Global Industrial Refrigeration Systems Market By Component (Compressors, Condensers, Others), By Capacity (Less than 100 kW, 100-500 kW, more than Others), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Industrial Refrigeration Systems Market Overview

The global industrial refrigeration system market was valued at USD 19.12 Billion in 2021. It is projected to grow at a CAGR of 3.9% from 2023 through 2032.

Globally, industrial refrigeration systems are in high demand due to the increased use of processed and packaged foods as well as the need for preservation. Manufacturers are now choosing natural refrigerants to replace harmful coolants due to concerns about global warming. Due to their low cost and climate-neutral nature, genuine refrigerant-based equipment has seen a boom in demand. The market will be affected by the development of better cold chain systems throughout the globe over the forecast period.

Global Industrial Refrigeration Systems Market Scope:

Component Analysis

A compressor market that includes key features like pressure building, usage control, and financial ability is expected to experience the highest CAGR of 6.1% in 2023-2032. The consistent, efficient motor force of compressors is essential for manufacturing. The different types of compressors that are available can be distinguished, such as reciprocating, centrifugal, or rotatory screws. Its main benefits include high pressure ranges up to 30000 PSI as well as energy efficiency and the availability of both oil-free and oil-flooded versions.

According to forecasts, the compressor segment will maintain its market leadership position in the future as it did in 2021. The growth of this segment is influenced by automation, industrialization, and surging demand for oil-free compressors within HVAC industries due to environmental issues. In the next few years, the evaporators sector will grow rapidly due to the growing demand for reliable and more efficient systems. Evaporators should increase cooling by absorbing heat to make refrigerators work better.

Capacity analysis

In 2021, the segment with 500kW-1000kW capacity had the largest revenue share at 34.6%. Because it is used for processing perishable products and storing them, cooling capacity is crucial in the food-beverage industry. This is an important characteristic in the dairy industry as it helps to extend shelf life and minimize wastage. To avoid spoilage and loss of resources, the ideal temperature range is between 500kW and 1000kW. The segment between 1,000kW and 5,000kW will grow at a rapid pace over the forecast period. This growth is due to the increased demand for the storage of petrochemical, vaccinations, and items that may perish in uncontrolled environments. The temperature range of high-scale power stations’ inner infrastructure is 50-100 degrees Celsius. The demand for these refrigeration systems is expected to rise as they neutralize high temperatures on shop floors.

Application analysis

Food & beverage accounted for the largest share at over 59.6% in the market in 2021. This segment is projected to continue to dominate the market for the forecast period. The segment’s growth has been influenced by the increasing popularity of frozen and packaged food across the globe. Refrigerated transportation and warehouse will continue to grow because of the growing urban population and increased demand for frozen foods, drinks, and packaged food. A pandemic has brought attention to people’s lives around the globe.

Because of this, demand for vaccines has increased, refrigerated warehouses have grown, and so has the need to purchase pharmaceuticals. The forecast years 2023 to 2032 will see significant growth in the petrochemical and pharmaceutical chemical segments. This is due in part to the increased call for freeze-drying and sterilizing medical devices. To control temperatures of organic, inorganic, agrochemical, or petrochemical chemicals, the chemical industries use advanced cooling technology. Pharmaceutical industries also require refrigeration to store and maintain the composition and quality of their finished products. These are major reasons why industrial refrigeration systems should be used.

Key Market Segments

By Component

• Compressors
  • Rotary Screw Compressors
  • Centrifugal Compressors
  • Reciprocating Compressors
  • Other Compressors
• Condensers
• Controls
• Evaporators
• Others

By Capacity

• Less than 100 kW
• 100-500 kW
• 500kW-1,000kW
• 1,000kW-5,000kW
• More than 5,000 kW
• Others

By Application

• Refrigerated Warehouse
• Food & Beverage
• Refrigerated Transportation
• Chemical, Petrochemical, & Pharmaceutical

Market Dynamics:

E-commerce grocery orders are growing faster than physical grocery sales all over the world. cold chain plays an important role in minimizing harvest spoilage through technologies like passive coolers/evaporators and absorption fridges. Market growth can be aided by excessive heat and high temperatures, as well as agro-climatic conditions. Due to lower budgets, cold chain deployments tend to be low in developing countries.

The market’s top players are focused on technology advancements that provide simple solutions. Emerson Electric Co. is a cold-chain solutions provider and HVAC. In March 2021, Carrier partnered with Emerson Electric Co. to provide advanced solutions from its cold chain businesses and air conditioning, including valves, sensors, compressors, and compressors. Companies are increasingly focusing their efforts on green technology. The technology relies on magnetic solid to act as a refrigerant by using magnetocaloric effects and reduces energy use by nearly 30%.

Manufacturers have many options with the Internet of Things and technology Artificial Intelligence. Emerson Electric Co. provides HVAC and cold chain solutions and has partnered up with Carrier to offer advanced compressors, sensors, and valves as part of its air conditioning business. Natural refrigerants, such as Co2, ammonia, and hydrocarbons, can cause toxicity. However, they have helped to reduce greenhouse gas emissions. Due to increased consumer awareness, manufacturers are switching to natural refrigerants. They focus on refrigerants’ Global Warming Potentials and Ozone Depletion Potentials. Bitzer Kuhlmaschinenbau GmbH launched a compact compressor CSW85/95 in July 2021 to improve the efficiency of water-cooled liquid chillers. Water-cooled systems are increasingly popular in Europe thanks to the Ecodesign Directive.

The pandemic impacted industrial operations, as many production centers were forced to shut down by quarantines and lockdowns from governments around the world. Due to the worldwide need to store large amounts of vaccines in order to counter the spread of the pandemic, there was a strong demand on the market. Guidelines for vaccine storage suggested that vaccines be kept between 2degC to 8degC for refrigerators, and 50degC to -15degC (for freezers). Therefore, effective pharmaceuticals and vaccines needed to be stored and distributed.

Regional Analysis

North America had the largest revenue share at over 35.6% in 2021. This market is expected to continue to grow over the forecast period. The growth of e-commerce is the key factor driving the market’s development. Ecommerce has changed consumers’ purchasing habits as online grocery ordering has become a standard part of their daily lives. Additionally, perishables must be stored at HACCP-approved temperatures, which means that retailers will need to have suitable refrigerated storage systems. Market growth is driven by clinical trials, research, and other activities that aim to reduce the spread of the COVID-19 pandemic throughout North America.

The Asia Pacific will experience the fastest growth. It is forecast to register a CAGR of almost 5.5% over the forecast period. It can be attributed to the increasing demand for cold storage infrastructures in India, China, and Japan. China is the world’s biggest producer of fruits and vegetables, followed by India. China and India both export their fruits and vegetables to many countries around the world. Each country’s government has taken numerous initiatives to increase cold storage and refrigerated warehouse management.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The Global Industrial Refrigeration Systems market is fragmented The market leaders in industrial refrigeration systems focus on innovation and advancements to increase their competitive edge. Daikin Industries, Ltd. announced in November 2018 that it had acquired AHT Group, an Austrian refrigeration company, and freezing showcases. Daikin Industries Ltd. will now be able to add AHT Group’s showcases to its range of products.

The market for industrial refrigeration systems is dominated by the following players:

Market Key Players:

• Johnson Controls
• Emerson Electric Co
• Danfoss
• GEA Group Aktiengesellschaft
• MAYEKAWA MFG. CO., LTD.
• BITZER Kühlmaschinenbau GmbH
• DAIKIN INDUSTRIES, Ltd.
• EVAPCO, Inc.
• Other Key Players

For the Industrial Refrigeration Systems Market research study, the following years have been considered to estimate the market size: