The industrial refrigeration market was valued at $19.4 billion in 2020, and is predicted to reach $29.2 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028. Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.
Drivers, restraints, and opportunities-
Rise in consumption of FMCG products, upgrading cold storage infrastructure across emerging economies, and increase in adoption of energy-efficient & eco-friendly refrigerants fuel the growth of the global industrial refrigeration market. On the other hand, high energy costs for operation and maintenance of industrial refrigeration units and stringent regulations related to usage of refrigerants impede the growth to a certain extent. However, use of IoT-enabled refrigeration solutions for equipment monitoring is anticipated to create multiple opportunities in the future.
The industrial refrigeration market includes revenue generated by sales of industrial refrigerators and its components used in fresh fruits & vegetables; meat, poultry, & fish; dairy & ice cream; beverages; chemicals; pharmaceuticals and others industries.
Owing to growth in population and rise in trend of consumption of packaged food, the demand for industrial refrigeration has increased in the food & beverage industry. In addition, upgrading of old cold storages in developing countries is driving the industrial refrigeration market. Moreover, adoption of eco-friendly and energy efficient refrigerants is a major factor driving the industrial refrigeration market. However, high maintenance costs and high operating costs act as restraints to the industrial refrigeration market. In addition, strict regulation on using the refrigerants is another factor affecting the industrial refrigerant market.
During the first phase of the lockdown, the construction and transportation activities were hampered to a significant extent. This, in turn, led to a sharp decline in manufacturing of refrigeration systems, which impacted the global industrial refrigeration market negatively.
However, government bodies across the world are easing up on the current dictums and the market is anticipated to retrieve soon.
The industrial refrigerators segment to maintain the lion's share by 2028
Based on offering, the industrial refrigerators segment contributed to more than half of the global industrial refrigeration market revenue in 2020, and is anticipated to retain its dominance by the end of 2028, owing to its large scale installation in manufacturing plants. The components segment, on the other hand, would register the fastest CAGR of 5.7% during the forecast period, due to the need for regular maintenance and replacement of components in the refrigeration systems.
The HFCs segment to retain its dominance during the forecast period-
Based on refrigerant, the HFCs segment held the major share in 2020, generating more than half of the global industrial refrigeration market. Its rapid usage in refrigeration systems fuels the segment growth. Simultaneously, the carbon dioxide segment would grow at the fastest CAGR of 6.5% from 2021 to 2028. This is attributed to its increasing demand due to its non-toxic and non-flammable properties.
Asia-Pacific, followed by North America, to dominate in terms of revenue-
Based on geography, Asia-Pacific, followed by North America, garnered the highest share in 2020, holding more than two-fifths of the global industrial refrigeration market, owing to rise in demand for FMCG and ready to eat food products and extensive consumption of pharmaceutical drugs. Simultaneously, the market across LAMEA would showcase the fastest CAGR of 6.5% throughout the forecast period, due to rapid urbanization and industrialization in the countries in this province.
The major players profiled in the industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development and product launch, to offer better products and services to customers in the industrial refrigeration market.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging industrial refrigeration market trends and dynamics.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- In-depth industrial refrigeration market analysis is conducted by estimations for the key segments between 2021 and 2028.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The industrial refrigeration market forecast analysis from 2021 to 2028 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market industry.
Key Market Segments
By Refrigerant Type
The Industrial refrigeration market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Industrial refrigeration market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Industrial refrigeration market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Industrial refrigeration market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Industrial refrigeration market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Industrial refrigeration capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Industrial refrigeration by regions (countries) and application.
In this study, the years considered to estimate the market size of Industrial refrigeration are as follows:
- History Year: 2017-2020
- Base Year: 2020
- Forecast Year 2021 to 2028
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
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