| Status : Published | Published On : May, 2023 | Report Code : VRSME9001 | Industry : Semiconductor & Electronics | Available Format :
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Page : 121 |
Global Industrial Refrigeration Market – Analysis and Forecast (2023-2030)
Industry Insights by Type (Industrial Racks, Evaporator Units, Industrial Heat Exchangers, Industrial Compressors and Others), by Application (Oil & Gas, Food & Beverage, Chemicals & Pharmaceuticals and Others)
Industry Overview
The global market for industrial refrigeration is projected to achieve significant growth in the coming years. It is estimated to generate a revenue of USD 19.2 billion in 2023 and is expected to reach USD 26.1 billion by 2030, experiencing a strong compound annual growth rate (CAGR) of 4.8% during the forecast period.
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Industries across various sectors are increasingly adopting industrial refrigeration systems for their cold storage applications, chemical processing, and the food and beverage industry. These systems play a crucial role in maintaining materials at optimal temperatures. They are in high demand for beverage production, HVAC applications, food processing, and process cooling.
The industrial refrigeration market is witnessing substantial growth, primarily driven by the expanding utilization of these systems in the food and beverage industry, as well as the chemical and pharmaceutical sectors.
The market is majorly being influenced by developing processed food sector, increasing efforts of developing nation in order to attain energy efficiencies and recognition of natural refrigerants. Moreover, the organizations operating in pharmaceutical sector are undertaking research and development in order to develop new drugs that need industrial refrigeration equipment to store samples. Furthermore, the manufacturers dealing in industrial refrigeration systems are laying greater emphasis upon the establishment of eco-friendly offerings that enhances the freezing efficiency. These factors are thereby strengthening the growth of the industrial refrigeration market.
Market Segmentation
Insight by Type
The industrial refrigeration market is segmented into industrial racks, evaporator units, industrial heat exchangers, industrial compressors and others. Among all these segments evaporator units have been contributing the largest revenue throughout the estimated period and will hold the largest share during the forecast period. Moreover, the industrial racks segment is expected to observe the fastest growth during the forecast period.
Insight by Application
On the basis of application, the 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 the largest revenue and is also expected to witness the fastest growth during the forecast period.
Global Industrial Refrigeration Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
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Base Year Considered |
2022 |
|
Forecast Period |
By 2030 |
|
Market Size in 202 |
$19.2 Billion |
|
Revenue Forecast in 2030 |
$26.1 Billion |
|
Growth Rate |
CAGR 4.8% |
|
Segments Covered in the Report |
By Type, By Application. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The global industrial refrigeration market is experiencing significant growth due to various factors. Firstly, the advancement in energy-efficient products has played a crucial role in driving this growth. Consumers are increasingly inclined towards environmentally friendly solutions, and the use of energy-efficient refrigeration systems aligns with this trend.
Secondly, there is a growing acceptance of natural refrigerants in the market. These refrigerants have a lower impact on the environment compared to traditional synthetic refrigerants. The shift towards natural refrigerants is driven by regulations and consumer demand for sustainable products, which has positively impacted the industrial refrigeration market.
Additionally, the increasing demand for industrial refrigeration from the food processing industry has contributed to market growth. The rising consumption and production of processed food in emerging economies have necessitated the use of efficient and reliable refrigeration systems to maintain product quality and safety. This trend has created a significant market opportunity for industrial refrigeration providers.
Furthermore, the expansion of global cold chain capacity in emerging economies has further fueled the growth of the industrial refrigeration market. The cold chain infrastructure plays a vital role in ensuring the integrity and freshness of perishable products throughout the supply chain. As the cold chain capacity expands, the demand for industrial refrigeration solutions also increases.
In conclusion, the global industrial refrigeration market is experiencing growth due to advancements in energy-efficient products, the acceptance of natural refrigerants, increasing demand from the food processing industry, and the expansion of cold chain capacity in emerging economies. These factors are driving the market forward and creating opportunities for businesses operating in the industrial refrigeration sector.
According to a recent report, it has been observed that the food processing industry in India is attaining significant support from the government authorities. For instance, the Government of India has recently included food processing domain in its very aspiring initiative “Make in India”. These factors are majorly driving the growth of industrial refrigeration market both in developed as well as developing economies.
Challenges
However, high initial cost of setting up of these refrigeration systems along with other operating expenses is expected to further hinder the growth of the industrial refrigeration market.
Industry Ecosystem
Globally industry players are leveraging market growth by offering various modified commercial refrigeration systems. Moreover, there are several strategic developments undertaken in this market by the industry players along with several mergers and acquisitions that are helping them in achieving competitive efficiencies and technological development.
Geographic Overview
Geographically, Asia-Pacific has been contributing largest revenue throughout the estimated period and will continue to remain the largest market during the forecast period. The region is also expected to witness the fastest growth in industrial refrigeration market during the forecast period, owing to rapid growth opportunities observed from cold-chain storage infrastructure in various countries of the developing nations.
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. Moreover, increasing installation platform for CO2 cascade storage systems along with excessive adoption and popularity of CO2 based transport storage systems are bolstering the growth of industrial refrigeration in countries such as the U.S., Mexico, and Canada.
Competitive Insight
Some of the major players operating 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.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
The Industrial Refrigeration Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Type
- Industrial Racks
- Open Screw
- Open Reciprocating
- Evaporator Units
- Industrial Heat Exchangers
- Brazed Plate
- Shell & Tube
- Others
- Industrial Compressors
- Open Screw
- Open Reciprocating
- Others
- Others
- Industrial Racks
- By Application
- Oil & Gas
- Food & Beverage
- Chemicals & Pharmaceuticals
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Industrial Refrigeration Market