The global Industrial Refrigeration Systems market size is expected to be worth around US$ 32.65 billion by 2030, according to a new report by Vision Research Reports.
The global Industrial Refrigeration Systems market size was valued at US$ 22.18 billion in 2020 and is anticipated to grow at a CAGR of 8.9% during forecast period 2021 to 2030.
|Market Size||US$ 32.65 billion by 2030|
|Growth Rate||CAGR of 8.9% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Capacity, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Johnson Controls; Emerson Electric Co.; Danfoss; GEA Group Aktiengesellschaft; MAYEKAWA MFG. CO., LTD.; BITZER Kühlmaschinenbau GmbH; DAIKIN INDUSTRIES, Ltd.; EVAPCO, Inc.; Güntner GmbH & Co. KG; LU-VE S.p.A.
The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.
The increasing demand for industrial refrigeration systems is attributed to the rising use of packaged and processed foods and drinks worldwide and the growing need to prevent them from spoilage. Global warming concerns have shifted manufacturers' focus from harmful coolants to natural refrigerants. Since natural refrigerants are climate-neutral and inexpensive to produce, the demand for natural refrigerant-based equipment has increased significantly, creating numerous growth opportunities for the market.
Rising concerns around global warming have shifted the focus of industrial refrigeration system manufacturers and users from the thermodynamic properties of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Major industrial refrigeration systems players are focused on designing environment-friendly refrigeration systems owing to various benefits they offer, such as cost-effectiveness, lower power consumption, and low toxicity.
The compressors segment is anticipated to witness the fastest CAGR of over 10.0% from 2021 to 2030. The growth of the compressors segment is attributed to features such as cost-effectiveness and heavy-duty design that supports longevity and durability. These forces work as the backbone of most of the operations, such as the push in stamping, air spent in the performance of the machine, and others. The compressors segment is further segmented into the reciprocating, rotary screw, centrifugal, and others. Reciprocating compressors dominated the market with the highest revenue share in 2020.
The compressors segment accounted for the largest revenue share of the overall market in 2020 and is expected to retain its dominance over the forecast period. Key players are also making significant investments in storage cabinets, display cases, coolers, and heat exchangers, which is driving the growth of the other’s segment.
The 500kW-1,000kW capacity segment accounted for a high revenue share of over 40.0% of the overall market in 2020. This cooling capacity range is widely used by the food & beverage industry for storage and processing, especially for perishable and processed products. It is also used by dairy plants to store items for longer periods without spoilage. This medium-level capacity range of 500kW-1,000kW is considered as an optimal cooling environment in industrial plants for preventing large quantities of edible items from spoiling.
The food and beverage segment accounted for the largest revenue share of over 65.0% of the market in 2020 and is expected to continue dominating the market over the forecast period. The rising consumption of packaged food and expansion of retail food chains globally are expected to drive the growth of this segment. Meanwhile, the refrigerated warehouse segment is expected to experience substantial growth over the forecast period due to the rising population and increasing demand for frozen food.
The chemical, petrochemical, and pharmaceutical segment is anticipated to witness the fastest growth, registering a CAGR of over 10.0% from 2021 to 2030. This growth is attributed to the increased demand for sterilizing tissues, samples, and medical devices. Advanced refrigerators are deployed by the chemical industry to maintain the temperature of inorganic- and organic-industrial chemicals, ceramic products, agrochemicals, rubber, and petrochemicals.
North America accounted for the largest revenue share of over 40.0% in 2020 and is expected to experience steady growth over the forecast period. This growth can be attributed to the rapid expansion of online grocery business operations, which has created a demand for refrigerated storage systems to preserve perishable food materials. In addition, clinical trials, and research to diminish the spread of the COVID-19 pandemic across the region are driving the growth of the market in North America.
Emerson Electric Co.
GEA Group Aktiengesellschaft
MAYEKAWA MFG. CO., LTD.
BITZER Kühlmaschinenbau GmbH
DAIKIN INDUSTRIES, Ltd.
Güntner GmbH & Co. KG
Rotary Screw Compressors
Less than 100 kW
More than 5,000 kW
Food & Beverage
Chemical, Petrochemical, & Pharmaceutical
Middle East & Africa
The Industrial Refrigeration Systems 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 Systems market for the base year 2020 and the forecast between 2021 and 2030. 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 Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Industrial Refrigeration Systems 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 Systems 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 Systems 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 Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Industrial Refrigeration Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Industrial Refrigeration Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Industrial Refrigeration Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Industrial Refrigeration Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Industrial Refrigeration Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Industrial Refrigeration Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Industrial Refrigeration Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Industrial Refrigeration Systems market. These factors have benefited the growth of the global market for Industrial Refrigeration Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Industrial Refrigeration Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Industrial Refrigeration Systems are as follows:
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
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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