Transparency Market Research delivers key insights on the global industrial refrigeration equipment market. In terms of revenue, the global industrial refrigeration equipment market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in this report.
In the industrial refrigeration equipment report, TMR predicts that the market would be largely driven by factors such as rapidly growing cold chain industry across the globe. Moreover, increasing elderly population worldwide has significantly enhanced the demand for chemical and pharmaceutical refrigerated warehouses, which is subsequently expected to drive the industrial refrigeration equipment market.
Globally, the adoption of CO2 and ammonia based refrigerants has resulted in increased demand for refrigeration components that are compatible with these refrigerants and comply with the legislations introduced by governments. The trend is likely to have noteworthy impact on the industrial refrigeration equipment market during the forecast period
In addition, rising trend of outsourcing pharmaceutical manufacturing is also driving the market. Rapidly developing economies such as India and China are key influencers in the industry. Need to reduce time-to-market, increasing profit margins, and encouragement of drug discovery are some of the factors driving pharmaceutical imports in these countries.
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According to the industrial refrigeration equipment market report, the product segment includes condensers, compressors, evaporators, heat exchangers, controls, and others (valves, connectors, etc.). Condensers are expected to dominate in terms of value; however, in terms of volume, the others segment that comprises various small components of the industrial refrigeration system that are frequently replaced, lead the market. The expansion of the condensers sub-segment can be attributed to the exponential growth in small and medium cold storage and food processing facilities. Furthermore, in the near future, based on application, refrigeration warehouses is estimated to flourish at a prominent rate. The industrial refrigeration warehouses segment is majorly fueled by growth in demand for fresher and just-in-time delivery of perishable goods such as vegetables, fruits, meat, and dairy products.
Industrial Refrigeration Equipment Market: Prominent Regions
Presently, Asia Pacific dominates the global industrial refrigeration equipment market followed by North America. The Asia Pacific industrial refrigeration equipment market is predominantly driven by the growth of the food & beverages processing industry coupled with increasing import and export of perishable goods. This is also expected to bolster the Asia Pacific industrial refrigeration equipment market during the forecast period.
Furthermore, the Asia Pacific market is also forecast to gain substantial growth rate during the forecast period. India in recent years recorded majority cold storage capacity, more than the U.S. capacity.
Industrial Refrigeration Equipment Market: Key Players
Key players operating in the global industrial refrigeration equipment market include Ingersoll Rand, Johnson Controls, Danfoss, Mayekawa Manufacturing Company, EA Group Aktiengesellschaft, Emerson Electric Co., LENNOX International Inc., Parker Hannifin Corp, LU VE Group, and BITZER. Companies operating in the industrial refrigeration equipment market are extensively focusing on introducing innovative products in order to gain more market share.