Key Market Dynamics in Industrial Refrigeration

Posted by edwardzmusso on December 2nd, 2022

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.

Compressors held the largest share of industrial refrigeration system market during forecast period

Compressors held the largest market share (~41%) of the industrial refrigeration system market in 2020. 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.

Ammonia-based refrigeration systems held the largest share of industrial refrigeration system market during forecast period

Ammonia has a greater cooling capacity than other refrigerants; hence, ammonia-based refrigeration systems are more energy-efficient than those based on other refrigerants. Furthermore, companies are focusing on manufacturing industrial refrigeration equipment compatible with ammonia as HCFC-based refrigeration systems are no longer being manufactured after January 1, 2020.

North America held the largest share of industrial refrigeration system market during forecast period

North America held the largest share (~36%) of the global industrial refrigeration system market in 2020. The key factor responsible for the growth of the market is various government initiatives such as providing subsidies and implementation of various policies (such as Significant New Alternatives Policy (SNAP)& American Innovation and Manufacturing (AIM) act) to encourage food processing companies to adopt natural refrigerant-based systems. Also, ongoing growth in online grocery shopping across the region, coupled with continuously expanding application areas of natural refrigerant-based refrigeration systems, is expected to drive the industrial refrigeration system market in North America.

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Key Market Players

The industrial refrigerationsystem market is dominated by a few globally established players such as Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), and Mayekawa (Japan).

News Covered: https://www.globenewswire.com/en/news-release/2022/06/22/2467235/0/en/Industrial-Refrigeration-System-Market-Projected-to-Reach-25-1-billion-by-2026.html

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edwardzmusso
Joined: February 8th, 2021
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