The global Industrial Refrigeration Systems market size is expected to be worth around US$ 26.91 billion by 2028, according to a new report by Vision Research Reports.
The global Industrial Refrigeration Systems market size was valued at US$ 19.56 billion in 2020 and is anticipated to grow at a CAGR of 4.7% during forecast period 2021 to 2028.
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Growing demand for innovative and compact industrial refrigeration equipment and the government initiatives to strengthen cold chain infrastructure is projected to fuel the market growth. Furthermore, the expansion of food retail chains across the globe is likely to spur the demand in the forthcoming years.
Retailers are focusing on developing long-term strategic planning to withstand the increasing intensity of the retail competition and shifts in customer needs. The critical challenge of food processing applications currently is to make sure the freshness of perishable goods by taking into consideration that they have a less adverse impact on the environment. Moreover, the growing production and consumption of processed food in the food processing industry of the developing economies are predominantly driving the market growth.
The market is presently depending on cold storage infrastructure to efficiently and effectively store surplus build-up of food. At the same time, also deliver and store essential medication and pharmaceutical products effectively. In the outbreak of COVID-19 pandemic, increased demand for pharmaceutical and medical products worldwide is projected to boost the overall market growth. Since most pharmaceutical and medical products such as vaccines, blood bags, drugs, and others are enormously temperature-sensitive, they must be preserved in constant temperature places to prevent spoiling. The factors mentioned above are driving the storage refrigeration market growth.
The compressors product segment led the market and accounted for more than 15.02% revenue share in 2020. On the basis of product, the market is segmented into the compressors, controls, evaporators, condensers, and others. Compressors are mostly used for industrial and commercial refrigeration, and air-conditioning applications such as HVAC, humidifiers, chillers systems, etc. In industrial refrigeration equipment, compressors play an essential role by rising refrigerant vapor pressure in a condenser to ensure appropriate temperature-level for preservation and food storage applications.
Besides, a compressor takes in low-temperature and low-pressure refrigerant from the evaporator and compresses the refrigerant into high-temperature and high-pressure gaseous state. The increasing number of refrigerated warehouses across the world drives the compressor market growth. Several market players are concentrating on cost reduction in the manufacturing of compressors. With the increase in the application industries of industrial refrigeration equipment, market players are developing new compressors to meet the diverse requirements of end-users and explore the untapped market; this, in turn, is further estimated to upsurge the demand for compressors in the forthcoming years.
The food and beverage application segment led the market and accounted for more than 55.02% share of the global revenue in 2020. Based on application, the market can be segmented into the refrigerated warehouse, food and beverage (including fruit and vegetable, meat, poultry, and seafood, and dairy products), chemical, petrochemical, and pharmaceutical, and refrigerated transportation.
The increasing disposable income and growing population have resulted in an augmented demand for frozen and processed food products. This developing demand for convenience products has increased the number of refrigerated warehouses across the globe, with improved capacity in the past few years. Moreover, the growing automation of refrigerated warehouses is further anticipated to enhance the market demand over the projected period.
Ensuring that the seafood, meat, poultry, and dairy products remain fresh and safe for consumption is getting vital not only health-conscious consumers but also for businesses. As a result, the application of the cold chain technology is no longer limited only to getting these products safely from the warehouse to the market. Retaining the quality of these products as well as maintaining cost efficiency and energy efficiency is also getting of paramount importance. These factors are likely to upkeep the increasing use of industrial refrigeration systems in refrigerated warehouse applications over the forecast period. However, the chemical, petrochemical, and pharmaceutical application segment are expected to expand at the highest CAGR of 6.02% from 2020 to 2027.
North America dominated the market and accounted for over 30.02% share of global revenue in 2020. This is due to the aggressive and convenient marketing of frozen food products in the number of varieties, such as bowl meals, skillet and oven meal kits, and restaurant-quality pizza. Food producers are estimated to drive demand over the next seven years. Running clinical testing and research to halt the spread of the outbreak of COVID-19 pandemic across North America is also driving the market growth in the pharmaceutical industry.
- Danfoss Industries Pvt. Ltd.
- Johnson Controls
- DAIKIN INDUSTRIES, Ltd.
- GEA Group Aktiengesellschaft
- Güntner GmbH & Co. KG
- EVAPCO, Inc.
- Component Outlook
- Application Outlook
- Refrigerated Warehouse
- Food & Beverage (Fruit & Vegetable, Meat, Poultry, & Fish, and Dairy Products)
- Chemical, Petrochemical, & Pharmaceutical
- Refrigerated Transportation
- Regional Outlook
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- The Middle East and Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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