Industrial Refrigeration Systems Market: Global Industry Analysis and Forecast (2021-2027) by Component, Refrigerant and Application and Region

The Industrial Refrigeration Systems Market was valued at US$ 18.2 Bn. in 2020 and expected to grow at a CAGR of 6.8% during the forecast period (2021-2027). Thanks to the growing trend of ammonia segment use has boosted demand for Global Industrial Refrigeration Systems Market.

Industrial Refrigeration Systems Market Overview:

Industrial refrigeration is used to remove the heat from large-scale materials. It consists of a compressor, condenser, expansion device, and evaporator. Different types of refrigeration systems are mechanical-compression refrigeration systems, absorption refrigeration, evaporative cooling, and thermoelectric refrigeration. Major applications of refrigeration systems are district cooling, electricity production, chemical and petrochemicals pharmaceutical, food & beverages and, data center. Growing economic importance and environmental benefits for hospitals, hotels, and the food and beverage industry. As a result of these factors, the global industrial refrigeration system is expected to reach US$ 28.84 Bn during the forecast period. Industrial Refrigeration System Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Industrial Refrigeration Systems Market Dynamics:

Growing demand for cold storage, an increasing number of food and beverages manufacturing industry, increased consumption of stored food are the factors driving the growth of the industrial refrigeration market. This refrigeration system helps in increasing the shelf life of food items like fruits, vegetables, dairy products, etc. to meet the daily need. According to “UN Food and Agricultural Organization” more than 17% of global food production is wasting every year due to insufficient infrastructure and cold storage facilities. Increasing tourism, milk production, and the hotel industry, and the growing popularity of ammonia-based industrial refrigeration are expected to add an advantage to the market growth. The global milk production was stood at 906 Mn. tonnes in 2020 and is expected to grow at a CAGR of 4% during the forecast period. State-of-the-art technology is used to design an ammonia compressor that is best suitable for ice plants, fisheries plants, chemical plants are boosting the market positively. Increasing healthcare and pharmaceutical industries and technological advancements in refrigeration are creating the demand for market growth. Refrigerators are necessary to maintain the temperature of different fluids and substances and help in reducing the risk of contamination and destruction of items. New technologies like “Quantech QWC4 Water-Cooled Screw Chiller” by Jhonos, development of “two-way and three-way solenoid valves” by Emerson Electric Co, and introduction of “CO2 MiniPack Solution” in refrigeration by Danfoss. These are some recent technological advancements that are expected to drive market growth positively. Some of the factors affecting the growth of the market are high cost for installation, non-availability of skilled labors, increasing impact on global emission and presence of ammonia is harmful to human beings, less efficient and high operating pressure.

Industrial Refrigeration Systems Market Segmentation:

Based on Component Segment, the Industrial Refrigeration Systems Market is sub-segmented into compressor, condenser, and control. The solution segment dominates the global market and it held a share of 58 % in 2020. Controls respond to different physical phenomena like temperature, pressure, humidity, and liquid level and are considered as the brains of industrial refrigerator systems. They are useful in monitoring the alarm system, pump operation, evaporation operation for cooling, and condenser operation. These are the features drawing the growth of the control segment in the market. Industrial Refrigeration System Market 1 Based on Refrigerant Type Segment, the Industrial Refrigeration Systems Market is sub-segmented into Ammonia and Co2. The ammonia segment dominates the global market and was valued at US$ 6.9 Bn in 2020. It is energy-efficient, helps in reducing the ozone depletion potential and global warming potential because it is known as a “natural refrigerant”, improves thermodynamic efficiency in the systems, is widely available, and is low in cost. As a result of these features, the ammonia segment is positively growing in the market. Based on Application Segment, the Industrial Refrigeration Systems Market is sub-segmented into fruit and vegetable processing, food and beverage processing, dairy and ice cream processing. The food and beverage processing segment dominate the market and it held a share of 50% in 2020. The raising population and increased consumption of cold drinks are the factors driving the growth of the food and beverage segment in the market.

Industrial Refrigeration Systems Market Regional Insights:

Asia-Pacific is the dominating region in the Industrial Refrigeration Systems Market. An increasing number of the pharmaceutical industry, growth of healthcare sector, a government initiative to increase tourism, and presence of large milk cooperative sectors are the factors driving the growth of the market in this region. North America is the second dominating region in the Industrial Refrigeration Systems Market. The growing e-commerce sector, development in the production of synthesized ammonia, developed cold storage infrastructure, presence of large pharmaceutical industry and beverage companies are driving the growth of the global market. “Solid oxide electrolyzer cell (SOEC) technology” was developed by a Danish company by using electrolysis is adding an advantage to the growth of the market. The objective of the report is to present a comprehensive analysis of the global Industrial Refrigeration System market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Industrial Refrigeration System market dynamics, structure by analyzing the market segments and projecting the Industrial Refrigeration Systems Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Industrial Refrigeration System make the report investor’s guide.

Industrial Refrigeration Systems Market Scope: Inquire before buying

Industrial Refrigeration System Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $  18.2 Bn.
Forecast Period 2021 to 2027 CAGR: 6.8 % Market Size in 2027: US $ 28.84 Bn.
Segments Covered: by Component • Compressor • Condenser • Control
by Refrigerant Type • Ammonia • Co2
by Application • Fruit and vegetable processing • Food and Beverages • Dairy and ice-cream processing

Industrial Refrigeration Systems Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Industrial Refrigeration Systems Market Key Players

• Johnson Control • Emerson Electric Co • GEA Group Aktiengesellschaft • Danfoss • Mayekawa • Daikin • Ingersoll Rand • EVAPCO, Inc • Baltimore Aircoil Company • BITZER • LU-VE Group • MTA S.p.A • Frascold • HITEMA INTERNATIONAL • Güntner GmbH & Co. KG • Lennox International • KOBELCO • Parker Hannifin • Clauger • Rivacold • Dorin S.p.A • Star Refrigeration • Industrial Frigo • SRM Italy • Innovative Refrigeration Systems

Frequently Asked Questions:

1. Which region has the largest share in Industrial Refrigeration Systems Market? Ans: Asia-Pacific held the largest share in 2020. 2. What is the growth rate of the Industrial Refrigeration Systems Market? Ans: The Industrial Refrigeration Systems Market is growing at a CAGR of 6.8 % during the forecasting period 2021-2027. 3. What segments are covered in Industrial Refrigeration Systems Market? Ans: Industrial Refrigeration Systems Market is segmented into Component, refrigerant type and application. 4. Who are the key players in Industrial Refrigeration Systems Market? Ans: Johnson Control, Emerson Electric Co, GEA Group Aktiengesellschaft, Danfoss , Mayekawa , Daikin, Ingersoll Rand, EVAPCO, Inc, Baltimore Aircoil Company, BITZER, LU-VE Group, MTA S.p.A, Frascold, HITEMA INTERNATIONAL, Güntner GmbH & Co. KG, Lennox International, KOBELCO, Parker Hannifin, Clauger, Rivacold, Dorin S.p.A, Star Refrigeration, Industrial Frigo, SRM Italy, and Innovative Refrigeration Systems 5. What is the study period of this market? Ans: The Industrial Refrigeration Systems Market is studied from 2020 to 2027.
1. Global Industrial Refrigeration Systems Market: Research Methodology 2. Global Industrial Refrigeration Systems Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Industrial Refrigeration Systems Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Industrial Refrigeration Systems Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Industrial Refrigeration Systems Market Segmentation 4.1 Global Industrial Refrigeration Systems Market, by Component (2020-2027) • Compressor • Condenser • Control 4.2 Global Industrial Refrigeration Systems Market, by Refrigerant type (2020-2027) • Ammonia • Co2 4.3 Global Industrial Refrigeration Systems Market, by Application (2020-2027) • Fruit and vegetable processing • Food and Beverages • Dairy and Ice cream processing 5. North America Industrial Refrigeration Systems Market (2020-2027) 5.1 Global Industrial Refrigeration Systems Market, by Component (2020-2027) • Compressor • Condenser • Control 5.2 Global Industrial Refrigeration Systems Market, by Refrigerant type (2020-2027) • Ammonia • Co2 5.3 Global Industrial Refrigeration Systems Market, by Application (2020-2027) • Fruit and vegetable processing • Food and Beverages • Dairy and Ice cream processing 5.4 North America Industrial Refrigeration Systems Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Industrial Refrigeration Systems Market (2020-2027) 6.1. Asia Pacific Industrial Refrigeration Systems Market, by Component (2020-2027) 6.2. Asia Pacific Industrial Refrigeration Systems Market, by Refrigerant type (2020-2027) 6.3. Asia Pacific Industrial Refrigeration Systems Market, by Application (2020-2027) 6.4. Asia Pacific Industrial Refrigeration Systems Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Industrial Refrigeration Systems Market (2020-2027) 7.1 Middle East and Africa Industrial Refrigeration Systems Market, by Component (2020-2027) 7.2. Middle East and Africa Industrial Refrigeration Systems Market, by Refrigerant size (2020-2027) 7.3. Middle East and Africa Industrial Refrigeration Systems Market, by Application (2020-2027) 7.4. Middle East and Africa Industrial Refrigeration Systems Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Industrial Refrigeration Systems Market (2020-2027) 8.1. Latin America Industrial Refrigeration Systems Market, by Component (2020-2027) 8.2. Latin America Industrial Refrigeration Systems Market, by Refrigerant type (2020-2027) 8.3. Latin America Industrial Refrigeration Systems Market, by Application (2020-2027) 8.4. Latin America Industrial Refrigeration Systems Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Industrial Refrigeration Systems Market (2020-2027) 9.1. European Industrial Refrigeration Systems Market, by Component (2020-2027) 9.2. European Industrial Refrigeration Systems Market, by Refrigerant type (2020-2027) 9.3. European Industrial Refrigeration Systems Market, by Application (2020-2027) 9.4. European Industrial Refrigeration Systems Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Johnson Control 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Emerson Electric Co 10.3 GEA Group Aktiengesellschaft 10.4 Danfoss 10.5 Mayekawa 10.6 Daikin 10.7 Ingersoll Rand 10.8 EVAPCO, Inc 10.9 Baltimore Aircoil Company 10.10 BITZER 10.11 LU-VE Group 10.12 MTA S.p.A 10.13 Frascold 10.14 HITEMA INTERNATIONAL 10.15 Güntner GmbH & Co. KG 10.16 Lennox International 10.17 KOBELCO 10.18 Parker Hannifin 10.19 Clauger 10.20 Rivacold 10.21 Dorin S.p.A 10.22 Star Refrigeration 10.23 Industrial Frigo 10.24 SRM Italy 10.25 Innovative Refrigeration Systems

About This Report

Report ID 102684
Category Electronics
Published Date May 2021
Updated Date Dec 2021
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