Industrial Refrigeration System Market Forecasts to 2028 – Global Analysis By Component (Condenser, Control, Evaporator, Compressor and Other Components), Refrigerant Type (Carbon Dioxide, Hydroflurocarbon (HFC), Ammonia), Capacity, Type, Application and
Description
Industrial Refrigeration System Market Forecasts to 2028 – Global Analysis By Component (Condenser, Control, Evaporator, Compressor and Other Components), Refrigerant Type (Carbon Dioxide, Hydroflurocarbon (HFC), Ammonia), Capacity, Type, Application and By Geography
According to Stratistics MRC, the Global Industrial Refrigeration System Market is accounted for $19.7 billion in 2022 and is expected to reach $28.6 billion by 2028 growing at a CAGR of 6.4% during the forecast period. Industrial refrigeration systems are large-scale cooling and refrigeration devices used to chill and remove heat from a variety of products. These devices need a measuring device, a compressor pump, an evaporator, liquid refrigerants such ammonia and carbon dioxide, and other components to function. They transmit heat from one medium with a low temperature to another with a high temperature. Therefore, a wide range of industrial industries use industrial refrigeration systems extensively.
According to a Financial Express article, in India every year 16% of Food is wasted because of the lack of proper Cold Storage Infrastructure. According to Restaurants Canada, the commercial foodservices sales in the region grew by 5.3%.
Market Dynamics:
Driver:
Increased government investment in cold chain infrastructure
Temperature sensitive products are stored in cold chain warehouses to extend their shelf life. The manufacturing of perishable goods has risen significantly, which has increased demand for cold chains in logistics. Furthermore, cold chain plays in the pharmaceutical business is quickly expanding due to an increase in demand for vaccines and drugs, which is driving market expansion.
Restraint:
Safety Concerns
The demand for ammonia and carbon dioxide as refrigerants has increased significantly as natural refrigerant-based systems have gained traction. However, ammonia is a dangerous gas, and accidental leakage in facilities can cause serious industrial accidents. Gas leaks from within the refrigeration system have the potential to contaminate food items stored inside. Hence, safety concerns acts as major challenge for the growth of the market.
Opportunity:
Reinvention with Internet of Things (IoT)
IoT is transforming the refrigeration business in terms of productivity, energy efficiency. Integration of IoT into industrial refrigeration systems vastly increases real-time monitoring capabilities. Thus, using the integrated sensors, customers will be able to monitor on internal and external temperature, power consumption, and humidity, which is boosting the market's advancement.
Threat:
High installation cost
Industrial refrigeration systems have high installation cost owing to the high cost of their components. The control systems used in theses refrigeration systems are expensive, which increases the cost. Additional expenses like regular maintenance and high energy costs significantly raise operating costs, which restrains market expansion.
Covid-19 Impact
The Covid-19 issue has caused various economic sectors, including those in the transportation, textile, and petroleum industries, to review their business methods and processes. However, it has grown significantly throughout the pandemic period, owing to its critical function in reducing post-harvest losses and preserving agricultural goods. Furthermore, a lot of people buy their food in bulk, which has created a big demand for refrigeration systems to store them.
The compressor segment is expected to be the largest during the forecast period
The compressor segment is estimated to have a lucrative growth, due to it is used for maintaining the required lower temperature and pressures and eliminating the vapour. Because of its capacity to control the load on the evaporators, this equipment is an important component of the industrial refrigeration system. The implementation of improved compressor solutions by market participants to meet effectiveness and refrigerant standards is driving segment growth.
The beverages segment is expected to have the highest CAGR during the forecast period
The beverages segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing demand for compact and innovative refrigeration. Consumers increasingly prefer packaged, processed, and frozen ready-to-eat food items as a result of shifting lifestyles, dietary habits, and busy schedules. Hence, these are the factors boosting the segment growth.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the significant expansion possibilities of cold chain storage facilities. The various governments have launched a number of initiatives to expand cold storage management and enhance refrigeration and refrigerated warehouse administration in their respective countries. Therefore, the growth of the region is being fuelled by these prospects.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to technological developments, convenience and aggressive marketing of frozen foods. Real-time monitoring made possible by the growing integration of sensors with industrial refrigeration systems. Additionally, a tight regulatory framework to limit the environmental impact of refrigerants is raising demand for environmentally friendly refrigeration systems in the region.
Key players in the market
Some of the key players profiled in the Industrial Refrigeration System Market include Alcon Inc., Johnson and Johnson Vision, Allergan plc, Topcon Corporation, Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals Inc, Coherus Biosciences, Inc., Bayer AG, Genentech, Inc., Carl Zeiss Meditec AG, Teva Pharmaceutical Industries Ltd., Lomb Incorporated, Nidek Co., Ltd., Ziemer Ophthalmic Systems and Regeneron Pharmaceuticals.
Key Developments:
In November 2022, Daikin Industries Ltd. established their new factory in Indonesia for manufacturing residential air conditioners which helped the company to fulfill the growing demand for air conditioners in Indonesia.
In May 2021, Emerson Electric Co. donated the company’s sustainable refrigeration technology to Gem City Market, a grocery store in Ohio to offer fresh food to address food insecurity in the city.
In March 2020, Ingersoll Rand merged with Gardner Denver to provide a stronger, broader portfolio of mission-critical industrial, energy, medical and specialty vehicle products and services. The merger has positioned the new Ingersoll Rand as a global leader in mission-critical flow creation and industrial technologies.
Components Covered:
• Condenser
• Control
• Evaporator
• Compressor
• Other Components
Refrigerant Types Covered:
• Carbon Dioxide
• Hydroflurocarbon (HFC)
• Ammonia
Capacities Covered:
• More than 5000kW
• 1000-5000kW
• 500-1000kW
• 100-500kW
• Less than 100kW
Types Covered:
• Transport Refrigeration
• Stationary Refrigeration
• Other Types
Applications Covered:
• Meat, Poultry and Fish
• Beverages
• Fresh Fruits and Vegetables
• Chemicals
• Pharmaceuticals
• Dairy Products
• Oil & Gas
• Refrigerated warehouses
• Petrochemicals
• Other Applications
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
According to Stratistics MRC, the Global Industrial Refrigeration System Market is accounted for $19.7 billion in 2022 and is expected to reach $28.6 billion by 2028 growing at a CAGR of 6.4% during the forecast period. Industrial refrigeration systems are large-scale cooling and refrigeration devices used to chill and remove heat from a variety of products. These devices need a measuring device, a compressor pump, an evaporator, liquid refrigerants such ammonia and carbon dioxide, and other components to function. They transmit heat from one medium with a low temperature to another with a high temperature. Therefore, a wide range of industrial industries use industrial refrigeration systems extensively.
According to a Financial Express article, in India every year 16% of Food is wasted because of the lack of proper Cold Storage Infrastructure. According to Restaurants Canada, the commercial foodservices sales in the region grew by 5.3%.
Market Dynamics:
Driver:
Increased government investment in cold chain infrastructure
Temperature sensitive products are stored in cold chain warehouses to extend their shelf life. The manufacturing of perishable goods has risen significantly, which has increased demand for cold chains in logistics. Furthermore, cold chain plays in the pharmaceutical business is quickly expanding due to an increase in demand for vaccines and drugs, which is driving market expansion.
Restraint:
Safety Concerns
The demand for ammonia and carbon dioxide as refrigerants has increased significantly as natural refrigerant-based systems have gained traction. However, ammonia is a dangerous gas, and accidental leakage in facilities can cause serious industrial accidents. Gas leaks from within the refrigeration system have the potential to contaminate food items stored inside. Hence, safety concerns acts as major challenge for the growth of the market.
Opportunity:
Reinvention with Internet of Things (IoT)
IoT is transforming the refrigeration business in terms of productivity, energy efficiency. Integration of IoT into industrial refrigeration systems vastly increases real-time monitoring capabilities. Thus, using the integrated sensors, customers will be able to monitor on internal and external temperature, power consumption, and humidity, which is boosting the market's advancement.
Threat:
High installation cost
Industrial refrigeration systems have high installation cost owing to the high cost of their components. The control systems used in theses refrigeration systems are expensive, which increases the cost. Additional expenses like regular maintenance and high energy costs significantly raise operating costs, which restrains market expansion.
Covid-19 Impact
The Covid-19 issue has caused various economic sectors, including those in the transportation, textile, and petroleum industries, to review their business methods and processes. However, it has grown significantly throughout the pandemic period, owing to its critical function in reducing post-harvest losses and preserving agricultural goods. Furthermore, a lot of people buy their food in bulk, which has created a big demand for refrigeration systems to store them.
The compressor segment is expected to be the largest during the forecast period
The compressor segment is estimated to have a lucrative growth, due to it is used for maintaining the required lower temperature and pressures and eliminating the vapour. Because of its capacity to control the load on the evaporators, this equipment is an important component of the industrial refrigeration system. The implementation of improved compressor solutions by market participants to meet effectiveness and refrigerant standards is driving segment growth.
The beverages segment is expected to have the highest CAGR during the forecast period
The beverages segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing demand for compact and innovative refrigeration. Consumers increasingly prefer packaged, processed, and frozen ready-to-eat food items as a result of shifting lifestyles, dietary habits, and busy schedules. Hence, these are the factors boosting the segment growth.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the significant expansion possibilities of cold chain storage facilities. The various governments have launched a number of initiatives to expand cold storage management and enhance refrigeration and refrigerated warehouse administration in their respective countries. Therefore, the growth of the region is being fuelled by these prospects.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to technological developments, convenience and aggressive marketing of frozen foods. Real-time monitoring made possible by the growing integration of sensors with industrial refrigeration systems. Additionally, a tight regulatory framework to limit the environmental impact of refrigerants is raising demand for environmentally friendly refrigeration systems in the region.
Key players in the market
Some of the key players profiled in the Industrial Refrigeration System Market include Alcon Inc., Johnson and Johnson Vision, Allergan plc, Topcon Corporation, Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals Inc, Coherus Biosciences, Inc., Bayer AG, Genentech, Inc., Carl Zeiss Meditec AG, Teva Pharmaceutical Industries Ltd., Lomb Incorporated, Nidek Co., Ltd., Ziemer Ophthalmic Systems and Regeneron Pharmaceuticals.
Key Developments:
In November 2022, Daikin Industries Ltd. established their new factory in Indonesia for manufacturing residential air conditioners which helped the company to fulfill the growing demand for air conditioners in Indonesia.
In May 2021, Emerson Electric Co. donated the company’s sustainable refrigeration technology to Gem City Market, a grocery store in Ohio to offer fresh food to address food insecurity in the city.
In March 2020, Ingersoll Rand merged with Gardner Denver to provide a stronger, broader portfolio of mission-critical industrial, energy, medical and specialty vehicle products and services. The merger has positioned the new Ingersoll Rand as a global leader in mission-critical flow creation and industrial technologies.
Components Covered:
• Condenser
• Control
• Evaporator
• Compressor
• Other Components
Refrigerant Types Covered:
• Carbon Dioxide
• Hydroflurocarbon (HFC)
• Ammonia
Capacities Covered:
• More than 5000kW
• 1000-5000kW
• 500-1000kW
• 100-500kW
• Less than 100kW
Types Covered:
• Transport Refrigeration
• Stationary Refrigeration
• Other Types
Applications Covered:
• Meat, Poultry and Fish
• Beverages
• Fresh Fruits and Vegetables
• Chemicals
• Pharmaceuticals
• Dairy Products
• Oil & Gas
• Refrigerated warehouses
• Petrochemicals
• Other Applications
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Table of Contents
175 Pages
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Industrial Refrigeration System Market, By Component
- 5.1 Introduction
- 5.2 Condenser
- 5.3 Control
- 5.4 Evaporator
- 5.5 Compressor
- 5.5.1 Rotary Screw Compressor
- 5.5.2 Diaphragm Compressors
- 5.5.3 Centrifugal Compressor
- 5.5.4 Other Compressors
- 5.6 Other Components
- 6 Global Industrial Refrigeration System Market, By Refrigerant Type
- 6.1 Introduction
- 6.2 Carbon Dioxide
- 6.3 Hydroflurocarbon (HFC)
- 6.4 Ammonia
- 7 Global Industrial Refrigeration System Market, By Capacity
- 7.1 Introduction
- 7.2 More than 5000kW
- 7.3 1000-5000kW
- 7.4 500-1000kW
- 7.5 100-500kW
- 7.6 Less than 100kW
- 8 Global Industrial Refrigeration System Market, By Type
- 8.1 Introduction
- 8.2 Transport Refrigeration
- 8.3 Stationary Refrigeration
- 8.4 Other Types
- 9 Global Industrial Refrigeration System Market, By Application
- 9.1 Introduction
- 9.2 Meat, Poultry and Fish
- 9.3 Beverages
- 9.4 Fresh Fruits and Vegetables
- 9.5 Chemicals
- 9.6 Pharmaceuticals
- 9.7 Dairy Products
- 9.8 Oil & Gas
- 9.9 Refrigerated warehouses
- 9.10 Petrochemicals
- 9.11 Other Applications
- 10 Global Industrial Refrigeration System Market, By Geography
- 10.1 Introduction
- 10.2 North America
- 10.2.1 US
- 10.2.2 Canada
- 10.2.3 Mexico
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 Italy
- 10.3.4 France
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 Japan
- 10.4.2 China
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 New Zealand
- 10.4.6 South Korea
- 10.4.7 Rest of Asia Pacific
- 10.5 South America
- 10.5.1 Argentina
- 10.5.2 Brazil
- 10.5.3 Chile
- 10.5.4 Rest of South America
- 10.6 Middle East & Africa
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 Qatar
- 10.6.4 South Africa
- 10.6.5 Rest of Middle East & Africa
- 11 Key Developments
- 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 11.2 Acquisitions & Mergers
- 11.3 New Product Launch
- 11.4 Expansions
- 11.5 Other Key Strategies
- 12 Company Profiling
- 12.1 Daikin Industries, Ltd.
- 12.2 Johnson Controls International PLC
- 12.3 Emerson Electric Co
- 12.4 Ingersoll Rand
- 12.5 Danfoss Group
- 12.6 Mayekawa Mfg. Co. Ltd
- 12.7 Innovative Refrigeration Systems
- 12.8 Baltimore Aircoil Company
- 12.9 Dover Corporation
- 12.10 Rivacold srl
- 12.11 Carrier Global Corporation
- 12.12 GEA Group AG
- 12.12 Hussmann Corporation
- 12.14 United Technologies Corporation
- 12.15 Lennox International Inc.
- List of Tables
- Table 1 Global Industrial Refrigeration System Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Industrial Refrigeration System Market Outlook, By Component (2020-2028) ($MN)
- Table 3 Global Industrial Refrigeration System Market Outlook, By Condenser (2020-2028) ($MN)
- Table 4 Global Industrial Refrigeration System Market Outlook, By Control (2020-2028) ($MN)
- Table 5 Global Industrial Refrigeration System Market Outlook, By Evaporator (2020-2028) ($MN)
- Table 6 Global Industrial Refrigeration System Market Outlook, By Compressor (2020-2028) ($MN)
- Table 7 Global Industrial Refrigeration System Market Outlook, By Rotary Screw Compressor (2020-2028) ($MN)
- Table 8 Global Industrial Refrigeration System Market Outlook, By Diaphragm Compressors (2020-2028) ($MN)
- Table 9 Global Industrial Refrigeration System Market Outlook, By Centrifugal Compressor (2020-2028) ($MN)
- Table 10 Global Industrial Refrigeration System Market Outlook, By Other Compressors (2020-2028) ($MN)
- Table 11 Global Industrial Refrigeration System Market Outlook, By Other Components (2020-2028) ($MN)
- Table 12 Global Industrial Refrigeration System Market Outlook, By Refrigerant Type (2020-2028) ($MN)
- Table 13 Global Industrial Refrigeration System Market Outlook, By Carbon Dioxide (2020-2028) ($MN)
- Table 14 Global Industrial Refrigeration System Market Outlook, By Hydroflurocarbon (HFC) (2020-2028) ($MN)
- Table 15 Global Industrial Refrigeration System Market Outlook, By Ammonia (2020-2028) ($MN)
- Table 16 Global Industrial Refrigeration System Market Outlook, By Capacity (2020-2028) ($MN)
- Table 17 Global Industrial Refrigeration System Market Outlook, By More than 5000kW (2020-2028) ($MN)
- Table 18 Global Industrial Refrigeration System Market Outlook, By 1000-5000kW (2020-2028) ($MN)
- Table 19 Global Industrial Refrigeration System Market Outlook, By 500-1000kW (2020-2028) ($MN)
- Table 20 Global Industrial Refrigeration System Market Outlook, By 100-500kW (2020-2028) ($MN)
- Table 21 Global Industrial Refrigeration System Market Outlook, By Less than 100kW (2020-2028) ($MN)
- Table 22 Global Industrial Refrigeration System Market Outlook, By Type (2020-2028) ($MN)
- Table 23 Global Industrial Refrigeration System Market Outlook, By Transport Refrigeration (2020-2028) ($MN)
- Table 24 Global Industrial Refrigeration System Market Outlook, By Stationary Refrigeration (2020-2028) ($MN)
- Table 25 Global Industrial Refrigeration System Market Outlook, By Other Types (2020-2028) ($MN)
- Table 26 Global Industrial Refrigeration System Market Outlook, By Application (2020-2028) ($MN)
- Table 27 Global Industrial Refrigeration System Market Outlook, By Meat, Poultry and Fish (2020-2028) ($MN)
- Table 28 Global Industrial Refrigeration System Market Outlook, By Beverages (2020-2028) ($MN)
- Table 29 Global Industrial Refrigeration System Market Outlook, By Fresh Fruits and Vegetables (2020-2028) ($MN)
- Table 30 Global Industrial Refrigeration System Market Outlook, By Chemicals (2020-2028) ($MN)
- Table 31 Global Industrial Refrigeration System Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
- Table 32 Global Industrial Refrigeration System Market Outlook, By Dairy Products (2020-2028) ($MN)
- Table 33 Global Industrial Refrigeration System Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 34 Global Industrial Refrigeration System Market Outlook, By Refrigerated warehouses (2020-2028) ($MN)
- Table 35 Global Industrial Refrigeration System Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 36 Global Industrial Refrigeration System Market Outlook, By Other Applications (2020-2028) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
