According to a recent report published by Allied Market Research, titled, “Industrial Refrigeration Market by Component, Refrigerant Type, Application, and Type: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the industrial refrigeration market was valued at $19.3 billion in 2020, and is expected to reach $29.2 billion by 2028, registering a CAGR of 5.4% from 2021 to 2028. In 2020, the Asia-Pacific region dominated the industrial refrigeration market, followed by the LAMEA region. The industrial refrigeration market includes revenue generated by sales of industrial refrigerators and its components used in fresh fruits & vegetables; meat, poultry, & fish; dairy & ice cream; beverages; chemicals; pharmaceuticals and others industries.
Owing to growth in population and rise in trend of consumption of packaged food, the demand for industrial refrigeration has increased in the food & beverage industry. In addition, upgrading of old cold storages in developing countries is driving the industrial refrigeration market. Moreover, adoption of eco-friendly and energy efficient refrigerants is a major factor driving the industrial refrigeration market. However, high maintenance costs and high operating costs act as restraints to the industrial refrigeration market. In addition, strict regulation on using the refrigerants is another factor affecting the industrial refrigerant market.
Further, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of supply chain, which, in turn, hinders growth of the industrial refrigeration market. However, industries are gradually getting back on track and vaccine discovery would lead to recovery of the industrial refrigeration market by mid-2021. On the contrary, adoption of IoT enabled refrigeration systems will act as a major opportunity for industrial refrigeration market during the forecast period.
The industrial refrigeration market is segmented into offering, component, refrigerant type, application, type and region. On the basis of offering, the market is divided into industrial refrigerator and component. 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).
Key Findings Of The Study
- By component, the industrial compressors segment was the highest revenue contributor in 2020.
- By refrigerant type, the HFC segment was the highest revenue contributor in 2020.
- By application, the meat poultry & fish segment was the highest revenue contributor in 2020.
- By type, the stationary refrigeration sales segment generated the highest revenue in 2020.
- By region, the Asia-Pacific segment generated the highest revenue in 2020.
The major players profiled in the industrial refrigeration market 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. 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.