According to a recent report published by Allied Market Research, titled, "Industrial Refrigeration Market by Offering, Component, Refrigerant type, Application, and type: Global Opportunity Analysis and Industry Forecast, 2019–2026," The global industrial refrigeration market accounted for $19,666 million in 2018 and is expected to reach $29,133 million by 2026, registering a CAGR of 4.9% from 2019 to 2026. In 2018, Asia-Pacific dominated the global market, in terms of revenue, accounting about 43.8% share of the global industry, followed by North America, Europe, and LAMEA.
Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. They are also used in the production industry wherein they are used for cooling various industrial equipment. The demand for industrial refrigeration systems has increased in the food & beverage processing and storage industries, as these systems prevent spoilage of perishable semi-processed foods & drinks. In addition, these systems provide controlled temperature conditions for food & beverage products to retain their freshness, taste, and prevent microbial contamination. These factors fuel the demand for refrigeration systems in the market. However, high energy cost for operations and maintenance of industrial refrigeration systems restrict the global industrial refrigeration market growth.
The industrial refrigerators segment secured the highest share of 54.8% in the global market in 2018 and is expected to grow at a CAGR of 4.6% during the forecast period. In terms of type, the stationary refrigeration segment is expected to contribute the highest market share in the coming years, as rapid expansion and upgrade of cold storage facilities fuel the demand for industrial refrigeration and related equipment in various developing countries such as India, China, Latin America, and the Middle East.
There is high demand for ammonia-based refrigeration systems, as these systems prevent the release of ozone depletion substances (ODS) and maximizes the recycling ability of refrigerants. The compressors segment accounted for the highest share of 32.0% in the component industrial refrigeration market.
Stationary refrigeration is anticipated to dominate the industrial refrigeration market during the forecast period, owing to rapid expansion of refrigerated warehouses and increase in demand for industrial refrigeration and related equipment across various developing countries such as India, China, Latin America, and the Middle East. Moreover, the fruits & vegetable processing and dairy & ice cream processing segments are expected to witness moderate growth in the industrial refrigeration market during the study period.
Key Findings of the Study
- Based on offering, the industrial refrigerators segment generated the highest revenue in 2018.
- Based on component, the compressors segment was the highest revenue contributor in 2018.
- Based on refrigerant type, the HFCs segment was the highest revenue contributor in 2018.
- Based on application, the meat, poultry, & fish segment was the highest revenue contributor in 2018.
- Based on region, LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
- Based on region, Asia-Pacific contributed the highest market revenue in 2018, followed by North America, Europe, and LAMEA.
The key players analyzed in global digital textile printing machine market are 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 United Technologies Corporation.