Industrial Refrigeration Systems Market: Global Industry Analysis and Forecast (2022-2029)

The Industrial Refrigeration Systems Market was valued at US$ 19.43 Bn. in 2021 and expected to grow at a CAGR of 6.8% during the forecast period (2022-2029). 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.To know about the Research Methodology :- Request Free Sample 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 2021 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 2021. 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.

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 2021. 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 2021. 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.
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Industrial Refrigeration Systems Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 19.43 Bn.


Forecast Period 2022 to 2029 CAGR:
6.8%
Market Size in 2029:
US $ 32.90 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 (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Industrial Refrigeration Systems Market, Key Players are:
• 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 Global Industrial Refrigeration Systems Market?
Ans: Asia Pacific region held the highest share in 2021.

2. What is the growth rate of Global Industrial Refrigeration Systems Market?
Ans: The Global Industrial Refrigeration Systems Market is growing at a CAGR of 6.8% during forecasting period 2022-2029.

3. What is scope of the Global Industrial Refrigeration Systems Market report?
Ans: Global Industrial Refrigeration Systems Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Industrial Refrigeration Systems Market?
Ans: The important key players in the Global Industrial Refrigeration Systems Market are – 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 Global Industrial Refrigeration Systems Market is studied from 2021 to 2029.