Industrial Refrigeration System Market
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
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $19.7 BN |
|
Projected Year Value (2028) |
US $28.6 BN |
|
CAGR (2022 - 2028) |
6.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
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
12.13 Hussmann Corporation
12.14 United Technologies Corporation
12.15 Lennox International Inc.
List of Tables
1 Global Industrial Refrigeration System Market Outlook, By Region (2020-2028) ($MN)
2 Global Industrial Refrigeration System Market Outlook, By Component (2020-2028) ($MN)
3 Global Industrial Refrigeration System Market Outlook, By Condenser (2020-2028) ($MN)
4 Global Industrial Refrigeration System Market Outlook, By Control (2020-2028) ($MN)
5 Global Industrial Refrigeration System Market Outlook, By Evaporator (2020-2028) ($MN)
6 Global Industrial Refrigeration System Market Outlook, By Compressor (2020-2028) ($MN)
7 Global Industrial Refrigeration System Market Outlook, By Rotary Screw Compressor (2020-2028) ($MN)
8 Global Industrial Refrigeration System Market Outlook, By Diaphragm Compressors (2020-2028) ($MN)
9 Global Industrial Refrigeration System Market Outlook, By Centrifugal Compressor (2020-2028) ($MN)
10 Global Industrial Refrigeration System Market Outlook, By Other Compressors (2020-2028) ($MN)
11 Global Industrial Refrigeration System Market Outlook, By Other Components (2020-2028) ($MN)
12 Global Industrial Refrigeration System Market Outlook, By Refrigerant Type (2020-2028) ($MN)
13 Global Industrial Refrigeration System Market Outlook, By Carbon Dioxide (2020-2028) ($MN)
14 Global Industrial Refrigeration System Market Outlook, By Hydroflurocarbon (HFC) (2020-2028) ($MN)
15 Global Industrial Refrigeration System Market Outlook, By Ammonia (2020-2028) ($MN)
16 Global Industrial Refrigeration System Market Outlook, By Capacity (2020-2028) ($MN)
17 Global Industrial Refrigeration System Market Outlook, By More than 5000kW (2020-2028) ($MN)
18 Global Industrial Refrigeration System Market Outlook, By 1000-5000kW (2020-2028) ($MN)
19 Global Industrial Refrigeration System Market Outlook, By 500-1000kW (2020-2028) ($MN)
20 Global Industrial Refrigeration System Market Outlook, By 100-500kW (2020-2028) ($MN)
21 Global Industrial Refrigeration System Market Outlook, By Less than 100kW (2020-2028) ($MN)
22 Global Industrial Refrigeration System Market Outlook, By Type (2020-2028) ($MN)
23 Global Industrial Refrigeration System Market Outlook, By Transport Refrigeration (2020-2028) ($MN)
24 Global Industrial Refrigeration System Market Outlook, By Stationary Refrigeration (2020-2028) ($MN)
25 Global Industrial Refrigeration System Market Outlook, By Other Types (2020-2028) ($MN)
26 Global Industrial Refrigeration System Market Outlook, By Application (2020-2028) ($MN)
27 Global Industrial Refrigeration System Market Outlook, By Meat, Poultry and Fish (2020-2028) ($MN)
28 Global Industrial Refrigeration System Market Outlook, By Beverages (2020-2028) ($MN)
29 Global Industrial Refrigeration System Market Outlook, By Fresh Fruits and Vegetables (2020-2028) ($MN)
30 Global Industrial Refrigeration System Market Outlook, By Chemicals (2020-2028) ($MN)
31 Global Industrial Refrigeration System Market Outlook, By Pharmaceuticals (2020-2028) ($MN)
32 Global Industrial Refrigeration System Market Outlook, By Dairy Products (2020-2028) ($MN)
33 Global Industrial Refrigeration System Market Outlook, By Oil & Gas (2020-2028) ($MN)
34 Global Industrial Refrigeration System Market Outlook, By Refrigerated warehouses (2020-2028) ($MN)
35 Global Industrial Refrigeration System Market Outlook, By Petrochemicals (2020-2028) ($MN)
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.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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