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Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024

Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024
The global industrial refrigeration system market is expected to grow at a CAGR of 4.78% from 2018 to 2024, to reach USD 24.48 billion by 2024 from USD 18.49 billion in 2018. Factors such as the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC, are driving the industrial refrigeration system market. However, high initial costs and other operating expenses related to refrigeration systems are expected to hinder market growth.

Ammonia-based industrial refrigeration systems held largest market share in 2017
Ammonia refrigerant-based refrigeration systems are currently most widely used across wide industrial applications. Ammonia possesses good thermodynamic properties, high efficiency, and zero ODP and GWP. It is also preferred over other refrigerants owing to its availability and low cost for large industrial operations. Furthermore, ammonia is regarded as a high-pressure and high-capacity refrigerant. However, ammonia is also known to be corrosive and toxic if released in large quantities. It is incompatible with copper, because of which more expensive metals have to be used for making refrigeration system components. There have been a few cases of ammonia leakage leading to fatalities. Safety concerns are a restraint for the application of this refrigerant. As a result, many key manufacturers in the industrial refrigeration ecosystem are focusing on the use of NH3-CO2 cascade systems. Carnot Refrigeration (Canada) is one of the providers of NH3-CO2 cascade systems for the industrial refrigeration market. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants. These factors are expected to drive the market for CO2-based industrial refrigeration systems at the highest rate during the forecast period.

Market in Asia Pacific to grow at highest CAGR from 2018 to 2024
North America accounted for a major share of the industrial refrigeration system market in 2017. The refrigerated warehouse industry has considerable demand for industrial refrigeration systems across North America. The market in APAC is expected to grow at the highest CAGR during the forecast period. Global market players are experiencing strong demand from countries such as China, India, Japan, and South Korea. Currently, China dominates the industrial refrigeration system industry in APAC on the back of the increasing demand from refrigerated transportation and refrigerated warehouse. Each year, there is a loss of billions of tons of fresh food products and millions of dollars’ worth export due to the lack of proper cold chain systems in developing markets of China and India. Government initiatives to further strengthen cold chain management systems are expected to be the key driver for the growth of industrial refrigeration systems across these countries.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the industrial refrigeration system marketspace. The breakup of primary participants for the report has been shown below:
By Company Type: Tier 1 - 47%, Tier 2 - 35%, and Tier 3 - 18%
By Designation: C-level Executives - 30%, Directors - 54%, and Others - 16%
By Region: North America - 35%, Europe - 50%, APAC - 10%, and RoW - 5%

The report profiles the key players in the industrial refrigeration system market and provides their market share analysis. The prominent players profiled in this report are Johnson Controls (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), The Danfoss Group (Denmark), BITZER Kuhlmaschinenbau GmbH (Germany), Mayekawa Mfg. Co. Ltd. (Japan), Ingersoll Rand Plc (Ireland), Daikin Industries, Ltd. (Japan), Evapco, Inc. (US), Baltimore Aircoil Company (US), Lennox International Inc. (US), and LU-VE Group (Italy).

Study Coverage
This report categorizes the global industrial refrigeration system market based on equipment, refrigerant type, industry, and region. The report describes key drivers, restraints, challenges, and opportunities pertaining to the industrial refrigeration system market and forecasts the market till 2024.

The report would help leaders/new entrants in this market in the following ways:
1. This report segments the industrial refrigeration system market comprehensively and provides the closest market size projection for all subsegments across regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities governing market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, and strategies such as new product developments, partnerships, and mergers & acquisitions.


  • INTRODUCTION
    • STUDY OBJECTIVES
    • DEFINITION
    • STUDY SCOPE
      • MARKETS COVERED
      • YEARS CONSIDERED FOR THIS STUDY
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
      • BOTTOM-UP APPROACH
      • TOP-DOWN APPROACH
    • MARKET BREAKDOWN AND DATA TRIANGULATION
    • ASSUMPTIONS FOR RESEARCH STUDY
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • LUCRATIVE OPPORTUNITIES FOR INDUSTRIAL REFRIGERATION SYSTEM MARKET GROWTH
    • INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY INDUSTRY
    • INDUSTRIAL REFRIGERATION SYSTEM MARKET,
    • INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REGION (2017)
    • INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT (2017, 2018, AND 2024)
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • POLICIES AND REGULATIONS
      • EUROPE
      • NORTH AMERICA
      • ASIA PACIFIC
  • INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY EQUIPMENT
    • INTRODUCTION
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY EQUIPMENT, 2015-2024 (USD BILLION)
    • COMPRESSORS
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY TYPE, 2015-2024 (USD MILLION)
      • SCREW COMPRESSORS
      • RECIPROCATING COMPRESSORS
        • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR RECIPROCATING COMPRESSORS, BY TYPE, 2015-2024 (USD MILLION)
    • CONDENSERS
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY TYPE, 2015-2024 (USD MILLION)
      • EVAPORATIVE CONDENSERS
      • WATER-COOLED CONDENSERS
      • AIR-COOLED CONDENSERS
    • EVAPORATORS
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATORS, BY TYPE, 2015-2024 (USD MILLION)
      • AIR-COOLING EVAPORATORS
      • LIQUID-COOLING EVAPORATORS
    • CONTROLS
    • VESSELS, PUMPS, VALVES, AND AUXILIARY EQUIPMENT
  • INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT
    • INTRODUCTION
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT, 2015-2024 (USD BILLION)
    • AMMONIA
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR AMMONIA, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR AMMONIA, BY REGION, 2015-2024 (USD MILLION)
    • CO2
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CO2, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CO2, BY REGION, 2015-2024 (USD MILLION)
    • HFC
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR HFC, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR HFC, BY REGION, 2015-2024 (USD MILLION)
    • OTHERS
      • HCFC
      • HC
      • HFO
        • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR OTHERS, BY INDUSTRY, 2015-2024 (USD MILLION)
        • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR OTHERS, BY REGION, 2015-2024 (USD MILLION)
  • INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY INDUSTRY
    • INTRODUCTION
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY INDUSTRY, 2015-2024 (USD MILLION)
    • FRUIT & VEGETABLE PROCESSING
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING, BY REGION, 2015-2024 (USD MILLION)
    • BEVERAGE
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR BEVERAGE, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR BEVERAGE, BY REGION, 2015-2024 (USD MILLION)
    • REFRIGERATED WAREHOUSE
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE, BY REFRIGERANT TYPE, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE, BY REGION, 2015-2024 (USD MILLION)
    • CHEMICALS, PETROCHEMICALS, AND PHARMACEUTICALS
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICALS, PETROCHEMICALS, AND PHARMACEUTICALS, BY REFRIGERANT TYPE, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICALS, PETROCHEMICALS, AND PHARMACEUTICALS, BY REGION, 2015-2024 (USD MILLION)
    • DAIRY AND ICE-CREAM PROCESSING
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR DAIRY AND ICE-CREAM PROCESSING, BY REFRIGERANT TYPE, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR DAIRY AND ICE-CREAM PROCESSING, BY REGION, 2015-2024 (USD MILLION)
    • MEAT, POULTRY, AND FISH PROCESSING
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, AND FISH PROCESSING, BY REFRIGERANT TYPE, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, AND FISH PROCESSING, BY REGION, 2015-2024 (USD MILLION)
    • REFRIGERATED TRANSPORTATION
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED TRANSPORTATION, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED TRANSPORTATION, BY REGION, 2015-2024 (USD MILLION)
  • GEOGRAPHIC ANALYSIS
    • INTRODUCTION
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REGION, 2015-2024 (USD BILLION)
    • NORTH AMERICA
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN US, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN US, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CANADA, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN MEXICO, BY REFRIGERANT TYPE, 2015-2024 (USD MILLION)
    • EUROPE
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY COUNTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN GERMANY, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN GERMANY, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN UK, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN UK, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN FRANCE, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN FRANCE, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN REST OF EUROPE, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN REST OF EUROPE, BY INDUSTRY, 2015-2024 (USD MILLION)
    • ASIA PACIFIC
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY COUNTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CHINA, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CHINA, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN JAPAN, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN JAPAN, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN INDIA, BY REFRIGERANT, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN REST OF APAC, BY REFRIGERANT, 2015-2024 (USD MILLION)
    • REST OF THE WORLD
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY COUNTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY INDUSTRY, 2015-2024 (USD MILLION)
      • Table INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY REFRIGERANT, 2015-2024 (USD MILLION)
  • COMPETITIVE LANDSCAPE
    • INTRODUCTION
    • MARKET SHARE ANALYSIS
    • COMPETITIVE SITUATIONS AND TRENDS
      • PRODUCT LAUNCHES
        • Table PRODUCT LAUNCHES (2015-2018)
      • EXPANSIONS
        • Table EXPANSIONS (2015-2018)
      • MERGERS & ACQUISITIONS
        • Table ACQUISITIONS (2015-2018)
      • AGREEMENTS, PARTNERSHIPS, AND COLLABORATIONS
    • PROMINENT COMPANIES IN INDUSTRIAL REFRIGERATION SYSTEM MARKET
  • COMPANY PROFILES
    • KEY PLAYERS
      • JOHNSON CONTROLS INTERNATIONAL PLC
      • EMERSON ELECTRIC CO.
      • INGERSOLL-RAND PLC
      • GEA GROUP AG
      • THE DANFOSS GROUP
      • DAIKIN INDUSTRIES, LTD.
      • BITZER KUHLMASCHINENBAU GMBH
      • UNITED TECHNOLOGIES CORPORATION
      • MAYEKAWA MFG. CO. LTD.
      • LU-VE GROUP
      • LENNOX INTERNATIONAL INC.
      • EVAPCO, INC.
      • BALTIMORE AIRCOIL COMPANY, INC.
      • ALFA LAVAL
      • GÜNTNER GMBH & CO. KG
  • APPENDIX
    • INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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