The global industrial refrigeration systems market is expected to grow at a CAGR of around 4.5% from 2020 to 2027 and expected to reach the market value of around US$ 25.5 Bn by 2027.
The vessels and auxiliary equipment serving various purposes are frequently included in industrial refrigeration systems. Industrial refrigeration systems are a critical component of the air-conditioning and refrigeration industry. The systems are frequently large, complicated, and rely heavily on insulation. Industrial refrigeration systems are used in a variety of applications, including ice production, food processing and preservation, and industrial chemical processes. These systems are typically made up of many different components, each of which may be manufactured by a different manufacturer. To optimize system performance, key system parameters such as power consumption and refrigeration effect must be identified and monitored.
Market Insider
"Ammonia" in the industrial refrigeration systems climbs towards all time high in the worldwide market
Ammonia refrigeration remains popular, particularly in industrial applications. It is one of the oldest refrigerants still in use. Ammonia systems are widely used in industrial refrigeration because ammonia is the most energy-efficient refrigerant, with a higher COP than any other. Because ammonia is one of the most environmentally friendly refrigerants, it has become even more interesting as the focus on climate change has increased. With a GWP (Global Warming Potential) and ODP (Ozone Depletion Potential) of zero, Ammonia, unlike many other refrigerants, does not contribute to global warming. However, ammonia has some drawbacks. It is toxic to inhale and, in higher concentrations, flammable. As a result, it is critical that users have complete control over emissions and the amount of refrigerant in the ammonia system. The current trend in ammonia refrigeration is toward low-charge systems, which allow for charge reductions ranging from 75% to 95%. Despite the charge reduction, the operation operates in a wide range of possible operating conditions. Low-charge systems that require less NH3 have been discovered to improve energy efficiency even further. Lowering the charge also improves safety. These benefits all contribute to a good refrigeration system. Low-charge is a significant advancement for ammonia refrigeration in large-scale industrial applications, and it is now recognized as a highly effective and energy-efficient refrigerant for large-scale refrigeration.
Market Drivers
Rising demand for industrial refrigeration systems across the FMCG sector acts as a key driver for the growth
Refrigeration and cold chain are inextricably linked, with refrigeration playing an important and vital role in the food industry as a whole for issues such as food safety, food hygiene, health, and the environment. Refrigeration is widely applicable and used in the food supply chain, such as packaging, processing, storage, transportation, waste management, and distribution of perishable products, which require additional refrigeration during storage and transportation to prevent product deterioration and losses. As a result, refrigerated cold rooms and refrigerated transport systems are widely used in the cold chain and food chain supply industries, where refrigeration plays a critical role. As a result, refrigeration in the cold chain, food storage, warehousing, supply & distribution industry, and, most importantly, refrigerated transport industry, plays a very significant and important role in the cold chain industry, in reducing losses of particularly perishable foods.
Rising government support to strengthen the cold chain infrastructure bolster the growth of global industrial refrigeration systems market
The most recent technology being used in the cold chain sector around the world is making significant advancements. And, with the government recently approving new cold chain projects, the demand for more efficient cold storage facilities is expected to rise in the future. The COOL REVOLUTION will establish efficient market links via a long-term cold chain. According to ASSOCHAM statistics, the Indian cold chain market was worth INR 1,121 Bn in 2018. The market is expected to reach INR 2,618 Bn by 2024, growing at a CAGR of 14.8% between 2019 and 2024. But apart from that, according to a Global Cold Chain Alliance report, GCCA membership in Europe includes temperature-controlled warehouse members with a total capacity of more than 25 million cubic meters, refrigerated transportation companies, controlled-environment building companies, and an international range of cold chain equipment suppliers and other vendors from 22 countries. Furthermore, GCCA works with USAID and CNFA to improve the Republic of Georgia's cold chain. These factors contribute to the expansion of the global industrial refrigeration systems market.
Market Segmentation
The global industrial refrigeration systems market is segmented based on component, refrigerant, and application. Component is segmented as compressors, condensers, evaporators, controls, and others. By refrigerant, the market is segregated as ammonia, co2, HFC, and others. Based on application, the market is segmented as food & beverage, chemical & petrochemical, pharmaceutical, utility, and others.
Based on component, compressor segment is predicted to hold dominant market share in the forthcoming years. Based on refrigerant, ammonia will hold lucrative share for the global industrial refrigerant systems market. Further, food & beverage application segment under application will hold affluent market share for the growth of global industrial refrigerant systems market.
Regional Landscape
North America has held the dominant market share for industrial refrigerant systems in the past and is expected to do so again during the forecast period. Technological advancements and R&D activities are two major factors driving the growth of the global industrial refrigerant systems market. Rapid technological advancements, such as temperature and operation controls in refrigerators, are driving the global industrial refrigeration systems market. For features such as automated defrost, anti-short cycling, and temperature control, this technology employs a single digital controller. Previously, each of these features required its own control device.
Europe will have the world's second-largest market share for industrial refrigeration systems. The region's mature market for frozen food and meat products, as well as the rise in commercialization of transport refrigeration, is expected to contribute significantly to the growth of the industrial refrigeration market.
On the other hand, Asia Pacific will have the fastest growing CAGR in the industrial refrigeration systems market in the coming years. This is due to significant growth, primarily as a result of factors such as the expanding food and beverage processing industry and the expanding cold chain market.
Competitive Landscape
The prominent players of the global industrial refrigeration systems market involve Danfoss Industries Pvt. Ltd., Johnson Controls International plc, Daikin Industries, Ltd., GEA Group AG, Güntner GmbH & Co. KG, Bitzer SE, EVAPCO, Inc., and among others
Market Segmentation
Market By Component
Compressors
Condensers
Evaporators
Controls
Others
Market By Refrigerant
Ammonia
CO2
HFC
Others
Market By Application
Refrigerated Warehouse
Food & Beverage (Fruit & Vegetable, Meat Poultry and Fish, Dairy Products)
Chemical, Petrochemical and Pharmaceutical
Refrigerated Transportation
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Industrial Refrigeration Systems
1.1. Definition and Scope
1.1.1. Definition of Industrial Refrigeration Systems
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Industrial Refrigeration Systems Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Industrial Refrigeration Systems Market By Component
1.2.3. Industrial Refrigeration Systems Market By Refrigerant
1.2.4. Industrial Refrigeration Systems Market By Application
1.2.5. Industrial Refrigeration Systems Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Industrial Refrigeration Systems Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Industrial Refrigeration Systems Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.8.3. Proportion of Manufacturing Cost Structure
3.8.3.1. Raw Material
3.8.3.2. Labor Cost
3.8.3.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2019
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2019
4.2. R&D Status and Application Source of Industrial Refrigeration Systems Major Manufacturers in 2019
CHAPTER 5. Industrial Refrigeration Systems Market By Component
5.1. Introduction
5.2. Industrial Refrigeration Systems Revenue By Component
5.2.1. Industrial Refrigeration Systems Revenue (US$ Mn) and Forecast, By Component, 2016-2027
5.2.2. Compressors
5.2.2.1. Compressors Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. Condensers
5.2.3.1. Condensers Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.4. Evaporators
5.2.4.1. Evaporators Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.5. Controls
5.2.5.1. Controls Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.6. Others
5.2.6.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Industrial Refrigeration Systems Market Revenue By Refrigerant
6.1. Introduction
6.2. Industrial Refrigeration Systems Revenue (US$ Mn) By Refrigerant
6.2.1. Industrial Refrigeration Systems Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
6.2.2. Ammonia
6.2.2.1. Ammonia Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. CO2
6.2.3.1. CO2 Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.4. HFC
6.2.4.1. HFC Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.5. Others
6.2.5.1. Others Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. Industrial Refrigeration Systems Market By Application
7.1. Introduction
7.2. Industrial Refrigeration Systems Revenue (US$ Mn) By Application
7.2.1. Industrial Refrigeration Systems Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
7.2.2. Refrigerated Warehouse
7.2.2.1. Refrigerated Warehouse Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.3. Food & Beverage (Fruit & Vegetable, Meat, Poultry, & Fish, and Dairy Products)
7.2.3.1. Food & Beverage (Fruit & Vegetable, Meat, Poultry, & Fish, and Dairy Products)
7.2.4. Chemical, Petrochemical, & Pharmaceutical
7.2.4.1. Chemical, Petrochemical, & Pharmaceutical Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.5. Refrigerated Transportation
7.2.5.1. Refrigerated Transportation Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 8. North America Industrial Refrigeration Systems Market By Country
8.1. North America Industrial Refrigeration Systems Overview
8.2. U.S.
8.2.1. U.S. Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
8.2.2. U.S. Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
8.2.3. U.S. Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.3. Canada
8.3.1. Canada Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
8.3.2. Canada Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
8.3.3. Canada Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.4. North America PEST Analysis
CHAPTER 9. Europe Industrial Refrigeration Systems Market By Country
9.1. Europe Industrial Refrigeration Systems Market Overview
9.2. U.K.
9.2.1. U.K. Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.2.2. U.K. Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
9.2.3. U.K. Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.3. Germany
9.3.1. Germany Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.3.2. Germany Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
9.3.3. Germany Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.4. France
9.4.1. France Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.4.2. France Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
9.4.3. France Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.5. Spain
9.5.1. Spain Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.5.2. Spain Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
9.5.3. Spain Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.6. Rest of Europe
9.6.1. Rest of Europe Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016-2027
9.6.2. Rest of Europe Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016-2027
9.6.3. Rest of Europe Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Industrial Refrigeration Systems Market By Country
10.1. Asia Pacific Industrial Refrigeration Systems Market Overview
10.2. China
10.2.1. China Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.2.2. China Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
10.2.3. China Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.3. Japan
10.3.1. Japan Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.3.2. Japan Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
10.3.3. Japan Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.4. India
10.4.1. India Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.4.2. India Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
10.4.3. India Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.5. Australia
10.5.1. Australia Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.5.2. Australia Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
10.5.3. Australia Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.6. South Korea
10.6.1. South Korea Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.6.2. South Korea Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
10.6.3. South Korea Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
10.7.2. Rest of Asia-Pacific Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
10.7.3. Rest of Asia-Pacific Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Industrial Refrigeration Systems Market By Country
11.1. Latin America Industrial Refrigeration Systems Market Overview
11.2. Brazil
11.2.1. Brazil Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
11.2.2. Brazil Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
11.2.3. Brazil Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.3. Mexico
11.3.1. Mexico Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
11.3.2. Mexico Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
11.3.3. Mexico Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.4. Rest of Latin America
11.4.1. Rest of Latin America Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
11.4.2. Rest of Latin America Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 – 2027
11.4.3. Rest of Latin America Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 – 2027
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Industrial Refrigeration Systems Market By Country
12.1. Middle East & Africa Industrial Refrigeration Systems Market Overview
12.2. Saudi Arabia
12.2.1. Saudi Arabia Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
12.2.2. Saudi Arabia Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
12.2.3. Saudi Arabia Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.3. UAE
12.3.1. UAE Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
12.3.2. UAE Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
12.3.3. UAE Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Component, 2016 - 2027
12.4.2. Rest of Middle East & Africa Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Refrigerant, 2016 - 2027
12.4.3. Rest of Middle East & Africa Industrial Refrigeration Systems Market Revenue (US$ Mn) and Forecast By Application, 2016 – 2027
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Industrial Refrigeration Systems
13.1. Industrial Refrigeration Systems Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Industrial Refrigeration Systems Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. COMPANY PROFILE
14.1. Danfoss Industries Pvt. Ltd.
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (US$ Mn), 2019
14.1.3.2. Danfoss Industries Pvt. Ltd. 2019 Industrial Refrigeration Systems Business Regional Distribution
14.1.4. Product/ Service and Specification
14.1.5. Recent Developments & Business Strategy
14.1.6. Manufacturing Plant Footprint Analysis
14.2. Johnson Controls International plc
14.3. Daikin Industries, Ltd.
14.4. GEA Group AG
14.5. Güntner GmbH & Co. KG
14.6. Bitzer SE
14.7. EVAPCO, Inc.
14.8. Others
