New York, United States , May 18, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Refrigeration Systems Market Size is to grow from USD 20.17 Billion in 2022 to USD 31.62 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.6% during forecast period.
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Industrial refrigeration systems are used in various industries to cool, freeze or store products and materials at specific temperatures. These systems use a variety of refrigerants, compressors, heat exchangers, and control systems to provide cooling and maintain temperature levels. Industrial refrigeration systems are commonly used in food processing, pharmaceuticals, chemical manufacturing, and other industries where temperature control is crucial to maintaining product quality, safety, and efficacy. These systems are designed and installed to meet specific requirements and can range from small, stand-alone systems to large, complex installations. Regular maintenance and monitoring are essential to ensure efficient operation and minimize downtime and energy consumption.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Industrial Refrigeration Systems Market Size, Share, and COVID-19 Impact Analysis, By Component (Compressor, Condenser, Evaporator, Control, and Others), By Refrigerant Type (Ammonia, CO2, and Others), By Application (Refrigerated Warehouses, Fruit & Vegetable Processing, Beverage Processing, Chemical Petrochemical & Pharmaceutical, and Refrigerated Transportation), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032)." Get Detailed Report Description Here:
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The compressor segment is expected to grow at a CAGR of around 5.1% during the forecast period
Based on components, the global industrial refrigeration systems market is segmented into compressors, condensers, evaporators, control, and others. The compressor segment in the industrial refrigeration systems market is expected to grow during the forecast period due to the increasing demand for energy-efficient and eco-friendly refrigeration systems. The rising awareness about the adverse environmental impact of synthetic refrigerants such as HFCs is driving the adoption of advanced compressor technologies that use natural refrigerants such as CO2, ammonia, and hydrocarbons. The increasing demand for industrial refrigeration systems in the food and beverage, pharmaceutical, and chemical industries is also driving the growth of the compressor segment. Moreover, the advent of digitalization and IoT in the industrial sector is expected to fuel the demand for smart and connected compressors.
The refrigerated warehouses segment held more than 33.5% revenue share in 2022
Based on application, the global industrial refrigeration systems market is segmented into refrigerated warehouses, fruit & vegetable processing, beverage processing, chemical petrochemical & pharmaceutical, and refrigerated transportation. The segment growth is possible due to the increasing demand for cold storage and logistics services in the food and beverage industry. Refrigerated warehouses provide temperature-controlled storage and distribution solutions for perishable food products, pharmaceuticals, and chemicals, among others. The rising demand for frozen and chilled food products and the growing importance of maintaining the cold chain for food safety are driving the demand for refrigerated warehouses.
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Asia-Pacific is predicted to grow at a CAGR of around 5.8% over the projected period.
Based on region, Asia-Pacific is expected to experience significant growth in the industrial refrigeration systems market due to the increasing demand for refrigeration systems in the food and beverage, pharmaceuticals, and chemical industries in the region. The expanding population, rising disposable income, and changing lifestyle patterns are driving the growth of the food and beverage industry, which is a major end-user of industrial refrigeration systems. Moreover, the region has a large manufacturing base, and the increasing adoption of automation and IoT in industrial processes is further driving the demand for refrigeration systems. The growing focus on environmental sustainability and energy efficiency is also boosting the adoption of advanced refrigeration technologies and natural refrigerants in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global industrial refrigeration systems market include Johnson Controls, Emerson Electric Co., GEA Group AG, Danfoss A/S, Bitzer SE, Mayekawa Mfg. Co. Ltd., Lennox International Inc., Ingersoll Rand Inc., Baltimore Aircoil Company Inc., Carrier Global Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, LU-VE Group, Frick India Limited, and Dover Corporation.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global industrial refrigeration systems market based on the below-mentioned segments:
Industrial Refrigeration Systems Market, By Component
- Compressor
- Condenser
- Evaporator
- Control
- Others
Industrial Refrigeration Systems Market, By Refrigerant Type
- Ammonia
- CO2
- Others (HFC, HCFC, HFO, HC)
Industrial Refrigeration Systems Market, By Application
- Refrigerated Warehouses
- Fruit & Vegetable Processing
- Beverage Processing
- Chemical Petrochemical & Pharmaceutical
- Refrigerated Transportation
Industrial Refrigeration Systems Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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