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Middle East & Africa (MEA) Industrial Refrigeration Systems Market by Equipment Type (Compressors, Condensers, Evaporators, Controls), by Refrigerant Type (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceutical, Oil & Gas), by Country (U.A.E., South Africa) – Market Size, Share, Development, Growth and Demand Forecast, 2013–2023

  • Published: October 2018
  • Report Code: SE11566
  • Available Format: Excel

MEA Industrial Refrigeration Systems Market Overview

The MEA industrial refrigeration systems market was valued at $1,679.9 million in 2017 and is forecasted to witness a CAGR of 6.1%, during 2018–2023. Growing food and beverage processing industry in the region as well as increasing adoption of refrigeration systems in chemicals and pharmaceutical industry are some of the key factors supporting the market growth.

Based on equipment type, the MEA industrial refrigeration systems market has been classified into compressors, condensers, evaporators, controls and others, wherein others include pumps, valves, vessels and auxiliary equipment. Compressors category generated the highest revenue in 2017, owing to its highest cost as compared to other components in the system. On the other hand, the market for controls category is expected to exhibit fastest growth, during the forecast period. Controls category provide considerable cost advantages by improving the overall efficiency, while providing additional customization features.

Based on refrigerant type, the MEA industrial refrigeration systems market has been categorized into ammonia (NH3), carbon dioxide (CO2), Hydrofluorocarbon (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O). The market for CO2-based industrial refrigeration systems is forecasted to record fastest CAGR during the period 2018-2023, due to its energy efficient properties and least global warming potential (GWP) as compared to other refrigerants.

Based on application, the MEA industrial refrigeration systems market has been categorized into food and beverages, oil and gas, chemicals and pharmaceutical and others, wherein others include manufacturing, and construction. The food and beverages category held the highest market share of more than 40% in 2017, owing to the growing food and beverages industry in Gulf Cooperation Council (GCC) countries.

U.A.E. held the highest market share in the MEA industrial refrigeration systems market in 2017. This can be attributed to the hot climatic conditions in the country as well as the influx of tourists round the year in cities such as Dubai and Abu Dhabi. For instance, the number of international overnight visitors in Dubai rose from 10.9 million in 2012 to 14.9 million in 2016. The increasing number of tourists directly impart positive growth to the food and beverages industry which in turn, is supporting the market for industrial refrigeration systems in the country.

MEA Industrial Refrigeration Systems Market Dynamics

Trends

The use of environment friendly refrigerants is observed to be one of the key trends in the market. The MEA industrial refrigeration systems market has been following stringent emission norms under the Montreal Protocol since 2008. The Montreal Protocol on substances that deplete the ozone layer is an environmental treaty adopted by the international community to protect human health and the environment by phasing out a number of man-made chemicals with adverse effects on the ozone layer.

In cooperation with the respective National Ozone Units and the United Nations Environment Programme, countries including Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Libya, Morocco, Oman, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, and Yemen have started following these regulations due to increasing international pressure. The environment friendly refrigerants such as carbon dioxide (CO2) and water have very low to zero global warming potential (GWP) and does not deplete ozone layer in the atmosphere, due to which the adoption of such refrigerants is increasing in the region.

Drivers

The food processing industry growth rate in countries such as Saudi Arabia and Qatar in MEA region is quite low as compared to the developed regions primarily Europe and the U.S. However, it is expected to increase in the forthcoming years due to growing demand for processed food; inclination towards ready-to-eat meal; and rising number of food outlets. The average revenue per user (ARP) in the food and beverages industry is witnessing a healthy growth in the region, from $17.4 in 2016, to $18.0 in 2017 and is further expected to reach $19.4 by the end of 2018. Increasing production and consumption of processed food in the region is propelling the demand for industrial refrigeration systems to keep food products fresh and healthy, which is further supporting the growth of the MEA industrial refrigeration systems market.

Opportunities

Use of natural refrigerants such as CO2 and water can provide a huge opportunity for market players in the MEA industrial refrigeration market. CO2, as a refrigerant, provides higher efficiency as compared to other refrigerants such as HFC, CFC and HCFC, while being a lesser contributor to global warming. CO2 is also much safer to use owing to its non-hazardous properties and does not lead to ozone layer depletion. Application of CO2 based refrigerants is expected to be followed as mainstream refrigerant type in the MEA industrial refrigeration systems market, offering ample opportunities for market players.

MEA Industrial Refrigeration Systems Market Competitive Landscape

The major players in the MEA industrial refrigeration systems market are enhancing their in-house capabilities to provide cost effective systems ensuring increased return on investment while being consistent with environmental guidelines, to capture a larger user base. Some of the major players operating in the MEA industrial refrigeration systems market include Adearest, Carel Industries SpA, Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss A/S, Star Refrigeration Ltd., Daikin Industries Ltd, Dover Corporation, Hussmann Corporation and Johnson Controls International Plc.

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