Global Industrial Refrigeration System Market – Opportunities and Forecast, 2019-2026
Industrial refrigeration is the process of cooling through refrigeration and cooling system refrigeration and cooling systems to eliminate the heat from a low-temperature and to a high-temperature. Industrial refrigerants are of several types, such as Ammonia, CO2, HFC, HCFC, among others. The major component of industrial refrigeration includes compressors, condenser, and an evaporator along with controls systems, pumps, vessels, among others. Industrial refrigeration applications are generally used in places like cold food storage, dairy processing, beverage production, Ice rinks, and heavy industries.
The major factors that are driving the growth of the global Industrial Refrigeration System market are growing demand for advanced and compact refrigeration systems, rising government support to increase the adoption of cold chain infrastructure in developing countries and increasing adoption of natural refrigerant-based systems owing to stringent regulatory policies. The increasing demand for industrial refrigeration from the food & beverage industry due to the increasing demand for frozen and processed food in emerging countries is also fuelling the growth of the market. The awareness pertaining to energy conservation among end-users is forcing the manufacturers to develop an energy-efficient refrigeration system . Moreover, the growing popularity of CO2-based and ammonia-based refrigeration systems is further propelling the growth of the market. However, the high installation cost is restraining the growth of the market.
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Based on the component, the compressor segment is expected to account at a significant share in the global Industrial Refrigeration System market during the forecast period due to increasing demand for refrigerated warehouses globally. The compressor is an essential component of industrial refrigeration, which increases the vapor pressure in a condenser to make sure the appropriate temperature for food storage and preservation applications. In addition, there has been an increased focus of manufacturers to develop a new compressor in order to meet the different demands of consumers across the globe.
Based on the refrigerant type, the CO2 segment is projected to grow at a higher rate in the market during the forecast period owing to the increasing adoption of CO2-based refrigerant due to its exceptional thermodynamic properties and high energy efficiency that makes it more suitable for industrial refrigeration applications. Moreover, rising acceptance of CO2 cascade refrigeration systems across end-user industries is also a major factor propelling the growth of the market during the forecast period. Ammonia segment is expected to grow at higher CAGR in the market during the forecast period owing to its high cooling capacity and low energy consumption when compared with other refrigerant types. Ammonia-based refrigeration system is less costly as Ammonia is available at low cost in the market, which cut-down the maintenance and service cost that is further bolstering the growth of the market.
Based on the application, the refrigerated warehouse segment is expected to grow at higher CAGR during the forecast period due to the increasing population coupled with rising disposable income, which has inturn increased the demand for frozen and processed food. In addition, rising demand for convenience products such as ready to eat foods across the globe has further increased in the number of refrigerated warehouses worldwide with enhanced capacity. Moreover, the rising government initiatives of emerging countries such as India and China are encouraging the creating of cold chain facilities using several schemes and through providing subsidies. These initiatives re strengthening the cold storage and warehouse infrastructure facilities are further fuelling the growth of the market during the forecast period.
Based on the region, North America is projected to lead the global Industrial Refrigeration System market during the forecast period owing to the growing trend of online shopping and continuously increasing application areas of natural refrigerant-based refrigeration systems. Additionally, the growing demand for fresh food & beverage products and medicine, along with government initiatives to diminish HCFCs and adopt natural refrigerants in several applications, is further propelling the growth of the market during the forecast period.
Various notable players in the Industrial Refrigeration System market include Johnson Controls International plc, Emerson Electric Co., Danfoss, GEA Group AG, Mayekawa Mfg. Co., Ltd., Baltimore Aircoil Company, Inc., Bitzer SE, Daikin Industries, Ltd., Evapco, Inc., Güntner GmbH & Co. KG, Ingersoll-Rand Inc., LU-VE s.p.a., United Technologies Corporation, among others.
Key Developments:
- In Oct 2019, Mayekawa launched its second production plant in Serbia, Europe. This plant will focus on designing, manufacturing, sales, and after-sales service of compressor packages for industrial refrigeration, supplying markets in Russia, the Middle East, and Africa.
The Global Industrial Refrigeration System market has been segmented based on component, refrigerant type, application, and key region. Based on the component, the market is segmented into Compressors, Condensers, Evaporators, Controls, and Vessels, Pumps, Valves, and Auxiliary Equipment. Based on Compressors, the market is further segmented into Reciprocating Compressors, and Screw Compressors. Based on Reciprocating Compressors, the market is segmented into Semi-Hermetic Type, Hermetic Type, and Open Type. Based on Screw Compressors, the market is segmented into Single-Screw Compressors and Twin-Screw Compressors. Based on Condensers, the market is segmented into Air-Cooled Condensers, Water-Cooled Condensers, and Evaporative Condensers. Based on Evaporators, the market is segmented into Cooling Type and Design Type. Based on Cooling Type, the market is segmented into Air-Cooled Evaporators. Based on Design Type, the market is segmented into Bare Tube Evaporators, Plate Type Evaporators, Finned Evaporators, and Shell and Tube Type Evaporators. Based on Controls, the market is segmented into Compressor Controls, Condenser Controls, and Evaporator Controls. Based on the Refrigerant Type, the market is segmented into Ammonia, CO2, and Others. Based on Ammonia, the market is segmented into Ammonia Refrigeration System and Low-Charge Ammonia Refrigeration System. Based on CO2, the market is segmented into CO2 Refrigeration System and CO2 Cascade Refrigeration System. Based on Others, the market is segmented into HFC, HCFC, HC, and HFO. Based on Application, the market is segmented into Refrigerated Warehouse, Fruit & Vegetable Processing, Beverage, Meat, Poultry, & Fish Processing¸ Dairy & Ice Cream Processing, Chemical, Petrochemical, & Pharmaceutical, and Refrigerated Transportation.
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Key questions answered in this research report:
- At what pace is the global Industrial Refrigeration System market growing? What will be a growing trend in the future?
- What are the key drivers and restraints in the global Industrial Refrigeration System market? What will be the impact of drivers and restraints in the future?
- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Industrial Refrigeration System market?
- What are the various application areas of the global Industrial Refrigeration System market, and how are they poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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