Europe Bags The Major Share Of Industrial Refrigeration Systems Market

Date: 23 January 2019
Europe Bags The Major Share Of Industrial Refrigeration Systems Market

Industrial refrigeration systems are specific systems used for cooling like gigantic freezers and refrigeration plants that are used in the food & beverage processing, cold storage, and other applications.  Industrial refrigeration refers to the entire process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. The demand for industrial refrigeration systems has evidently increased in the food & beverage processing and storage industries, as these systems prevent the spoilage of perishable semi-processed foods & drinks. Additionally, these systems provide controlled temperature conditions for food & beverage products to retain their freshness, taste, and prevent microbial contamination.

Industrial Refrigeration Systems Market Size and Growth Rate

According to the research report published by Research Cosmos, The Global Industrial Refrigeration Systems Market size is predicted to witness USD 33.66 Billion by 2025 from USD 20.02 Billion in the year 2017 growing a compound annual growth rate of 6.8% during 2028 to 2025.

Growth Drivers and Restraints

The growth in demand for industrial refrigeration systems in the FMCG industry majorly drives the global growth of the market, owing to the increased use of packaged & processed food & beverages in developing countries that gives the benefits of prevention of spoilage of semi-processed food & drinks. The introduction of various advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides high growth opportunities for industrial refrigeration systems. Furthermore, rise in trend of upgrading cold storage infrastructures across emerging economies drives the growth of the Industrial Refrigeration Systems Market. However, very high energy consumption for operation and a substantially high investment in maintenance of industrial refrigeration systems hamper the growth of the industrial refrigeration systems market. Especially in emergent nations this has become a matter of concern.

Leading Segments in the Global Industrial Refrigeration Systems Market Space

The refrigerated warehouse segment is expected to contribute the highest market share in the coming years, owing to the rapid expansion and upgrade of cold storage facilities which fuel the demand for industrial refrigeration and related equipment in various developing countries such as India, China, Latin America, and the Middle East. Based on the existing components, the market is classified into compressor, evaporator, condenser, control, and others. The compressors segment accounted for the highest share of 33.3% in the component market globally. The fruits & vegetable processing and dairy & ice cream processing segments are expected to witness moderate growth in the industrial refrigeration systems market during the forecast period of 2018-2024. Based on the refrigerant type being used, the market is categorized into ammonia, carbon dioxide, hydrofluorocarbon (HFC), and various others. Ammonia contributed the highest revenue in the industrial refrigeration market based on refrigerant type and is likely to dominate the market. There is a high demand for ammonia-based refrigeration systems, mostly in developed nations, as these systems prevent the release of ozone depletion substances (ODS) and maximizes the recycling ability of refrigerants.

The latest trend in the global market is for the CO2-based industrial refrigeration systems which is expected to grow at a high CAGR during the forecast period owing to their excellent thermodynamic properties, high energy efficiency, and non-flammable characteristics. Many end users across the food & beverages industry, which constitutes for major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as the preferred refrigerant (secondary) in cascade systems. Also, owing to a cleaner world movement, various FMCG industries, especially, focus on adoption of industrial refrigeration systems with eco-friendly refrigerants to retain freshness and prevent spoilage of products, as the demand for processed and packaged food products is increasing rapidly in emerging economies. This gives the Industrial Refrigeration Systems Market a more environment-friendly angle as well.

Geographical Presence of the Industrial Refrigeration Systems Market

Geographically, the market is spread across North America, Europe, Asia-Pacific, and LAMEA. In 2017, Europe dominated the global market, in terms of revenue and market share, accounting for about 34.5% share of the global industry, closely followed by North America. Europe’s phenomenal growth is owing to the strong demand from refrigerated warehouses, and food and beverage processing industries. North America, meanwhile, has the presence of a number of key market players that export their refrigeration systems to domestic and international end-user markets. This makes it a budding region that is yet to mature. Australia, US, Canada, China, and certain European countries, such as the Netherlands, France, and the UK, are some of the key countries that have a strong global refrigerated warehouse industry and is expected to keep growing. The strengthening of cold chain infrastructure in various other developing countries to meet the rising demand for convenience food is expected to be the key market driver in these nations.

Competitive Landscape and Key Companies Operating in the Market

The major players, such as Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Ingersoll Rand Plc, Johnson Controls, Inc., LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation, have adopted new product launches and business expansion as their key strategies to expand their market foothold globally. These market players cater to the changing needs of refrigerated warehousing or cold storage, and temperature-controlled logistics or refrigerated transportation services for a broad range of verticals, including food commodities and pharmaceuticals.

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