June 08, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Industrial Refrigeration System Market.
It was estimated prior to this unanticipated outbreak that the Industrial Refrigeration System Market is likely to witness a CAGR of 5.2% during the forecast period. The global industrial refrigeration system market has almost neared a saturation level with an unwavering growth in the last five years and is expected to witness similar growth during the forecast period. There have been not much technological progressions in the field of industrial refrigeration systems in the recent years, but a gradual shift can be expected from the use of ozone depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) to natural refrigerant-based systems. Growing cold chain infrastructure in the developing economies of Asia-Pacific, Latin America, the Middle East, and Africa is likely to act as a major growth driver for the global industrial refrigeration system market.
Market Scope & segmentation
Industrial Refrigeration System refers to a wide range of refrigeration applications such as freezers or liquefaction, and others.
Industrial Refrigeration System comprise of a number equipment such as compressors, condensers, evaporators, controls, pumps, and others. Fruit & vegetable processing, beverage, refrigerated warehouse, chemicals, diary, and others are some of the industries where industrial refrigeration system is used.
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Based on the equipment type, the market is segmented as compressors, condensers, evaporators, controls, vessels, valves, pumps, and auxiliary equipment. The controls segment is expected to witness the highest growth during the forecast period, owing to the growing significance of controlling system and software to improve energy efficiency of the existing and the new refrigeration systems.
Based on the refrigerant type, the market is segmented as ammonia, CO2, HFC, and others. The CO2 refrigerant segment is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the higher adoption of CO2 refrigerants in the food and beverage industry, a major application area of industrial refrigeration system. Further, there are ample number of research & developmental activities going on in the developed economies to develop and employ CO2 refrigerants.
In terms of regions, North America dominated the industrial refrigeration system market and is expected to retain its dominant position during the forecast period. The USA is the growth engine of the North American market owing to dependable supply chain, significant capital investment, presence of a large number of end-users, and continuous research and development activities to meet the industry challenges. Asia-Pacific is expected to witness the highest growth owing to significant economic development in the region, rising disposable income of consumers, expanding infrastructure, and government support. Developing economies, such as China and India are the growth engines of the Asia-Pacific market.
Key players operating in the global Industrial Refrigeration System market are-
- Johnson Controls International plc,
- The Emerson Electric Company,
- Ingersoll-Rand plc,
- GEA Group AG,
- The Danfoss Group,
- Daikin Industries, Ltd.,
- Bitzer SE,
- United Technologies Corporation,
- Mayekawa Mfg. Co. Ltd.,
- Lu-Ve Group,
- Lennox International Inc.,
- Evapco, Inc.,
- Baltimore Aircoil Company, Inc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Industrial Refrigeration System analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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