Industrial Refrigeration System Market

The Industrial Refrigeration System Market was estimated around USD 18,200 million in 2018, expanding at a CAGR of 5.4% over the forecast period (2019-2026).

The factors driving the growth of Industrial Refrigeration System Market includes growing consumption of frozen and processed food products, rising demand for energy efficient refrigeration systems and increasing focus on developing environment friendly refrigeration solutions. According to the report published by Bloomberg, the Global Frozen Food Products Market is anticipated to reach USD 373.77 billion by the end of 2028 billion, growing at a CAGR of 5.9% over the forecast period (2022-2028), which will boost the Industrial Refrigeration System Market size in the approaching years. Moreover, the rising awareness about energy conservation, Government policies supporting the cold-chain infrastructure and increasing popularity of Ammonia based cascade refrigeration systems, are some of the additional factors supplementing the Industrial Refrigeration System Market share. In addition, the integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) with the industrial refrigeration systems and growing concerns related to global warming and climate change, are further contributing to the market growth.

However, the growth of Industrial Refrigeration System Market is hindered due to high installation cost of industrial refrigerators.

The leading players operating in the market are Bitzer SE, Daikin Industries, Ltd., Evapco, Inc., Güntner GmbH Co. KG, Ingersoll-Rand Inc., LU-VE s.p.a., Danfoss, Johnson Controls International plc, Emerson Electric Co., GEA Group AG, Mayekawa Mfg. Co., Ltd., Baltimore Aircoil Company, Inc. and United Technologies Corporation, among others.

Component: Segment Analysis

Based on Component, the Compressors segment is predicted to grow at a significant CAGR during the forecast period due to increasing application of compressors to enhance the vapor pressure in a condenser.

Refrigerant Type: Segment Analysis

Based on Refrigerated Type, the CO2 segment is projected to expand at a remarkable CAGR over the forecast period. The increasing acceptance towards CO2 based refrigerators across different industries owing to its magnificent thermodynamic properties and energy saving features, are some of the factors responsible for the segment’s growth.

Regional: Segment Analysis

Based on Region, the North American region is anticipated to capture the largest market share over the forecast period. The growing adoption of advanced industrial refrigerators, increasing demand for processed food and beverages, Government policies to eliminate HCFCs, rising disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in North America.  

Market Segmentation

Global Industrial Refrigeration System Market by Component

• Compressors
  • Reciprocating Compressors
    • Semi-Hermetic Type
    • Hermetic Type
    • Open Type
  • Screw Compressors
    • Single-Screw Compressors
    • Twin-Screw Compressors
  • Condensers
    • Air-Cooled Condensers
    • Water-Cooled Condensers
    • Evaporative Condensers
  • Evaporators
    • Cooling Type
      • Air-Cooled Evaporators
    • Design Type
      • Bare Tube Evaporators
      • Plate Type Evaporators
      • Finned Evaporators
      • Shell and Tube Type Evaporators
    • Controls
      • Compressor Controls
      • Condenser Controls
      • Evaporator Controls
    • Vessels, Pumps, Valves, and Auxiliary Equipment

Global Industrial Refrigeration System Market by Refrigerant Type

• Ammonia
  • Ammonia Refrigeration System
  • Low-Charge Ammonia Refrigeration System
• CO2
  • CO2 Refrigeration System
  • CO2 Cascade Refrigeration System
• Others
  • HFC
  • HCFC
  • HC
  • HFO

Global Industrial Refrigeration System Market by Applications

• Refrigerated Warehouse
• Fruit Vegetable Processing
• Beverage
• Meat, Poultry, Fish Processing
• Dairy Ice Cream Processing
• Chemical, Petrochemical, Pharmaceutical
• Refrigerated Transportation
• Integration and Deployment
• Support and Maintenance

Global Industrial Refrigeration System Market by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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