The compressors, valves, cooling agents, and electronic controller are replaced. Cooling agents with high GWP (Global Warming Potential) can be replaced with "green" agents. For instance:
The R472B agent (GWP=353) can replace R23 (GWP=14800).
The R452 agent (GWP=2.141) can replace R404A (GWP=3922).
For large walk-in climatic chambers, the power pack (refrigeration unit assembly) and the controller with related software can be replaced.
Why opt for modernization? You have several advantages:
Lower cost compared to purchasing new equipment.
Retaining the chamber, which in most cases is in very good condition and doesn't require scrapping.
Upgrading old equipment to perform like new, extending its usability for another 20 years.