Industrial Refrigeration Market by Offering (Industrial Refrigerator and Component), Component (Compressor, Condenser, Evaporator, Control, and Others), Refrigerant Type (Ammonia, Carbon Dioxide, Hydrofluorocarbon (HFC), and Others), and Application (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse, Chemical & Pharmaceutical, Dairy & Ice Cream Processing, Meat, Poultry, & Fish Processing, Refrigerated Transportation, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2024
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 systems are used for massive freezing and refrigeration plants that are involved in food & beverage processing, cold storage, and others. These systems remove the heat from a low-temperature medium and transferring it to a high-temperature medium.
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 preventing spoilage of semi-processed foods and drinks. Furthermore, increase 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 application segment is divided into fruit & vegetable processing, beverage, refrigerated warehouse, chemical & pharmaceutical, dairy & ice-cream processing, meat, poultry & fish processing, refrigerated transportation, and others. In 2017, the refrigerated warehouse segment accounted for the highest market share due to increased demand for cold storage infrastructures in emerging economies and is expected to dominate the industrial refrigeration market during the forecast period. The global industrial refrigeration market is analyzed across North America (U.S., Canada & Mexico), Europe (UK, Germany, France, Russia, & others), Asia-Pacific (China, India, Japan, Australia, and others), and LAMEA (Latin America, Middle East & Africa). 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 food & beverage industry.
The key players profiled in this report are 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.
KEY MARKET SEGMENTS
BY REFRIGERANT TYPE
Fruit & Vegetable Processing
Chemical & Pharmaceutical
Dairy & Ice Cream Processing
Meat, Poultry, & Fish Processing
Rest of Europe
Rest of Asia-Pacific
Daikin Industries, Ltd.
Emerson Electric Co.
GEA Group AG
Johnson Controls, Inc.
Ingersoll Rand Plc
Mayekawa Mfg. Co. Ltd.
The Danfoss Group
United Technologies Corporation
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