Industrial Refrigeration Systems Market is forecasted to attain $33,614.3 Million value by 2023, according to P&S Intelligence.
The market has been witnessing considerable growth, mainly due to factors such as growing food and beverages processing industry and rising cold chain industry, globally.
Insights on market segments
Based on equipment type, the industrial refrigeration systems market is categorized into compressors, condensers, evaporators, controls and others (pumps, valves, vessels and auxiliary equipment). The compressor category accounted for highest revenue share in 2017, as compressor is a major part of the initial cost of the equipment. However, the industrial refrigeration controls category is projected to register highest CAGR of 8.3%, during the forecast period, owing to growing significance of controls used for improvement of efficiency and functionality of the whole industrial refrigeration system.
Based on the refrigerant type, the industrial refrigeration systems market is categorized into ammonia, carbon dioxide (CO2), hydrofluorocarbons (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O). The ammonia-based industrial refrigeration units recorded highest market share of about 40.5% in 2017, in terms of volume. Ammonia-based refrigeration units cost 10-20% lesser to build as compared to other refrigeration systems. Also, ammonia as a refrigerant is 3-10% more efficient than fluorocarbon-based refrigerants, resulting in lower operating costs.
Moreover, globally, HFC is being phased out as per the Montreal Protocol, an international treaty designed to protect ozone layer. The rules came into effect in 2007 after being ratified by 196 countries and the European Union.
Browse report overview with 114 tables and 55 figures spread through 162 pages and detailed TOC on "Industrial Refrigeration Systems Market by Equipment Type (Compressors [Reciprocating, Centrifugal, Screw, Scroll], Condensers [Air-Cooled, Water-Cooled, Evaporative], Evaporators [Bare Tube, Plate, Finned, Shell & Tube], Controls), by Refrigerant Type (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceuticals, Oil & Gas), by Geography (U.S., Canada, Germany, France, U.K., Italy, China, Japan, India, Brazil, Mexico, U.A.E., South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/industrial-refrigeration-equipment-market
Asia-Pacific (APAC) industrial refrigeration systems market is projected to register fastest growth
The market is projected to register fastest growth in APAC, during the forecast period. The strengthening of cold-chain infrastructure in developing countries across the region is one of the major factors pushing the market growth. Subsequently, products such as seafood, meat, vegetables, and ice-cream, all part of perishable foods, accounted for a large share in cold chain revenue, owing to rising urbanization in APAC. Therefore, industrial refrigeration systems market offers an enormous growth opportunity in this region.
Growing food and beverages processing as well as cold chain industries are the major drivers of industrial refrigeration systems market
Food and beverages processing is one of the largest industries in the world. The processed and ready-to-eat food, and beverages are now consumed in all countries across the world. On an average, the developed countries like the U.S. processes 90% of its produced food. Increasing production and consumption of processed foods in developing countries is propelling the demand for industrial refrigeration systems to keep food products fresh and healthy, which is further supporting the market growth.
According to International Association of Refrigerated Warehouses (IARW), increased demand for fresh products and application of cold chain equipment for online food and grocery delivery has led to a significant growth in cold chain operations. Hence, with increasing demand for industrial refrigeration for strengthening cold chain infrastructure globally, the market is poised to grow further, during the forecast period.
Use of environment friendly refrigerants is one of key trends in the market
The use of environment friendly refrigerants exhibited to be one of the key trends in the market. The environment friendly refrigerants have low Global Warming Potential (GWP) and do not deplete ozone layer in the atmosphere. Also, governments in several countries have adopted stringent regulations towards the use of halogen-based refrigerants to support the adoption of these refrigerants.
The phase out of ‘F’ gases as refrigerant for industrial refrigeration, especially in the developing countries has been leading to the replacement of existing industrial refrigeration set up, with ammonia-based refrigeration system. Consequently, this has been supporting the market growth.
Industrial refrigeration systems market competitiveness
The global industrial refrigeration systems market is highly competitive. The presence of large number of small regional manufacturers of industrial refrigeration systems, who offer customized refrigeration equipment to the industries, leads to high intensity of rivalry.
Some of the major players operating in the global industrial refrigeration systems market include Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss A/S, Industrial Frigo SRL., GEA Group Aktiengesellschaft, BITZER Kühlmaschinenbau GmbH, Star Refrigeration Ltd., Daikin Industries Ltd, Dover Corporation, Hussmann Corporation, Johnson Controls International plc, and Mayekawa Mfg. Co. Ltd.
Global Industrial Refrigeration Systems Market Segmentation
Market Segmentation by Equipment Type
Market Segmentation by Refrigerant Type
Market Segmentation by Application
Market Segmentation by Geography