Industrial Refrigeration Systems Market
Industrial Refrigeration Systems Market 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)
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 utilise 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.
Global Industrial Refrigeration Systems Market Growth, by Region 2023-2030
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.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Daikin Industries, Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Emerson Electric Co.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Johnson Controls International Plc
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Industrial Refrigeration Systems Market by Component
4.1.1. Compressors
4.1.2. Condensers
4.1.3. Evaporators
4.1.4. Controls
4.1.5. Others (Capillary tube, Condensers coils)
4.2. Global Industrial Refrigeration Systems Market by Capacity
4.2.1. Less than 100kW
4.2.2. 100-500kW
4.2.3. 500-1000kW
4.2.4. 1000-5000kW
4.2.5. More than 5000kW
4.3. Global Industrial Refrigeration Systems Market by Application
4.3.1. Refrigerated Warehouse
4.3.2. Food & Beverage
4.3.3. Chemical Petrochemical & Pharmaceuticals
4.3.4. Refrigerated Transportation
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. BITZER Kühlmaschinenbau GmbH
6.2. Danfoss
6.3. Dover Corp.
6.4. EVAPCO, Inc.
6.5. GEA Group AG
6.6. Guntner GmbH & Co. KG
6.7. Industrial Frigo S.R.L
6.8. Ingersoll Rand Plc.
6.9. Innovative Refrigeration Systems
6.10. Lennox International Inc.
6.11. LU-VE S.p.A
6.12. Mayekawa Mfg. Co., Ltd.
6.13. Parker Hannifin Corp.
6.14. Star Refrigeration Ltd.
6.15. United Technologies Corp.
1. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
2. GLOBAL COMPRESSORS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
3. GLOBAL CONDENSERS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
4. GLOBAL EVAPORATORS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
5. GLOBAL CONTROLS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
6. GLOBAL OTHERS COMPONENTS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
7. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2022-2030 ($ MILLION)
8. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY LESS THAN 100KW MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
9. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY 100-500KW MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
10. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY 500-1000KW MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
11. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY 1000-5000KW MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
12. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY MORE THAN 5000KW MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
13. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
14. GLOBAL REFRIGERATED WAREHOUSE FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
15. GLOBAL FOOD & BEVERAGE FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
16. GLOBAL CHEMICAL PETROCHEMICAL & PHARMACEUTICALS FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
17. GLOBAL REFRIGERATED TRANSPORTATION FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022-2030 ($ MILLION)
18. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
19. NORTH AMERICAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
20. NORTH AMERICAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BYCOMPONENT, 2022-2030 ($ MILLION)
21. NORTH AMERICAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2022-2030 ($ MILLION)
22. NORTH AMERICAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY APPPLICATION, 2022-2030 ($ MILLION)
23. EUROPEAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
24. EUROPEAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
25. EUROPEAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2022-2030 ($ MILLION)
26. EUROPEAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
27. ASIA- PACIFIC INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
28. ASIA- PACIFIC INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
29. ASIA- PACIFIC INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2022-2030 ($ MILLION)
30. ASIA- PACIFIC INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
31. REST OF THE WORLD INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
32. REST OF THE WORLD INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
33. REST OF THE WORLD INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2022-2030 ($ MILLION)
34. REST OF THE WORLD INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
1. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022 VS 2030 (%)
2. GLOBAL COMPRESSORS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
3. GLOBAL CONDENSERS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
4. GLOBAL EVAPORATORS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
5. GLOBAL CONTROLS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
6. GLOBAL OTHERS COMPONENTS IN INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
7. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY CAPACITY, 2022 VS 2030 (%)
8. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY LESS THAN 100KW MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
9. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY 100-500KW MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
10. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY 500-1000KW MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
11. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY 1000-5000KW MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
12. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS BY MORE THAN 5000KW MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
13. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022 VS 2030 (%)
14. GLOBAL REFRIGERATED WAREHOUSE FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
15. GLOBAL FOOD & BEVERAGE FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
16. GLOBAL CHEMICAL PETROCHEMICAL & PHARMACEUTICALS FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
17. GLOBAL REFRIGERATED TRANSPORTATION FOR INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION,2022 VS 2030 (%)
18. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
19. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET SHARE BY REGION, 2022 VS 2030 (%)
20. US INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
21. CANADA INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
22. UK INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
23. FRANCE INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
24. GERMANY INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
25. ITALY INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
26. SPAIN INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
27. REST OF EUROPE INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
28. INDIA INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
29. CHINA INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
30. JAPAN INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
31. SOUTH KOREA INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
32. REST OF ASIA-PACIFIC INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
33. REST OF THE WORLD INDUSTRIAL REFRIGERATION SYSTEMS MARKET SIZE, 2022-2030 ($ MILLION)
