Industrial Refrigeration Market Expected to Garner $14,525.7 Million by 2024
The global industrial refrigeration market is expected to reach $14,525.69 million in 2024, from $10,127.57 million in 2017, growing at a CAGR of 5.40% from 2018 to 2024. 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.
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.
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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 the 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.
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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.
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