Industrial Refrigeration Systems Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCS), Application (Fruits & Vegetables Processing, Beverages, Refrigerated Warehouses), & Geography - Global Forecast to 2022
“Global industrial refrigeration systems market expected to grow at a significant rate”
The global industrial refrigeration systems market is expected to grow at a CAGR of 5.24% between 2016 and 2022 to reach USD 23.22 billion by 2022. Changing international regulations towards adopting environmentally-friendly refrigerants and strengthening of the cold-chain infrastructure by developing countries are some of the major factors driving the growth of the industrial refrigeration systems market worldwide. However, the market is expected to be hindered by high initial costs and other operating expenses associated with natural refrigerant-based alternatives to the existing refrigeration systems.
“Ammonia-based industrial refrigeration systems held the largest market share in 2015”
Ammonia-based industrial refrigeration systems are currently most widely used across various applications, including refrigerated warehouses, fruits and vegetables processing, and beverages industries. However, ammonia still faces issues due to its toxicity levels and possible health risks associated with its accidental leakage. Considering various properties such as excellent thermodynamic properties, high energy efficiency, non-toxicity, and non-flammability; CO2 refrigerant-based industrial refrigeration systems are expected to grow at the highest rate during the forecast period.
“North America and Asia-Pacific to hold the major markets for industrial refrigeration systems”
North America is among the most favorable market for many leading industrial refrigeration systems’ manufacturers. The refrigerated warehouses application holds a considerable demand for industrial refrigeration systems across North American region. In APAC, developing nations such as China and India hold strong potential for the growth of industrial refrigeration systems, owing to the rising demand from refrigerated transportation and refrigerated warehouses applications.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key people in the industrial refrigeration systems marketspace. The break-up 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: Americas – 35%, Europe – 50%, Asia-Pacific – 10%, and RoW – 5%
The report profiles the key players in the industrial refrigeration systems market with their respective market share analysis. The prominent players profiled in this report are Johnson Controls, Inc. (U.S.), Emerson Electric Co. (U.S.), Ingersoll Rand Plc (Ireland), GEA Group AG (Germany), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), United Technologies Corporation (U.S.), Mayekawa Mfg. Co. Ltd. (Japan), Evapco, Inc. (U.S.), Lennox International Inc. (U.S.), BITZER Kuhlmaschinenbau GmbH (Germany), Baltimore Aircoil Company (U.S.), and LU-VE Group (Italy).
This research report categorizes the global industrial refrigeration systems market on the basis of equipment, refrigerant type, application, and region. The report describes market dynamics that include key drivers, restraints, challenges, and opportunities with respect to industrial refrigeration systems market and forecast the same till 2022. The Porter’s five forces analysis has also been included in the report with a description of each of its forces and its respective impact on the industrial refrigeration systems market.
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the industrial refrigeration systems market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
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, new product developments, partnerships, and mergers and acquisitions
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