USD 19.8 billion
Industrial Refrigeration System Market Size, Share, Growth Analysis, By Component(Compressor, Condenser, Evaporator, Controls), By Capacity(100kW, 100-500kW, 500-1000kW, 1000-5000kW), By Application(Refrigerated Warehouse, Food & Beverage, Chemical Petrochemical & Pharmaceuticals, and Refrigerated Transportation), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2133 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
95
|Figures:
64
Industrial Refrigeration System Market Insights
Global Industrial Refrigeration System Market size was valued at USD 19.8 billion in 2022 and is poised to grow from USD 20.67 billion in 2023 to USD 29.17 billion by 2031, growing at a CAGR of 4.40% during the forecast period (2024-2031).
Industrial refrigeration systems find application in a wide range of industries, including pharmaceuticals, food & beverage, processing, and chemicals. These systems are vital in maintaining the required temperature levels for various processes, such as cold food storage, beverage production, dairy processing, ice rinks, and heavy industry. By efficiently removing heat from materials and large-scale processes, industrial refrigeration systems ensure optimal product quality and safety.
E-commerce has been witnessing a remarkable surge in grocery sales globally, outpacing physical grocery sales. In this context, cold chains play a crucial role in preserving and transporting perishable goods. Technologies like evaporator/passive coolers and absorption refrigerators help minimize harvest spoilage, ensuring fresh produce reaches consumers intact. The demand for industrial refrigeration systems is further propelled by high temperatures and the need to combat excessive heat, particularly in agro-climatic conditions that require precise temperature control for goods.
While developed countries benefit from well-established cold chain infrastructures, developing countries face challenges in cold chain deployment due to budget constraints and limited investment in advanced refrigeration equipment. Nevertheless, the potential market for industrial refrigeration systems is significant in these regions, considering the growing demand for refrigeration solutions in various industries.
Key market players are focused on advancing their technologies to offer simplified and efficient solutions. For instance, Emerson Electric Co. achieved a significant milestone by installing 200.0 million Copeland compressors globally. These compressors, utilized in both commercial and residential air conditioning, operate under ideal conditions to achieve lower global warming potential (GWP) and higher energy efficiency, aligning with the industry's sustainability goals.
Overall, the industrial refrigeration systems market is driven by the expanding e-commerce grocery sector, the critical role of cold chains in food preservation, and the need for advanced solutions in diverse industries. Technological advancements by leading players further contribute to the growth of this market, ensuring the seamless and energy-efficient operation of industrial refrigeration systems worldwide.
US Industrial Refrigeration System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Compressor
Fastest Growth
Compressor
Growth Rate
4.40% CAGR
Global Industrial Refrigeration System Market ($ Bn)
Country Share for North America Region (%)
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Industrial Refrigeration System Market Segmental Analysis
The global industrial refrigeration system market is segmented on the basis of Component, Capacity, Application, and Region. By Component the market is segmented into Compressor, Condenser, Evaporator, Controls, Others. By Capacity, the market is segmented into Less than 100kW, 100-500kW, 500-1000kW, 1000-5000kW, more than 5000kW. By Application, the market is segmented into Refrigerated Warehouse, Food & Beverage, Chemical Petrochemical & Pharmaceuticals, Refrigerated Transportation. By Region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Industrial Refrigeration System Market Analysis By Component
The compressor segment held a substantial share of revenue in 2022 and is projected to maintain its dominant position throughout the forecast period. Compressor systems play a crucial role in industrial refrigeration by maintaining the required lower temperatures and pressures while eliminating vapor. Their ability to control the load over the evaporators makes them a significant component within the industrial refrigeration system. Market players are actively introducing innovative compressor solutions to address efficiency and refrigerant regulations in the industrial refrigeration sector, presenting lucrative growth opportunities for the market.
The growth of the compressor segment is driven by factors such as industrialization, automation, and a rising demand for oil-free compressors in the HVAC industry, largely due to environmental concerns. As industries increasingly focus on sustainable practices, there is a surge in the need for reliable and energy-efficient evaporator systems. Moreover, the adoption of environmentally friendly refrigerants is becoming a critical factor in driving the demand for advanced compressor solutions in industrial refrigeration applications.
In conclusion, the compressor segment plays a crucial role in the industrial refrigeration market and is expected to maintain its dominance in the coming years. The introduction of innovative compressor solutions that comply with efficiency and environmental regulations further propels the market's growth. Factors like industrialization, automation, and the shift towards eco-friendly refrigerants are key drivers, presenting ample opportunities for the expansion of the compressor segment. With a strong focus on sustainable and energy-efficient practices, industries are increasingly seeking reliable compressor systems to enhance their industrial refrigeration operations.
Industrial Refrigeration System Market Analysis By Application
The food & beverage segment dominated the market with the largest revenue share in 2022 and is projected to continue its dominance over the forecast period. It accounted for more than 57.0% of the market share in 2022 and is expected to maintain its leading position in the coming years. The segment's remarkable growth can be attributed to factors like increasing disposable income and a growing working professional base, which have driven a significant demand for frozen and processed food products.
The chemical, petrochemical, and pharmaceutical application segments are anticipated to experience higher growth during the forecast period. The surge in demand for vaccinations to combat coronavirus infections has been witnessed in the past year, as efforts to curb the pandemic intensified. Storing and distributing vaccinations necessitate higher-level cooling units, leading to an increased deployment of industrial refrigeration systems. Consequently, this application area is experiencing exponential growth in revenue generation, driven by the urgent need for cold systems during the COVID-19 crisis.
In conclusion, the food & beverage segment is currently leading the market and is expected to maintain its dominance in the foreseeable future. The chemical, petrochemical, and pharmaceutical segments are projected to witness significant growth, primarily due to the increased demand for cooling systems to store and distribute vaccines amid the ongoing pandemic. The industrial refrigeration market is poised for continued expansion, fueled by the evolving consumer demands and critical needs in response to global challenges like the COVID-19 pandemic.
Global Industrial Refrigeration System By Component
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Industrial Refrigeration System Market Regional Insights
In 2022, North America held the largest share of revenue, surpassing 32.0%, and is projected to maintain steady growth during the forecast period. The primary driver of market development in the region is the rapid expansion of the e-commerce platform. The rise of online grocery shopping has significantly influenced consumer buying behavior, making it a lifestyle requirement. As a result, retailers are facing the need to store perishable goods at specific temperatures set by Hazard Analysis Critical Control Point (HACCP) regulations, thereby increasing the demand for suitable refrigerated storage systems. Additionally, the ongoing clinical trials and research efforts aimed at combating the spread of COVID-19 across North America are also contributing to the market's growth.
Meanwhile, Asia Pacific is anticipated to exhibit the fastest growth rate in the market, primarily due to the immense expansion possibilities for cold chain storage facilities in countries like Japan, India, and China. China, being the largest producer of fruits and vegetables globally, followed by India, has a substantial demand for efficient refrigeration solutions. Both China and India export crops to numerous destinations worldwide, necessitating advanced refrigeration and refrigerated warehouse management systems. Governments in these countries have launched several initiatives and projects aimed at extending cold storage management and enhancing refrigeration infrastructure to meet the growing demand for efficient storage and transportation of perishable goods.
In summary, North America's dominance is driven by the growing influence of e-commerce on consumer preferences and the demand for compliant refrigerated storage systems. In contrast, the Asia Pacific region holds tremendous potential for expansion due to its substantial cold chain storage needs and the efforts of governments to bolster refrigeration capabilities. The industrial refrigeration market in both regions is poised for continuous growth, driven by various factors, including technological advancements, changing consumer habits, and the need to combat global challenges like the COVID-19 pandemic.
Global Industrial Refrigeration System Market By Geography
- Largest
- Fastest
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Industrial Refrigeration System Market Dynamics
Industrial Refrigeration System Market Drivers
Expansion of the Food & Beverage Industry
- The food and beverage industry's expansion, driven by increasing population, urbanization, and changing consumer preferences, is creating a robust demand for industrial refrigeration systems. Cold storage and refrigeration solutions are essential for food preservation and ensuring a steady supply of perishable goods.
Industrial Refrigeration System Market Restraints
Stringent Regulations and Standards
- Compliance with stringent regulations and safety standards related to refrigerants and environmental impact poses a challenge for industrial refrigeration system manufacturers. Meeting these regulations may require additional investment and R&D efforts to develop environmentally friendly and compliant systems
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Industrial Refrigeration System Market Competitive Landscape
The global industrial refrigeration systems market is highly competitive and characterized by the presence of several established players and a growing number of new entrants. Companies in this market are continuously striving to innovate and offer technologically advanced and energy-efficient solutions to gain a competitive edge. Key players are engaged in mergers, acquisitions, partnerships, and collaborations to expand their market presence and reach a broader customer base.
The market players are focused on enhancing their product portfolios to cater to diverse industries such as food & beverage, pharmaceuticals, chemicals, and petrochemicals. Additionally, there is a growing emphasis on sustainability, with companies developing environmentally friendly refrigeration systems that use natural refrigerants and have low global warming potential.
Geographical expansion is another crucial strategy adopted by players in the industrial refrigeration systems market. By establishing a strong regional presence, companies aim to tap into emerging markets with rising demand for industrial refrigeration solutions.
Industrial Refrigeration System Market Top Player’s Company Profile
- Emerson Electric Co. (United States)
- United Technologies Corporation (UTC) (United States)
- Ingersoll Rand Inc. (Ireland)
- Bitzer Kühlmaschinenbau GmbH (Germany)
- Mayekawa Mfg. Co., Ltd. (Japan)
Industrial Refrigeration System Market Recent Developments
- The Quantech QWC4 Water-Cooled Screw Chiller, which combines variable speed drive technology to save carbon emissions and provide flexibility in handling high-lift applications, was added to Johnson Controls' product line in June 2021. By controlling refrigerant charges and potential leak spots directly, the Quantech QWC4 chiller also lessens its negative environmental effects.
- In June 2021, GEA Group Aktiengesellschaft agreed to sell Clauger, a French family-owned business that specialized in industrial refrigeration and air-conditioning systems, its refrigeration contracting businesses in Spain and Italy.
Industrial Refrigeration System Key Market Trends
- Adoption of Natural Refrigerants: There is a growing trend towards the adoption of natural refrigerants, such as ammonia, CO2 (carbon dioxide), and hydrocarbons, due to their lower global warming potential (GWP) and ozone depletion potential (ODP). Industrial refrigeration systems using natural refrigerants are gaining popularity as industries seek more sustainable and eco-friendly solutions.
Industrial Refrigeration System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our industrial refrigeration system market analysis, the increasing demand for cold chain solutions to preserve and transport perishable goods, along with the expanding food & beverage industry, are key drivers propelling market expansion. Moreover, rising environmental concerns and a focus on energy efficiency are pushing industries to adopt sustainable and eco-friendly refrigeration solutions, leading to the growing adoption of natural refrigerants and the integration of IoT and automation in refrigeration systems.
Despite the promising growth prospects, the market faces challenges such as high initial investment costs and the need to comply with stringent regulations and safety standards related to refrigerants and environmental impact. However, advancements in technology and increasing demand from emerging economies present opportunities for market players to overcome these challenges and expand their global presence.
As the world continues to grapple with environmental issues and seeks energy-efficient solutions, the refrigeration systems market is expected to play a crucial role in ensuring the safe and sustainable preservation and transportation of goods across various industries. The focus on remote monitoring and energy management solutions will further optimize system performance and drive cost savings for end-users. Overall, the global refrigeration systems market is on a path of growth and innovation, driven by a combination of consumer demand, regulatory developments, and technological advancements.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 19.8 billion |
| Market size value in 2031 | USD 29.17 billion |
| Growth Rate | 4.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Refrigeration System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Refrigeration System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Refrigeration System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Refrigeration System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Refrigeration System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Refrigeration System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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