Asia & MENA Industrial Refrigeration Market by Component (Compressor, Condenser, Evaporator, Control, Adiabatic Coolers, and Others), Refrigerant Type (Ammonia, Carbon Dioxide, Hydrofluorocarbon (HFC), and Others), Application (Food Processing, Dairy, Chemical & Pharmaceutical, Steel, Cement, Cold Storage, Brewery & Distillery, Hospitality, Automobile, Oil & Gas, And Others), and Type (Stationary Refrigeration and Transport Refrigeration): Global Opportunity Analysis and Industry Forecast, 2021–2030

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The Asia & MENA industrial refrigeration market was valued at $9,746.0 million in 2020, and is expected to reach $16,351.6 million by 2030, registering a CAGR of 5.3% from 2021 to 2030. Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.

The COVID-19 pandemic did not affect the industrial refrigeration market to a large extent. A brief negative impact during the initial period of lockdown was register. However, the market started recovering thereafter.

The growth in demand for Asia & MENA industrial refrigeration systems in the FMCG industry majorly drive the growth of the market, owing to increased use of packaged & processed food & beverages in the developing countries and prevention of spoilage of semi-processed food & drinks. Furthermore, rise in trend of upgrading cold storage infrastructures across emerging economies drives the growth of the market.

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However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of the Asia & MENA industrial refrigeration market. Moreover, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were also stopped or restricted to a huge extent. Construction and transportation activities, along with their supply chains hampered on a global level. This led to decline in manufacturing of refrigeration systems, which directly hampers the growth of the Asia & MENA industrial refrigeration market. The food & beverage, wastewater treatment plants and pharmaceutical companies were running on full capacity, which led to the stability of the Asia & MENA industrial refrigeration market.  However, gradually all industries are resuming their regular manufacturing and services. This is further expected to lead to re-initiation of refrigeration manufacturing companies at their full-scale capacities, which is expected to help the market to start to recover by mid of 2022.

On the contrary, introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for Asia & MENA industrial refrigeration market growth.

The Asia & MENA industrial refrigeration market is segmented into component, refrigerant type, application, type and region. By component, it is segregated into compressor, condenser, evaporator, control, adiabatic coolers and others. Depending on refrigerant type, it is classified into ammonia, carbon dioxide, hydroflurocarbon and others. On the basis of application, the market is divided into food processing, dairy, chemical & pharmaceutical, steel, cement, cold storage, brewery & distillery, hospitality, automobile, oil & gas, and others. By type, it is segregated into stationary refrigeration and transport refrigeration. By region, it is analyzed across countries in Asia & MENA region that include India, South East Asia, SAARC countries, rest of Asia, Middle East and North Africa.

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On the basis of component, in 2020, the industrial compressors segment dominated the Asia & MENA industrial refrigeration market, in terms of revenue and the adiabatic coolers segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of refrigerant type, the HFC segment led the market in 2020, in terms of revenue and carbon dioxide segment is anticipated to register highest CAGR during the forecast period. By application, the food processing segment led the market in 2020, in terms of revenue and brewery & distillery segment is anticipated to register the highest CAGR during the forecast period. On the basis of type, in 2020, the stationary refrigeration segment dominated the Asia & MENA industrial refrigeration market, in terms of revenue and the transport refrigeration segment is expected to witness growth at the highest CAGR during the forecast period. By country, the rest of Asia region led the market in 2020 in terms of revenue.

Competition analysis

The major players profiled in the Asia & MENA industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development, and product launch, to offer better products and services to customers in the Asia & MENA industrial refrigeration market.

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Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging Asia & MENA industrial refrigeration market trends and dynamics. 
• In-depth Asia & MENA industrial refrigeration market analysis is conducted by estimations for the key segments between 2021 and 2028. 
• Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The market forecast analysis from 2021 to 2030 is included in the report.
• The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market industry.

Key Market Segments

By Component 

• Compressor
• Condenser
• Evaporator
• Control
• Adiabatic Coolers
• Others

By Refrigerant Type 

• Ammonia
• Carbon Dioxide
• Hydroflurocarbon (HFC)
• Others

By Application 

• Food Processing
• Dairy
• Chemical & Pharmaceuticals
• Steel
• Cement
• Cold storage
• Brewery & Distillery
• Hospitality
• Automobile
• Oil & Gas
• Others

By Type 

• Stationary Refrigeration
• Transport Refrigeration

By Country

• India
• South East Asia
• SAARC countries
• Rest of Asia
• Middle East
• North Africa

Key Players

• Carrier
• Daikin Industries, Ltd.
• Danfoss Group
• Emerson Electric Co.
• Evapco, Inc.
• GEA Group AG
• Johnson Controls
• Ingersoll Rand
• LU-VE Group
• Mayekawa Mfg. Co. Ltd