Industrial Refrigeration System Market generated a revenue of USD 18,200 Million in 2018 and is forecast to witness a robust CAGR of 5.4% during forecast period, owing to the strategic government initiatives to expand the cold chain infrastructure.

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Key Drivers

The major factors that are driving the growth of the global Industrial Refrigeration System market are growing demand for advanced and compact refrigeration systems, rising government support to increase the adoption of cold chain infrastructure in developing countries and increasing adoption of natural refrigerant-based systems owing to stringent regulatory policies. Furthermore, the growing demand for safe storage of blood and temperature-controlled medicines from pharmacies, hospitals, clinics, and diagnostic centers will augment the demand for refrigeration system market across the world. Increasing research activities to cure chronic and infectious diseases has encouraged the substitution of aged medical refrigerators with more advanced energy-efficient cold storage devices, which will offer enormous opportunities to the market. For instance, in 2019, the UK MRC entered into a partnership with the Japan Agency for Medical Research and Development AMED to carry out research on infectious diseases to offer bi-lateral support to biomedical and health researchers in the UK and Japan.

The increasing demand for industrial refrigeration from the food & beverage industry due to the increasing demand for frozen and processed food in emerging countries is also fuelling the growth of the market. The awareness pertaining to energy conservation among end-users is forcing the manufacturers to develop an energy-efficient refrigeration system. Further, the growing emphasis of leading players on introducing advancements in technology to offer facilitated solutions will pave the way for market. For example, in 2021, Emerson Electric Co., a leading cold chain solutions vendor and an HVAC, entered into a partnership with Carrier to provide more sophisticated solutions from its air conditioning and cold chain businesses. Moreover, the growing popularity of CO2-based and ammonia-based refrigeration systems is further propelling the growth of the market. However, the high installation cost of industrial refrigeration systems and unstable prices of refrigerants will hamper the market growth.

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Component – Segment Analysis:

Based on the component, the compressor segment is expected to account at a significant share in the global Industrial Refrigeration System market during the forecast period due to increasing demand for refrigerated warehouses globally. The compressor is an essential component of industrial refrigeration, which increases the vapor pressure in a condenser to make sure the appropriate temperature for food storage and preservation applications. In addition, there has been an increased focus of manufacturers to develop a new compressor in order to meet the different demands of consumers across the globe. Rapid industrialization, increasing automation, and growing demand for oil-free compressors in the HVAC industry because of the rising environmental concerns are projected to expand the market growth.

Refrigerant Type – Segment Analysis:

Based on the refrigerant type, the CO2 segment is projected to grow at a higher rate in the market during the forecast period owing to the increasing adoption of CO2-based refrigerant due to its exceptional thermodynamic properties and high energy efficiency that makes it more suitable for industrial refrigeration applications. Moreover, rising acceptance of CO2 cascade refrigeration systems across end-user industries is also a major factor propelling the growth of the market during the forecast period. Ammonia segment is expected to grow at higher CAGR in the market during the forecast period owing to its high cooling capacity and low  energy consumption when compared with other refrigerant types. Ammonia-based refrigeration system is less costly as Ammonia is available at low cost in the market, which cut-down the maintenance and service cost that is further bolstering  the growth of the market.

Application – Segment Analysis

Based on the application, the refrigerated warehouse segment is expected to grow at higher CAGR during the forecast period due to the increasing population coupled with rising disposable income, which has inturn increased the demand for frozen and processed food. In addition, rising demand for convenience products such as ready to eat foods across the globe has further increased in the number of refrigerated warehouses worldwide with enhanced capacity. Moreover, the rising government initiatives of emerging countries such as India and China are encouraging the creating of cold chain facilities using several schemes and through providing subsidies. These initiatives are strengthening the cold storage and warehouse infrastructure facilities are further fuelling the growth of the market during the forecast period. The growing prominence of packaged and frozen food has paved the way for food & beverage application. Moreover, the adoption of counters, industrial refrigeration cabinets, and vertical freezers has increased in supermarkets, hypermarkets, and convenience stores, stimulating the market statistics.

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Regional – Segment Analysis:

Based on the region, North America is projected to lead the global Industrial Refrigeration System market during the forecast period owing to the growing trend of online shopping and continuously increasing application areas of natural refrigerant-based refrigeration systems. Additionally, the growing demand for fresh food & beverage products and medicine, along with government initiatives to diminish HCFCs and adopt natural refrigerants in several applications, is further propelling the growth of the market during the forecast period.

Asia Pacific is expected to witness a promising growth over the forecast period, because of the strategic initiatives to augment the cold storage management and enhance refrigeration and refrigerated warehouse management.

Various notable players in the Industrial Refrigeration System market include Johnson Controls International plc, Emerson Electric Co., Danfoss, GEA Group AG, Mayekawa Mfg. Co., Ltd., Baltimore Aircoil Company, Inc., Bitzer SE, Daikin Industries, Ltd., Evapco, Inc., Güntner GmbH & Co. KG, Ingersoll-Rand Inc., LU-VE s.p.a., United Technologies Corporation, among others.

Key Developments:

• • In 2021, Johnson Controls decided to incorporate Quantech QWC4 Water-Cooled Screw Chiller in its product portfolio, using variable speed drive technology to minimize carbon emissions and offer flexibility in handling high-lift applications. The Quantech QWC4 chiller also reduces environmental impacts by managing refrigerant charges and potential leak points.
  • In 2021, GEA Group Aktiengesellschaft entered into an agreement to sell its refrigeration contracting operations in Spain and Italy to Clauger, the French family-owned company, specializing in industrial refrigeration and air-conditioning systems.
  • In Oct 2019, Mayekawa launched its second production plant in Serbia, Europe. This plant will focus on designing, manufacturing, sales, and after-sales service of compressor packages for industrial refrigeration, supplying markets in Russia, the Middle East, and Africa.

The Global Industrial Refrigeration System market has been segmented based on component, refrigerant type, application, and key region. Based on the component, the market is segmented into Compressors, Condensers, Evaporators, Controls, and Vessels, Pumps, Valves, and Auxiliary Equipment. Based on Compressors, the market is further segmented into Reciprocating Compressors, and Screw Compressors. Based on Reciprocating Compressors, the market is segmented into Semi-Hermetic Type, Hermetic Type, and Open Type. Based on Screw Compressors, the market is segmented into Single-Screw Compressors and Twin-Screw Compressors. Based on Condensers, the market is segmented into Air-Cooled Condensers, Water-Cooled Condensers, and Evaporative Condensers. Based on Evaporators, the market is segmented into Cooling Type and Design Type. Based on Cooling Type, the market is segmented into Air-Cooled Evaporators. Based on Design Type, the market is segmented into Bare Tube Evaporators, Plate Type Evaporators, Finned Evaporators, and Shell and Tube Type Evaporators. Based on Controls, the market is segmented into Compressor Controls, Condenser Controls, and Evaporator Controls. Based on the Refrigerant Type, the market is segmented into Ammonia, CO2, and Others. Based on Ammonia, the market is segmented into Ammonia Refrigeration System and Low-Charge Ammonia Refrigeration System. Based on CO2, the market is segmented into CO2 Refrigeration System and CO2 Cascade Refrigeration System. Based on Others, the market is segmented into HFC, HCFC, HC, and HFO. Based on Application, the market is segmented into Refrigerated Warehouse, Fruit & Vegetable Processing, Beverage, Meat, Poultry, & Fish Processing¸ Dairy & Ice Cream Processing, Chemical, Petrochemical, & Pharmaceutical, and Refrigerated Transportation.

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Key questions answered in this research report:

• • At what pace is the global Industrial Refrigeration System market growing? What will be a growing trend in the future?
  • What are the key drivers and restraints in the global Industrial Refrigeration System market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Industrial Refrigeration System market?
  • What are the various application areas of the global Industrial Refrigeration System market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2018
Market Forecast Period	2019-2026
Market Revenues (2018)	USD 18,200 Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Component, By Refrigerant Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Johnson Controls International plc, Emerson Electric Co., Danfoss, GEA Group AG, Mayekawa Mfg. Co., Ltd., Baltimore Aircoil Company, Inc., Bitzer SE, Daikin Industries, Ltd., Evapco, Inc., Güntner GmbH & Co. KG, Ingersoll-Rand Inc., LU-VE s.p.a., United Technologies Corporation, among others.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Industrial Refrigeration System Market by Component

• • Compressors
    • Reciprocating Compressors
      • Semi-Hermetic Type
      • Hermetic Type
      • Open Type
  • Screw Compressors
    • Single-Screw Compressors
    • Twin-Screw Compressors
  • Condensers
    • Air-Cooled Condensers
    • Water-Cooled Condensers
    • Evaporative Condensers
  • Evaporators
    • Cooling Type
      • Air-Cooled Evaporators
    • Design Type
      • Bare Tube Evaporators
      • Plate Type Evaporators
      • Finned Evaporators
      • Shell and Tube Type Evaporators
    • Controls
      • Compressor Controls
      • Condenser Controls
      • Evaporator Controls
    • Vessels, Pumps, Valves, and Auxiliary Equipment

Global Industrial Refrigeration System Market by Refrigerant Type

• • Ammonia
    • Ammonia Refrigeration System
    • Low-Charge Ammonia Refrigeration System
  • CO2
    • CO2 Refrigeration System
    • CO2 Cascade Refrigeration System
  • Others
    • HFC
    • HCFC
    • HC
    • HFO

Global Industrial Refrigeration System Market by Applications

• • Refrigerated Warehouse
  • Fruit & Vegetable Processing
  • Beverage
  • Meat, Poultry, & Fish Processing
  • Dairy & Ice Cream Processing
  • Chemical, Petrochemical, & Pharmaceutical
  • Refrigerated Transportation
  • Integration and Deployment
  • Support and Maintenance

Global Industrial Refrigeration System Market by Region

• • North America Industrial Refrigeration System Market (Option 1: As a part of the free 25% customization)

• • • By Component
    • By Refrigerant Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

• • Europe Industrial Refrigeration System Market (Option 2: As a part of the free 25% customization)

• • • By Component
    • By Refrigerant Type
    • By Application
    • Spain Market All-Up
    • Netherlands Market All-Up 
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Industrial Refrigeration System Market (Option 3: As a part of the free 25% customization)

• • • By Component
    • By Refrigerant Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Malaysia Market All-Up
    • Australia Market All-Up
    • Rest of APAC Market All-Up

• • ROW Industrial Refrigeration System Market (Option 4: As a part of the free 25% customization)

• • • By Component
    • By Refrigerant Type
    • By Application
    • Brazil Market All-Up
    • Argentina Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Johnson Controls International plc
  • Emerson Electric Co.
  • Danfoss
  • GEA Group AG
  • Mayekawa Mfg. Co., Ltd.
  • Baltimore Aircoil Company, Inc.
  • Bitzer SE, Daikin Industries, Ltd.
  • Evapco, Inc.
  • Güntner GmbH & Co. KG
  • Ingersoll-Rand Inc.
  • LU-VE s.p.a.
  • United Technologies Corporation