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2021
Industrial Refrigeration Market

Industrial Refrigeration Market

by Component (Compressor, Condenser, Evaporator, Control, and Others), Refrigerant Type (Ammonia, Carbon Dioxide, Hydrofluorocarbon (HFC), and Others), Application (Fresh Fruits & Vegetables; Meat, Poultry, & Fish; Dairy & Ice Cream; Beverages; Chemicals; Pharmaceuticals; and Others), and Type (Stationary Refrigeration and Transport Refrigeration): Global Opportunity Analysis and Industry Forecast, 2021-2028
Update Available On-Demand

Report Code: A04108
Pages: 410
Jun 2021 | 25427 Views
Author(s) : Digvijay P
Tables: 204
Charts: 98
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COVID-19

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The industrial refrigeration market size was valued at $19,307.3 million in 2020, and is expected to reach $29,193.9 million by 2028, registering a CAGR of 5.4% from 2021 to 2028. 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 industrial refrigeration market was briefly affected by outbreak of COVID-19 due to restrictions & lockdowns, in which manufacturing industry where industrial refrigeration is required, along with transport & logistic businesses. However, the market has started recovering after the lockdown was lifted.

The growth in demand for 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. However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of the 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 industrial refrigeration market. Although, food & beverage, wastewater treatment plants and pharmaceutical companies were running on full capacity, which led to stability to the 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.

Industrial-Refrigeration-Market-2021-2028

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

The industrial refrigeration market is segmented into component, refrigerant type, application, type and region. By component, it is segregated into compressor, condenser, evaporator, control, 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 fresh fruits & vegetables; meat, poultry, & fish; dairy & ice cream; beverages; chemicals; pharmaceuticals and others. By type, it is segregated into stationary refrigeration and transport refrigeration. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Belarus, Croatia, Czech Republic, Hungary, Lithuania, Poland, Romania, Serbia and Montenegro, Bulgaria, Slovakia, Ukraine, Rest of Europe), Asia-Pacific (China, India, Japan. Australia and rest of Asia-Pacific), and LAMEA (Latin America, Africa, Turkey, Kazakhstan, rest of Middle East).

Industrial Refrigeration Market
By Refrigerant

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HFC segment holds the largest share in Industrial Refrigeration market

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On the basis of component, in 2020, the industrial compressors segment dominated the industrial refrigeration market, in terms of revenue and the controls 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 meat poultry & fish segment led the market in 2020, in terms of revenue and pharmaceuticals 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 industrial refrigeration market share, in terms of revenue and the transport refrigeration segment is expected to witness growth at the highest CAGR during the forecast period. By region, the Asia-Pacific region led the market in 2020, in terms of revenue and LAMEA region is anticipated to register the highest CAGR during the forecast period.

Industrial Refrigeration Market
By Application

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Meat, poultry & fish segment holds dominant position in 2020

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Competition analysis

The major players profiled in the industrial refrigeration industry 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 industrial refrigeration market.

Industrial Refrigeration Market
By Region

2021
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging industrial refrigeration market trends and dynamics. 
  • Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • In-depth industrial refrigeration market analysis is conducted by estimations for the key segments between 2021 and 2028. 
  • A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
  • The industrial refrigeration market forecast analysis from 2021 to 2028 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.

Industrial Refrigeration Market Report Highlights

Aspects Details
By Component
  • Compressor
  • Condenser
  • Evaporator
  • Control
  • Others
By Refrigerant Type
  • Ammonia
  • Carbon Dioxide
  • Hydroflurocarbon (HFC)
  • Others
By Application
  • Fresh fruits & vegetables
  • Meat, poultry & fish
  • Dairy & ice cream
  • Beverages
  • Chemicals
  • Pharmaceuticals
  • Others
By Type
  • Stationary Refrigeration
  • Transport Refrigeration
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Belarus, Croatia, Czech Republic, Hungary, Lithuania, Poland, Romania, Serbia and Montenegro, Bulgaria, Slovakia, Ukraine, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Africa, Turkey, Kazakhstan, Rest of Middle East)
By 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
 

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The industrial refrigeration market is mainly driven by increasing demand for FMCG products in the global market. In addition, upgrading of cold storage infrastructure in developing countries is driving the industrial refrigerant market. Further, rising trend of using energy efficient and eco-friendly refrigerants is help the growth of the market. The industrial refrigeration market was valued at $19,307.3 million in 2020, and is expected to reach $29,193.9 million by 2028, registering a CAGR of 5.4% from 2021 to 2028.

However, high maintenance costs and high operating costs have adversely affected the installation of industrial refrigeration systems. Moreover, strict rules implemented on usage of refrigerants has adversely affected the growth of the industrial refrigerant market. On the contrary, increase in adoption of IoT enabled refrigeration solution will drive the growth of the industrial refrigeration market during the forecast period.

Major companies in the market have adopted strategies such as acquisition, partnership, business expansion, product development and product launch, to offer better services to customers in the industrial refrigeration market.
 

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FREQUENTLY ASKED QUESTIONS?

A. The global industrial refrigeration market size was valued at $19,307.3 million in 2020, and is projected to reach $29,193.9 million by 2028, growing at a CAGR of 5.4% from 2021 to 2028.

A. The forecast period considered for the global industrial refrigeration market is 2021 to 2028, wherein, 2020 is the base year, 2021 is the estimated year, and 2028 is the forecast year.

A. To get latest version of global industrial refrigeration market report can be obtained on demand from the website.

A. The base year considered in the global industrial refrigeration market report is 2020.

A. The top companies holding the market share in the global industrial refrigeration market report include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. By refrigerant type, in 2019 the HFC segment dominated the global industrial refrigeration market, in terms of revenue and is expected to maintain this trend during the forecast period.

A. By application, the meat poultry & fish segment is the highest share holder of global industrial refrigeration market.

A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. The market value of the global industrial refrigeration market is $20,234.1 million in 2021.

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