According to a new report published by Allied Market Research, titled, Industrial Refrigeration Market by Offering, Components, Refrigerant Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global industrial refrigeration market accounted for $10,127.6 million in 2017 and is expected to reach $14,525.7 million by 2024, registering a CAGR of 5.4% from 2018 to 2024. In 2017, Europe dominated the global market, in terms of revenue, accounting about 34.5% share of the global industry, followed by North America.
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Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. 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 market growth.
The industrial refrigerators segment secured the highest share of 56.0% in the global market in 2017 and is expected to grow at a CAGR of 4.9% during the forecast period. In terms of application, the refrigerated warehouse 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 33.3% in the component market.
The refrigerated warehouse segment 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 Industrial Refrigeration Market:
- In 2017, the refrigerated warehouse segment dominated the global industrial refrigeration market, in terms of revenue, and is projected to grow at a CAGR of 6.3% during the forecast period
- The ammonia-based refrigerant segment is projected to grow at a CAGR of 4.9% during the forecast period
- Europe is expected to exhibit the highest CAGR during the forecast period. Countries such as UK, Germany, Russia, France, Italy, and others are expected to drive the industrial refrigeration market in the coming years.
The major players, such as 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, have adopted new product launch and business expansion as their key strategies to expand their market foothold.