Na'alwa was an employee at the factory in Barkan, some seven kilometers west of the settlement city of Ariel in the northern West Bank, where the brutal shooting attack took place.
Magen David Adom emergency medical services said their medics had entered a building at Barkan where they found a man and a woman without pulse, and pronounced them dead.
A third woman also shot in the attack was hospitalised in stable condition.
Conricus said the suspect was not known to authorities and was not believed to belong to a Palestinian militant group, saying it appeared to be a "lone wolf" attack.
Barkan industrial park is next to the settlement of Barkan and was established in the early 1980s.
Advocates of Israeli settlement policies say the industrial zones are an example of the benefits Palestinians have under Israeli control, including much-needed employment to Palestinians.
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Meanwhile, Palestinian group Fatah said Israel's denial of Palestinian rights was the cause of such attacks.
The IDF later identified the assailant as Mr Naalwa, a Palestinian from the village of Shuwaika, north of Tulkarm, who worked at the factory as an electrician.
Surveillance video from the factory after the attack showed the gunman fleeing down a flight of stairs and then running past shocked onlookers.
Following the Sunday attack, members of Na'alowa's family and others were arrested by the IDF and interrogated by the Shin Bet security service to determine if they assisted him in the terror attack or in his escape from the scene, the army said.
Israel settlements are considered illegal under global law and major stumbling blocks to peace as they are built on land the Palestinians see as part of their future state.
Some Israeli media reported the Palestinian suspect had been recently fired from his job at the site, raising speculation the attack may have been motivated by a personal vendetta.
A number of attacks have occurred at that location, the Gush Etzion Junction.