The global industrial refrigeration market is expected to reach $14,525.69 million in 2024, from $10,127.57 million in 2017, growing at a CAGR of 5.40% from 2018 to 2024. Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.
The growth in demand for industrial refrigeration systems in the FMCG industry majorly drives the growth of the market, owing to the increased use of packaged & processed food & beverages in the developing countries and prevention of spoilage of semi-processed food & drinks. The introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for industrial refrigeration systems. Furthermore, rise in trend of upgrading cold storage infrastructures across emerging economies drives the growth of the market. However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of the industrial refrigeration market.
The global industrial refrigeration market is segmented based on offering, component, refrigeration type, application, and region. By offering, the market is divided into industrial refrigerator and component. In 2017, the industrial refrigerator segment dominated the global market, in terms of revenue, and is expected to maintain this trend throughout the coming years. Based on components, the market is classified into compressor, condenser, evaporator, control, and others. The compressor segment is anticipated to dominate the global industrial refrigeration market throughout the forecast period. Based on refrigerant type, the market is categorized into ammonia, carbon dioxide, hydrofluorocarbon (HFC), and others. Ammonia contributed the highest revenue in the industrial refrigeration market based on refrigerant type and is expected to dominate the market during forecast period.
The application segment is divided into fruit & vegetable processing, beverage, refrigerated warehouse, chemicals & pharmaceuticals, dairy & ice-cream processing, meat, poultry & fish processing, refrigerated transportation, and others. In 2017, refrigerated warehouse segment accounted for the highest market share due to increased demand for cold storage infrastructures in the emerging economies and is expected to dominate the industrial refrigeration market during forecast period. Based on region, the industrial refrigeration market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2017, Europe contributed the highest share in the industrial refrigeration market and is anticipated to secure the leading position during the forecast period, due to extensive demand in the food & beverage industry.
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The following graph signifies the growth potential of the global industrial refrigeration market size based on the refrigerant type. Ammonia is the most dominant segment in the industrial refrigeration market. Others segment is projected to register the highest CAGR, followed by the carbon dioxide segment. Various FMCG industries focus on adoption of industrial refrigeration systems with eco-friendly refrigerants to retain freshness and prevent spoilage of products, as the demand for processed and packaged food products is increasing rapidly in emerging economies.
Competitive analysis and profiles of the major players in the industrial refrigeration market, such as Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation are provided in this report. The key strategies adopted by key players from 2015 to 2018 were product launches, acquisitions, and collaboration.
- The report provides an extensive analysis of the current and emerging market trends and dynamics in the global industrial refrigeration market.
- In-depth analysis is conducted by constructing market estimations for the key market segments between 2017 and 2024.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Comprehensive analysis of all regions are provided that determines the prevailing opportunities in these geographies.
- Key market players within the industrial refrigeration market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the market…
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