Global Industrial Refrigeration Systems Market 2023-2030

Global Industrial Refrigeration Systems Market 2023-2030

Global Industrial Refrigeration SystemsMarket Size, Share & Trends Analysis Report by Component (Compressors, Condensers, Evaporators, Controls, and Others), by Capacity (Less than 100kW, 100-500kW, 500-1000kW, 1000-5000kW and More than 5000kW), and by Application (Refrigerated Warehouse, Food & Beverage, Chemical Petrochemical & Pharmaceuticals and Refrigerated Transportation), Forecast Period (2023-2030)

The global industrial refrigeration Systems market is anticipated to grow at a CAGR of 4.2% during the forecast period (2023-2030).The vapor-compression refrigeration is the most widely used cycle for refrigerators, air- conditioners, and heat pumps.The growing adoption of technological advancement in compressors, condensers, and evaporators is the key factor supporting the growth of the market globally. The high demand for refrigeration in end-user industries is a key factor driving the growth of the global market. Foodservice organizations that need to meet strict environmental standards should consider the Eco-Cool series of industrial refrigeration systems. This system was designed with environmental responsibility in mind. The headlining feature is the digital scroll compressor system, thatenables the Eco-Cool to use one digital scroll compressor instead of multiple conventional compressors. To meet this demand, in March 2023, Tecumseh products Company is expanding its TC Series compressor platform to include models with Propane R-290 refrigerant for the Indian market. The new TC compressor models, ranging from 3cc to 8cc, are optimized for L/MBP applications and utilize R-290 natural refrigerant.

Segmental Outlook

The global industrial refrigeration systems market is segmented on the component, capacity, and application. Based on the components, the market is sub-segmented into compressors, condensers, evaporators, controls, and others (capillary tubes, condenser coils).Based on the capacity, the market is sub-segmented into less than 100kw, 100-500kw, 500-1000kw, 1000-5000kw, and more than 5000kw. Further, on the basis of application, the market is sub-segmented into a refrigerated warehouse, food & beverage, chemical petrochemical & pharmaceuticals, and refrigerated transportation. Among the applications, the refrigerated warehouse sub-segment is anticipated to hold a considerable share of the market owing to the rise in benefits of using cold storage in lowering the rate of chemical changes in perishable products.

The Compressors Sub-Segment is Anticipated to Hold a Considerable Share of the Global Industrial Refrigeration Systems Market

Among the components, the compressors sub-segment is expected to hold a considerable share of the global industrial refrigeration systemsmarket. The segmental growth is attributed to the growing influence of technological advancement in the industrial refrigeration compressors. Refrigerators with advanced adaptive compressors use electronic controls and variable speed compressors which operate smoothly and, on average, at a lower level over time to maintain the ideal temperature.There are different types of compressors for refrigeration applications. Reciprocating, rotary, and centrifugal compressors are the most common among refrigeration units. Many industries use the screw compressor owing to ease of maintenance, overall economy and simplicity. In October 2022, GEA introduced the GEA G-Plex – an electronic module delivering automatic, built-in, optimal volume ratio and performance monitoring of the company’s screw compressors in industrial refrigeration & heating equipment applications. Such launches are further contributing to the market growth.

Regional Outlook

The global industrial refrigeration systems market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to an increase in trends, such as variable capacity compressors and the usage of natural refrigerants. The key market players include Emerson Electric Co., EVAPCO, Inc., Baltimore Aircoil Company, Lennox International Inc., Parker Hannifin Corp., Innovative Refrigeration System, and others.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Industrial Refrigeration Systems Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the expansion of the e-commerce platform. E-commerce has impacted consumer buying behavior as online grocery has become a lifestyle requirement. Furthermore, retailers must store perishables at a standard temperature set by HACCP thus increasing the need for suitable refrigerated storage systems. An increase in cold chain storage facilities in nations such as Japan, India, and China. China is the largest global producer of fruits and vegetables, followed by India. China and India sell crops to numerous places across the globe. The different governments have launched several projects to extend cold storage management and improve refrigeration and refrigerated warehouse management in their respective nations.

Additionally, the presence of key food & beverage companies and expansion in the hospitality sector particularly in China and India drives the market growth in Asia-Pacific Region. These companies are investing heavily in industrial refrigeration equipment that helps maintain the quality and freshness of frozen foods. Major restaurants in the region are also relying on this equipment to preserve enormous quantities of food products.

Market Players Outlook

The major companies serving the industrial refrigeration systems market include Daikin Industries, Ltd., Emerson Electric Co., Ingersoll Rand Plc., Johnson Controls International Plc.and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance,In June 2023, BITZER announced the expansion of collaboration with Beijer Ref. The objective of this deal was to deliver the companies’ customers energy-efficient solutions by adopting natural refrigerants.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global industrial refrigeration systems market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.