Industrial Refrigeration System Market Forecasts to 2028 – Global Analysis By Component (Condenser, Control, Evaporator, Compressor and Other Components), Refrigerant Type (Carbon Dioxide, Hydroflurocarbon (HFC), Ammonia), Capacity, Type, Application and

Industrial Refrigeration System Market Forecasts to 2028 – Global Analysis By Component (Condenser, Control, Evaporator, Compressor and Other Components), Refrigerant Type (Carbon Dioxide, Hydroflurocarbon (HFC), Ammonia), Capacity, Type, Application and By Geography

According to Stratistics MRC, the Global Industrial Refrigeration System Market is accounted for $19.7 billion in 2022 and is expected to reach $28.6 billion by 2028 growing at a CAGR of 6.4% during the forecast period. Industrial refrigeration systems are large-scale cooling and refrigeration devices used to chill and remove heat from a variety of products. These devices need a measuring device, a compressor pump, an evaporator, liquid refrigerants such ammonia and carbon dioxide, and other components to function. They transmit heat from one medium with a low temperature to another with a high temperature. Therefore, a wide range of industrial industries use industrial refrigeration systems extensively.

According to a Financial Express article, in India every year 16% of Food is wasted because of the lack of proper Cold Storage Infrastructure. According to Restaurants Canada, the commercial foodservices sales in the region grew by 5.3%.

Market Dynamics:

Driver:

Increased government investment in cold chain infrastructure

Temperature sensitive products are stored in cold chain warehouses to extend their shelf life. The manufacturing of perishable goods has risen significantly, which has increased demand for cold chains in logistics. Furthermore, cold chain plays in the pharmaceutical business is quickly expanding due to an increase in demand for vaccines and drugs, which is driving market expansion.

Restraint:

Safety Concerns

The demand for ammonia and carbon dioxide as refrigerants has increased significantly as natural refrigerant-based systems have gained traction. However, ammonia is a dangerous gas, and accidental leakage in facilities can cause serious industrial accidents. Gas leaks from within the refrigeration system have the potential to contaminate food items stored inside. Hence, safety concerns acts as major challenge for the growth of the market.

Opportunity:

Reinvention with Internet of Things (IoT)

IoT is transforming the refrigeration business in terms of productivity, energy efficiency. Integration of IoT into industrial refrigeration systems vastly increases real-time monitoring capabilities. Thus, using the integrated sensors, customers will be able to monitor on internal and external temperature, power consumption, and humidity, which is boosting the market's advancement.

Threat:

High installation cost

Industrial refrigeration systems have high installation cost owing to the high cost of their components. The control systems used in theses refrigeration systems are expensive, which increases the cost. Additional expenses like regular maintenance and high energy costs significantly raise operating costs, which restrains market expansion.

Covid-19 Impact

The Covid-19 issue has caused various economic sectors, including those in the transportation, textile, and petroleum industries, to review their business methods and processes. However, it has grown significantly throughout the pandemic period, owing to its critical function in reducing post-harvest losses and preserving agricultural goods. Furthermore, a lot of people buy their food in bulk, which has created a big demand for refrigeration systems to store them.

The compressor segment is expected to be the largest during the forecast period

The compressor segment is estimated to have a lucrative growth, due to it is used for maintaining the required lower temperature and pressures and eliminating the vapour. Because of its capacity to control the load on the evaporators, this equipment is an important component of the industrial refrigeration system. The implementation of improved compressor solutions by market participants to meet effectiveness and refrigerant standards is driving segment growth.

The beverages segment is expected to have the highest CAGR during the forecast period

The beverages segment is anticipated to witness the fastest CAGR growth during the forecast period, due to increasing demand for compact and innovative refrigeration. Consumers increasingly prefer packaged, processed, and frozen ready-to-eat food items as a result of shifting lifestyles, dietary habits, and busy schedules. Hence, these are the factors boosting the segment growth.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the significant expansion possibilities of cold chain storage facilities. The various governments have launched a number of initiatives to expand cold storage management and enhance refrigeration and refrigerated warehouse administration in their respective countries. Therefore, the growth of the region is being fuelled by these prospects.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to technological developments, convenience and aggressive marketing of frozen foods. Real-time monitoring made possible by the growing integration of sensors with industrial refrigeration systems. Additionally, a tight regulatory framework to limit the environmental impact of refrigerants is raising demand for environmentally friendly refrigeration systems in the region.

Key players in the market

Some of the key players profiled in the Industrial Refrigeration System Market include Alcon Inc., Johnson and Johnson Vision, Allergan plc, Topcon Corporation, Novartis AG, Bausch Health Companies Inc., Regeneron Pharmaceuticals Inc, Coherus Biosciences, Inc., Bayer AG, Genentech, Inc., Carl Zeiss Meditec AG, Teva Pharmaceutical Industries Ltd., Lomb Incorporated, Nidek Co., Ltd., Ziemer Ophthalmic Systems and Regeneron Pharmaceuticals.

Key Developments:

In November 2022, Daikin Industries Ltd. established their new factory in Indonesia for manufacturing residential air conditioners which helped the company to fulfill the growing demand for air conditioners in Indonesia.

In May 2021, Emerson Electric Co. donated the company’s sustainable refrigeration technology to Gem City Market, a grocery store in Ohio to offer fresh food to address food insecurity in the city.

In March 2020, Ingersoll Rand merged with Gardner Denver to provide a stronger, broader portfolio of mission-critical industrial, energy, medical and specialty vehicle products and services. The merger has positioned the new Ingersoll Rand as a global leader in mission-critical flow creation and industrial technologies.

Components Covered:
• Condenser
• Control
• Evaporator
• Compressor
• Other Components

Refrigerant Types Covered:
• Carbon Dioxide
• Hydroflurocarbon (HFC)
• Ammonia

Capacities Covered:
• More than 5000kW
• 1000-5000kW
• 500-1000kW
• 100-500kW
• Less than 100kW

Types Covered:
• Transport Refrigeration
• Stationary Refrigeration
• Other Types

Applications Covered:
• Meat, Poultry and Fish
• Beverages
• Fresh Fruits and Vegetables
• Chemicals
• Pharmaceuticals
• Dairy Products
• Oil & Gas
• Refrigerated warehouses
• Petrochemicals
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements