This industry research report identifies DAIKIN INDUSTRIES, Danfoss, GEA Group, Ingersoll-Rand,and Johnson Controls as the key vendors in the global industrial refrigeration market. This industry research report also presents a competitive analysis of the market by application (food processing, chemical and pharmaceuticals, and oil and gas), by equipment (compressors, condensers, and evaporators, and industrial racks, and heat exchangers), and by geography (the Americas, APAC, and EMEA).
Overview of the global industrial refrigeration market
Market research analysts at Technavio predict that the global industrial refrigeration market will grow steadily at a CAGR of close to 6% during the forecast period. Factors such as need for increasing energy efficiency and reducing operating costs and the availability of government incentives are influencing the need for the replacement of refrigeration systems. Stringent regulations relating to refrigeration and energy efficiency motivate businesses to invest in energy-saving equipment by providing them enhanced tax relief. This will in turn result in a rise in the demand for replacements especially in the developed countries, which will be one of the primary growth factors for this market. There is an increased investment towards the expansion and upgradation of the pharmaceutical sector in Asian countries will be one of the major trends that will gain traction in this global market in the coming years. Various reforms that encourage innovative assets to come to the Asian countries such as India, Japan, and China and reduce the time period for the pharma deals will contribute to the growth of the pharmaceutical sector. This will increase the need for refrigeration equipment in these countries, which will consequently drive the growth of this global market.
Competitive landscape and key vendors
The market is highly competitive and fragmented due to the presence of a number of established players with large market shares. The players in the market compete based on customer service, pricing optimization, inventory management, and distribution optimization and are increasingly focusing on innovation and advances in technology to develop advanced products with competitive pricing. The key players focus on providing energy-efficient equipment and technologically advanced systems to meet customer demands.To expand their product portfolio and global presence the players in this marketspace are also following M&A strategies. The leading vendors in the market are
- DAIKIN INDUSTRIES
- Danfoss
- GEA Group
- Ingersoll-Rand
- Johnson Controls.
The other prominent vendors in the market include BITZER Group, CIMCO, Dover Corporation, Emerson Electric, and UNITED TECHNOLOGIES.
Segmentation by application and analysis of the industrial refrigeration market
- Food processing
- Chemical and pharmaceuticals
- Oil and gas
During 2016, the food processing segment accounted for the major shares of this market. Refrigeration systems are used for cooling food products to maintain their quality and taste till it reaches end-users. The rise in demand for processed food and the increase in investments in food processing plants will drive the growth of the industrial refrigeration market in this segment.
Geographical segmentation and analysis of the industrial refrigeration market
- Americas
- APAC
- EMEA
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market by 2021. This is mainly due to the rising demand for processed and frozen food and the growth of the chemicals and pharmaceuticals sector in this region.