Global Industrial Refrigeration System Market

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 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 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).

The 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. 'Johnson Controls International plc (Ireland)', 'Emerson Electric Co. (United States)', 'Danfoss A/S (Denmark)', 'GEA Group AG (Germany)', 'United Technologies Corporation (UTC) (United States)', 'Ingersoll Rand Inc. (Ireland)', 'Bitzer Kühlmaschinenbau GmbH (Germany)', 'Mayekawa Mfg. Co., Ltd. (Japan)'

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.

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 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.

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.

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Global Industrial Refrigeration System Market

Report ID: SQMIG20I2133

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