The global industrial refrigeration systems market is expected to grow at a CAGR of around 4.5% from 2020 to 2027 and expected to reach the market value of around US$ 25.5 Bn by 2027.
The vessels and auxiliary equipment serving various purposes are frequently included in industrial refrigeration systems. Industrial refrigeration systems are a critical component of the air-conditioning and refrigeration industry. The systems are frequently large, complicated, and rely heavily on insulation. Industrial refrigeration systems are used in a variety of applications, including ice production, food processing and preservation, and industrial chemical processes. These systems are typically made up of many different components, each of which may be manufactured by a different manufacturer. To optimize system performance, key system parameters such as power consumption and refrigeration effect must be identified and monitored.
"Ammonia" in the industrial refrigeration systems climbs towards all time high in the worldwide market
Ammonia refrigeration remains popular, particularly in industrial applications. It is one of the oldest refrigerants still in use. Ammonia systems are widely used in industrial refrigeration because ammonia is the most energy-efficient refrigerant, with a higher COP than any other. Because ammonia is one of the most environmentally friendly refrigerants, it has become even more interesting as the focus on climate change has increased. With a GWP (Global Warming Potential) and ODP (Ozone Depletion Potential) of zero, Ammonia, unlike many other refrigerants, does not contribute to global warming. However, ammonia has some drawbacks. It is toxic to inhale and, in higher concentrations, flammable. As a result, it is critical that users have complete control over emissions and the amount of refrigerant in the ammonia system. The current trend in ammonia refrigeration is toward low-charge systems, which allow for charge reductions ranging from 75% to 95%. Despite the charge reduction, the operation operates in a wide range of possible operating conditions. Low-charge systems that require less NH3 have been discovered to improve energy efficiency even further. Lowering the charge also improves safety. These benefits all contribute to a good refrigeration system. Low-charge is a significant advancement for ammonia refrigeration in large-scale industrial applications, and it is now recognized as a highly effective and energy-efficient refrigerant for large-scale refrigeration.
Rising demand for industrial refrigeration systems across the FMCG sector acts as a key driver for the growth
Refrigeration and cold chain are inextricably linked, with refrigeration playing an important and vital role in the food industry as a whole for issues such as food safety, food hygiene, health, and the environment. Refrigeration is widely applicable and used in the food supply chain, such as packaging, processing, storage, transportation, waste management, and distribution of perishable products, which require additional refrigeration during storage and transportation to prevent product deterioration and losses. As a result, refrigerated cold rooms and refrigerated transport systems are widely used in the cold chain and food chain supply industries, where refrigeration plays a critical role. As a result, refrigeration in the cold chain, food storage, warehousing, supply & distribution industry, and, most importantly, refrigerated transport industry, plays a very significant and important role in the cold chain industry, in reducing losses of particularly perishable foods.
Rising government support to strengthen the cold chain infrastructure bolster the growth of global industrial refrigeration systems market
The most recent technology being used in the cold chain sector around the world is making significant advancements. And, with the government recently approving new cold chain projects, the demand for more efficient cold storage facilities is expected to rise in the future. The COOL REVOLUTION will establish efficient market links via a long-term cold chain. According to ASSOCHAM statistics, the Indian cold chain market was worth INR 1,121 Bn in 2018. The market is expected to reach INR 2,618 Bn by 2024, growing at a CAGR of 14.8% between 2019 and 2024. But apart from that, according to a Global Cold Chain Alliance report, GCCA membership in Europe includes temperature-controlled warehouse members with a total capacity of more than 25 million cubic meters, refrigerated transportation companies, controlled-environment building companies, and an international range of cold chain equipment suppliers and other vendors from 22 countries. Furthermore, GCCA works with USAID and CNFA to improve the Republic of Georgia's cold chain. These factors contribute to the expansion of the global industrial refrigeration systems market.
The global industrial refrigeration systems market is segmented based on component, refrigerant, and application. Component is segmented as compressors, condensers, evaporators, controls, and others. By refrigerant, the market is segregated as ammonia, co2, HFC, and others. Based on application, the market is segmented as food & beverage, chemical & petrochemical, pharmaceutical, utility, and others.
Based on component, compressor segment is predicted to hold dominant market share in the forthcoming years. Based on refrigerant, ammonia will hold lucrative share for the global industrial refrigerant systems market. Further, food & beverage application segment under application will hold affluent market share for the growth of global industrial refrigerant systems market.
North America has held the dominant market share for industrial refrigerant systems in the past and is expected to do so again during the forecast period. Technological advancements and R&D activities are two major factors driving the growth of the global industrial refrigerant systems market. Rapid technological advancements, such as temperature and operation controls in refrigerators, are driving the global industrial refrigeration systems market. For features such as automated defrost, anti-short cycling, and temperature control, this technology employs a single digital controller. Previously, each of these features required its own control device.
Europe will have the world's second-largest market share for industrial refrigeration systems. The region's mature market for frozen food and meat products, as well as the rise in commercialization of transport refrigeration, is expected to contribute significantly to the growth of the industrial refrigeration market.
On the other hand, Asia Pacific will have the fastest growing CAGR in the industrial refrigeration systems market in the coming years. This is due to significant growth, primarily as a result of factors such as the expanding food and beverage processing industry and the expanding cold chain market.
The prominent players of the global industrial refrigeration systems market involve Danfoss Industries Pvt. Ltd., Johnson Controls International plc, Daikin Industries, Ltd., GEA Group AG, Güntner GmbH & Co. KG, Bitzer SE, EVAPCO, Inc., and among others
Market By Component
Market By Refrigerant
Market By Application
Food & Beverage (Fruit & Vegetable, Meat Poultry and Fish, Dairy Products)
Chemical, Petrochemical and Pharmaceutical
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Industrial refrigeration systems market is expected to reach a market value of around US$ 25.5 Bn by 2027.
The industrial refrigeration systems market is expected to grow at a CAGR of around 4.5% from 2020 to 2027.
Based on component, compressors segment is the leading segment in the overall market.
Rising demand for industrial refrigeration systems across the FMCG sector is one of the prominent factors that drive the demand for industrial refrigeration systems market.
Danfoss Industries Pvt. Ltd., Johnson Controls International plc, Daikin Industries, Ltd., GEA Group AG, Güntner GmbH & Co. KG, Bitzer SE, EVAPCO, Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years