Industrial refrigeration in the study refers to the refrigeration equipment and design used within commercial retail and storage for large supermarkets, hypermarket, restaurants convenience store and others. The industrial refrigeration systems market includes equipment, such as display cases, walk-in coolers, beverages refrigeration, ice making machineries, parts and other equipment.
The global industrial refrigeration systems market reached a value of $25.7 billion in 2016, growing at a moderate pace, and it is expected to grow by over 1.5 folds between 2016 and 2023. The increasing demand for cold chain has been necessitating the need for industrial refrigeration globally.
ASIA-PACIFIC INDUSTRIAL REFRIGERATION SYSTEMS MARKET, BY TYPE, $M (2013 – 2023)
The energy efficiency of industrial refrigeration has improved considerably during the last five years. The innovation in product design of the industrial compressors, in addition to improvement in overall energy consumption rating has facilitated the introduction of innovative industrial refrigeration products. Apart from superior energy efficiency, modern industrial refrigeration products also feature better temperature stability under harsh working conditions.
The key drivers for the global industrial refrigeration systems market include increasing adoption of natural refrigerant and improvement in energy efficiency, growing food processing industry in the developing countries and surge in global cold chain capacity.
The developed countries of Europe and North America are using ammonia, as an industrial refrigerant from long time which is one of the prominent factor for ozone layer depletion. However, small and medium sized refrigerated warehouses and food processing industries in the developing countries of Asia-Pacific have started following F-gas regulations recently, due to increasing international pressure for the adoption of Montreal Protocol. This is one of the major factor driving the global industrial refrigeration systems market. Further, due to advent of new technologies, significant change in recent years from ‘F’ gas to natural gas in industrial refrigeration has been observed. In addition, the advancements in compressor technologies in industrial refrigeration are facilitating superior energy efficiency. Atlas Copco, an industrial compressor manufacturer, launched GA VSD+, a range of oil-injected and compact rotary screw compressors that consume 50% less power, as compared to a conventional load type compressor of the same capacity. The reduction in thermal resistance of the heat exchangers are increasing the throughput and power efficiency of industrial heat exchangers in the chemicals, and energy sector.
Food and beverages processing is one of the largest industry in the world. As meat and poultry production continue to increase, to meet the growing global demand, industrial refrigeration and temperature control are vital aspects throughout the entire food and beverage delivery process. Moreover, the dairy being one of the more intricate and diverse sector, it requires refrigeration in the production and storage of wide range of products including milk, cheese and butter. The annual production of food and beverages accounted for about $7 trillion, as of January 2015. The processed and ready to eat food and beverages is now consumed in all countries. On an average, the developed countries, including the U.S., processes 90% of their foods produce. The production and consumption of processed food in developing region is mainly driving the growth of the industrial refrigeration market in the food processing industries. In India, the food processing industries are getting considerable government support, as recently the government of India included food processing sector in its ambitious “Make in India” initiative. Currently, the food processing sector in India, contributes 9-10% of the country’s GDP. During the 11th and 12th five-year plan, the government of India sanctioned 40 mega food park projects in the country.
The global industrial refrigeration systems market is moderately competitive. The presence of large number of small regional manufacturers of industrial refrigeration systems, who offer customized commercial refrigeration solutions, leads to high intensity of rivalry. However, owing to the low exit barrier for the existing players, the intensity of rivalry is low. The major players in the global industrial refrigeration systems market are enhancing their in-house capabilities by means of various organic and inorganic strategic developments, to capture a larger user base. For instance, Star Refrigeration launched Azanechiller 2.0, an ammonia air cooled chiller, compliant with EcoDesign Directive (2009/125/EC). The company claims the chiller to be 71% higher in compliance of the European EcoDesign Directive. It is suitable for temperature controlled storage, food processing, beverage production, process cooling, HVAC data centres, ice rinks, pharmaceutical and petrochemical industries.
Some of the major players in the global industrial refrigeration systems market include Johnson Controls GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.
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