Report Id: SNS/SEMI/2138 | July 2022 | Region: Global | 125 Pages
Report scope & Overview:
Industrial Refrigeration Market Size was valued at USD 19.1 billion in 2021, and expected to reach USD 27.2 billion by 2028, and grow at a CAGR of 5.2% over the forecast period 2022-2028.
Industrial refrigerators refer to the cooling process using refrigeration and cooling systems to remove heat from a low temperature and transfer it to a higher temperature. Industrial refrigeration systems are still distributed in large refrigerators and freezers for use in various industries such as food and beverage processing, cooling, and more. The growth of the industrial refrigeration market is driven by factors such as the growing demand for compact and innovative refrigeration systems, increasing government support to strengthen cold chain infrastructure in developing countries and a growing trend in eco-friendly refrigeration systems based on strict regulatory policies.
Due to strict regulatory guidelines, there is a growing trend for environmentally friendly refrigerant-based refrigeration systems.
Increasing need for modern, compact refrigeration systems.
High installation costs and additional costs.
Global increase in demand for frozen and processed foods.
Cascade refrigeration systems based on carbon dioxide and ammonia (co2/nh3) are becoming more and more common.
Safety issues and a lack of competent people
IMPACT OF COVID-19:
The growing demand for industrial refrigeration systems in the FMCG industry is driving the market growth dramatically, due to increased consumption of packaged & processed foods and beverages in developing countries and prevention of spoilage of processed foods and beverages. In addition, the increasing trend of developing cold and compact storage infrastructure in the whole emerging economy is driving market growth. However, high energy efficiency and high investment in industrial refrigeration systems disrupt the market growth of industrial refrigerators. In addition, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were severely affected. Production activities were also suspended or severely restricted. manufacturing and transportation operations, as well as their supply chains are hampered at the international level. As a result, the manufacturing of refrigeration systems has decreased, thus disrupting the industrial refrigeration sector. Although, food and beverage, wastewater treatment plants and pharmaceutical companies were fully operational, leading to the stabilization of the industrial refrigeration market. Gradually, however, all industries resume production and their services. This is expected to lead the re-initiation of refrigeration companies with their full potential, which is expected to help the market begin to recover by 2022.
Based on Component, the industrial refrigeration market is subdivided into Evaporator, Compressor, Control, Condenser and Other.
The controls component is expected to register a higher CAGR at the time of forecasting. Industrial refrigeration market is expected to register the highest CAGR at the time of forecasting. The use of controls in the industrial refrigerator ensures increased efficiency, can make automatic temperature controls, and make demand-based changes. Also, control systems can be used to perform defrost cycles automatically at different times, resulting in significant energy savings. In addition, companies are investing heavily in R&D activities to improve the efficiency of industrial systems and reduce operating costs, which are expected to drive the control market during forecasting.
Based on Refrigerant Type, the industrial refrigeration market is subdivided into Hydroflurocarbon (HFC), Ammonia, Carbon Dioxide and Other.
During the projected period, the market for carbon dioxide CO2-based refrigeration systems is anticipated to expand at a very high CAGR. The rising acceptance of CO2 cascade refrigeration systems in a variety of applications is a significant driver of market expansion. CO2 is high and stays in the atmosphere for a long time. Large industrial CO2-based refrigerators cost less to build than their glycol counterparts, therefore, the cost of initial and life cycle of an industrial CO2-based refrigerator is relatively low. In addition, CO2 has other beneficial properties, such as non-toxicity, non-flammability high temperature transfer, large volume of refrigerator volume, and negligible GWP. It is safe and natural, harmless, and rust-free, thus providing beneficial opportunities for use in the CO2-based refrigeration system market. In addition, all of these benefits, combined with growing awareness about the thermodynamic properties of CO2 refrigerators, are expected to further drive the market for CO2-based refrigeration systems.
Based on Capacity, the industrial refrigeration market is subdivided into <100 kW
100-500 kW, 500kW-1,000kW, 1,000kW-5,000kW and >5,000 kW. The 500kW-1000kW power unit has a large revenue share of 35% of the total market. Cooling capacity is very important in the food and beverage industry as it is used to store and process milled and decomposing materials. This feature is a must in the dairy industry to increase shelf life and reduce waste. 500kW-1000kW appropriate temperature to avoid food spoilage and loss of resources. The 1,000kW-5,000kW segment is expected to grow at a significant rate during the forecast period. These changes are subject to the growing need for petrochemical preservation, policies, and potentially extinct environments in uncontrolled environments. Temperatures in the internal infrastructure of high-power plants are between 50-100 degrees Celsius. The demand for these refrigeration systems will rise in the future since they lessen the impact of high temperatures on store floors and range in power from 1,000kW to 5,000kW.
Based on Application, the industrial refrigeration market is subdivided into Refrigerated Warehouses, Refrigerated Transportation, Fruit And Vegetable, Dairy And Ice Cream, Meat, Poultry, and Fish Processing, Beverage, Petrochemical, Chemical and Pharmaceutical.
The market for industrial refrigeration, petrochemical, and pharmaceutical applications is expected to grow at a very high CAGR at the time of forecasting. Processes in the chemical and petrochemical industries, especially the handling and processing of substances such as oil, gas, and other chemical compounds, are a major challenge. Different processes and applications in these applications require the removal of heat and refrigerator to produce the final product. These processes include crystallization or condensation. Similarly, the pharmaceutical industry relies on refrigerated or controlled systems to maintain product integrity. An important factor in the growth of chemical, petrochemical, and pharmaceutical applications is the increasing demand for refrigeration facilities in the pharmaceutical and vaccine industries.
The key players in the industrial refrigeration market are Daikin Industries, Emerson Electric, GEA Group, Ingersoll Rand, Carrier, Danfoss, Evapco, Johnson Controls, LU-VE Group and Mayekawa, and other players.
BY REFRIGERANT TYPE
Fruit And Vegetable
Dairy And Ice Cream
Meat, Poultry, and Fish Processing
APAC is likely to be the fastest growing industrial refrigerator market at the time of forecasting. Market growth can be attributed to the region's growing pharmaceutical industry, combined with government support for the development of a cold chain and preservation infrastructure. Refrigerated storage capacity is growing in APAC countries such as India, China, and Japan. In addition, the governments of the various APAC countries support the Montreal Protocol program to eliminate harmful freezers from the environment, thus providing greater opportunities for players who provide natural refrigeration-based systems. Therefore, it is anticipated that the government's intentions to further improve cold chain management systems would play a significant role in the development of the industrial refrigerator in the APAC area.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 19.1 Bn|
|Market Size by 2028||US$ 27.2 Bn|
|CAGR||CAGR of 5.2% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type (Transport Refrigeration, Stationary Refrigeration)
• By Component (Evaporator, Compressor, Control, Condenser, Other)
• By Refrigerant Type (Hydroflurocarbon (HFC), Ammonia, Carbon Dioxide, Other)
• By Capacity (<100>5,000 Kw)
• By Application (Refrigerated Warehouses, Refrigerated Transportation, Fruit And Vegetable, Dairy And Ice Cream, Meat, Poultry, And Fish Processing , Beverage, Petrochemical, Chemical, Pharmaceutical)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Daikin Industries, Emerson Electric, GEA Group, Ingersoll Rand, Carrier, Danfoss, Evapco, Johnson Controls, LU-VE Group and Mayekawa|
|Key Drivers||• Due to strict regulatory guidelines, there is a growing trend for environmentally friendly refrigerant-based refrigeration systems.
• Increasing need for modern, compact refrigeration systems.
|Restraints||• High installation costs and additional costs.|
Frequently Asked Questions (FAQ) :
The Industrial Refrigeration Market size was valued at 19.1 billion in 2021 at a CAGR of 5.2%.
The market value is expected to reach USD 27.2 billion by 2028.
The market has been segmented with respect to type, product type, technology, industry vertical and application.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Content:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Industrial Refrigeration Market Segmentation, by Type
8.2 Transport Refrigeration
8.3 Stationary Refrigeration
9. Industrial Refrigeration Market Segmentation, by Component
10. Industrial Refrigeration Market Segmentation, by Refrigerant Type
10.2 Hydroflurocarbon (HFC)
10.4 Carbon Dioxide
11. Industrial Refrigeration Market Segmentation, by Capacity
11.2 <100 kW
11.3 100-500 kW
11.6 >5,000 kW
12. Industrial Refrigeration Market Segmentation, by Application
12.2 Refrigerated Warehouses
12.2 Refrigerated Transportation
12.3 Fruit and Vegetable
12.4 Dairy and Ice Cream
12.5 Meat, Poultry, and Fish Processing
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Daikin Industries
14.3 Emerson Electric
14.4 GEA Group
14.5 Ingersoll Rand
14.8 Johnson Controls
14.9 LU-VE Group
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments
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