Evolution of the Industrial Refrigeration Industry- Market Size and Growth Rate

Posted by edwardzmusso on May 4th, 2022

According to a research report \"Industrial Refrigeration System Market with COVID-19 Impact Analysis by Component (Compressor, Condenser, Evaporator), Application (Fruit & Vegetable Processing, Refrigerated Warehouse), Refrigerant Type, and Region - Global Forecast to 2026\" published by MarketsandMarkets, the global industrial refrigeration market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021–2026. The growth of the industrial refrigeration market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries, and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.

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Industrial refrigeration are used to cool, freeze, and maintain appropriate temperature levels across warehouses or storage facilities, food processing units, chemical and pharmaceutical industries, and logistics and other distribution area applications. These systems are made of various components, including compressors; condensers; evaporators; controls; and vessels, pumps, valves, and auxiliary equipment.

The compressor segment to hold the largest market share in 2026

The compressor segment of the industrial refrigeration system market is estimated to register the largest market share in 2026, by component. In industrial refrigeration systems, compressors play a vital role by increasing refrigerant vapor pressure in a condenser to ensure suitable temperature for food storage and preservation applications, thereby propelling the refrigerant compressor market growth. Reciprocating and screw compressors are mainly used in industrial refrigeration systems. However, an increase in the demand for screw compressors has been witnessed owing to various benefits such as high reliability, less frequent maintenance, and compactness offered by them. Also, screw compressors do not have high discharge temperatures. With the increase in the application areas of industrial refrigeration systems, companies are developing new compressors to meet the diverse needs of customers and explore the untapped market, which is expected to drive the market for compressors during the forecast period.

The CO2-based refrigeration systems to register higher CAGR during the forecast period

The industrial refrigeration system market for CO2-based refrigeration systems is projected to register the higher CAGR during the forecast period, by refrigerant type. The key factor for the market’s growth is the rising popularity of CO2 cascade refrigeration systems in various applications. CO2 is abundant and stays in the atmosphere for a longer time. Large CO2-based industrial refrigeration systems are less expensive to build than their glycol counterparts; thus, the initial and life cycle costs of CO2-based industrial refrigeration systems are comparatively low. Moreover, all these advantages, coupled with increasing awareness about the thermodynamic properties of CO2 refrigerants, are expected to propel the market for CO2-based refrigeration systems.

The chemical, petrochemical, and pharmaceutical segment for the industrial refrigeration market is expected to witness higher CAGR growth during the forecast period

The industrial refrigeration market for chemical, petrochemical, and pharmaceutical applications is expected to grow at the highest CAGR during the forecast period. Processes in chemicals and petrochemicals industries, particularly handling and processing substances such as oil, gas, and other chemical compounds, are extremely challenging. Different processes and operations in these applications require the removal of heat and refrigeration to produce the final product. These processes include crystallization or condensation. Similarly, the pharmaceutical industry relies on refrigerated or temperature-controlled systems to preserve and maintain the integrity of products. A key factor for the growth in chemical, petrochemical, and pharmaceutical applications is the increasing demand for industrial cold storage facilities to store medicines and vaccines. Additionally, running clinical testing and research to halt the outbreak of the COVID-19 pandemic across North America and APAC is also driving the market growth.

APAC to register higher CAGR during the forecast period

The market in APAC is expected to grow at the highest CAGR during the forecast period. The market’s growth can be attributed to the growing pharmaceutical industry in the region, coupled with government subsidies for improving the cold chain and preservation infrastructure. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan. Additionally, increasing disposable incomes and the ever-growing population are propelling the demand for processed food products and beverages in the region. As a result, there is an increase in the number of food processing facilities in APAC, which, in turn, is expected to drive the market for industrial refrigeration systems market.

Key players in the industrial refrigeration market include Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), Mayekawa (Japan), Daikin (Japan), Ingersoll Rand (Ireland), EVAPCO, Inc. (US), Baltimore Aircoil Company (US), BITZER (Germany), LU-VE Group (Italy), MTA S.p.A. (Italy), Frascold (Italy), HITEMA INTERNATIONAL (Italy), Güntner GmbH & Co. KG (Germany), Lennox International (US), KOBELCO (Japan), Parker Hannifin (US), Clauger (France), Rivacold (Italy), Dorin S.p.A. (Italy), Star Refrigeration (Scotland), Industrial Frigo (Lombardy), SRM Italy (Italy), and Innovative Refrigeration Systems (US). These players have adopted product launches and expansions, agreements/partnerships, collaborations, and acquisitions to grow in the market.

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