronics Cooling |
| Other End-User Applications |
| Self-Contained (Plug-in) |
| Remote Condensing Units |
| Centralised Rack Systems |
| Hybrid / Transcritical CO₂ Systems |
| Other System Types |
| North America | United States | |
| Canada | ||
| Mexico | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| Rest of Europe | ||
| Asia-Pacific | China | |
| Japan | ||
| South Korea | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Middle East and Africa | Middle East | Saudi Arabia |
| United Arab Emirates | ||
| Rest of Middle East | ||
| Africa | South Africa | |
| Egypt | ||
| Rest of Africa | ||
| By Product Type | Evaporators and Air Coolers | ||
| Condensers | |||
| Compressors | |||
| Magnetic Cooling Modules | |||
| Controls and Accessories | |||
| Other Product Types | |||
| By Refrigerant | Ammonia (NH₃) | ||
| Carbon Dioxide (CO₂) | |||
| HFC/HFO Blends | |||
| Hydrocarbons (R-290, R-600a) | |||
| Other Refrigerants | |||
| By End-User Application | Food and Beverage Processing | ||
| Cold-Storage and Logistics | |||
| Supermarkets and Hypermarkets | |||
| Pharmaceuticals and Life-Sciences | |||
| Data Centres and Electronics Cooling | |||
| Other End-User Applications | |||
| By System Type | Self-Contained (Plug-in) | ||
| Remote Condensing Units | |||
| Centralised Rack Systems | |||
| Hybrid / Transcritical CO₂ Systems | |||
| Other System Types | |||
| By Geography | North America | United States | |
| Canada | |||
| Mexico | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Spain | |||
| Russia | |||
| Rest of Europe | |||
| Asia-Pacific | China | ||
| Japan | |||
| South Korea | |||
| India | |||
| Australia | |||
| Rest of Asia-Pacific | |||
| Middle East and Africa | Middle East | Saudi Arabia | |
| United Arab Emirates | |||
| Rest of Middle East | |||
| Africa | South Africa | ||
| Egypt | |||
| Rest of Africa | |||
Key Questions Answered in the Report
What is the current size of the refrigeration coolers market?
The refrigeration coolers market size hit USD 4.41 billion in 2025 and is forecast to reach USD 6.16 billion by 2030.
Which region leads the refrigeration coolers market?
Asia-Pacific held 43% of global revenue in 2024 and is expected to post the quickest 8.78% CAGR through 2030.
Why are natural refrigerants gaining traction?
EU and Kigali rules cut synthetic-refrigerant quotas and raise prices, making CO₂, ammonia, and propane more cost-effective and compliant choices.
Which segment is growing fastest by end-user?
Data centers and electronics cooling are projected to expand at 7.56% CAGR as liquid and immersion cooling gains adoption.
How is the technician shortage affecting growth?
About 80,000 HVAC-R vacancies in North America delay installations and elevate service costs, moderating near-term market expansion.
What technological shift could disrupt traditional compressor systems?
Magnetic-cooling modules, now proving kilowatt-scale performance with 48% efficiency gains, may introduce solid-state refrigerators that eliminate conventional compressors.
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