The global industrial refrigeration market is estimated to generate revenue of USD 41.5 billion by 2024 and is expected to witness 6.6% CAGR during the forecast period. Industrial refrigeration system utilizes cooling and refrigeration systems that enables cooling and eradicate heat from a platform of low temperature. These systems are installed at refrigeration plants for several industrial applications such as cold storage, food & beverage processing and others.
Market Report "Global Industrial Refrigeration Market – Analysis and Forecast (2014 – 2024)"
The emerging food and beverage sector in developing economies, increasing emphasis of emerging economies for attaining energy competences and increasing adoption of natural refrigerants is driving the growth of global industrial refrigeration market. Furthermore, the manufacturers dealing in industrial refrigeration systems are laying greater emphasis upon the establishment of eco-friendly offerings that enhances the freezing efficiency.
Moreover, mounting international pressure for the acceptance of Montreal protocol in emerging economies is another factor pertaining towards the growth of the industrial refrigeration market. Technological advancements from F gas to adoption of natural gas in this refrigeration system are enabling extensive energy efficiencies. However, huge initial set up costs of refrigeration systems along with other operating expenses are anticipated to hamper the growth of the global industrial refrigeration market.
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Based on type, the industrial refrigeration market is segmented into industrial racks, evaporator units, industrial heat exchangers, industrial compressors and others. Industrial racks are further sub-segmented into open reciprocating and open screw whereas industrial heat exchangers is segmented into brazed plate, shell & tube/ coaxial and others. Also, the industrial compressors are sub categorised into open reciprocating, screw open and others.
On the basis of application the global industrial refrigeration market is segmented into oil & gas, food & beverage, chemicals & pharmaceuticals and others. Among all these segments food & beverage segment is expected to contribute largest revenue and is also expected to witness a CAGR of 5.8% during the forecast period. In food & beverage industry, the refrigeration systems are required for the processing, delivering and storing of products at desired cooling place.
Geographically, Asia-Pacific is the largest industrial refrigeration market and is also anticipated to grow at the fastest CAGR of 7.9% during the forecast period owing to rapid growth opportunities observed from developing cold-chain storage infrastructure. North America is the second largest market and is expected to witness considerable growth during the forecast period. Among all the countries in the region, the U.S. is the largest consumer in industrial refrigeration market due to extensive demand from food & beverage processing sector and refrigerated warehouses.
Some of the major players in the global industrial refrigeration market include Johnson Controls, GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.
Global Industrial Refrigeration Market Coverage
Type Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Industrial Refrigeration Market by Region
Rest of the World (RoW)