New products, 05 November 2024
Additionally, understanding consumer behavior, attitude towards food consumption, understanding societal trends, and consumer access to food would help the company develop the products to attract the customer. Increasing consumer trends towards diet have urged the food manufacturers to keep track of current trends and adopt new technologies to tap the potential market. The rising trend of buying packaging products and increasing adoption of e-commerce has augmented the demand for refrigerated transportation and warehouse. Further, the increasing penetration of the organized retail sector in the emerging economies has propelled the demand for packaged food. These are several key factors behind the growing demand for industrial refrigeration systems.
The refrigerant is a substance that is used in a refrigeration cycle to cool a particular space. Most refrigerants harm the environment as they contribute to ozone layer depletion and global warming. Greenhouse gases, such as emissions from some refrigerants and carbon dioxide, contribute to global warming as they absorb infrared radiation and retain it in the atmosphere. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.
Moreover, several governments are taking initiatives to strengthen the cold chain infrastructure and attract investment in the cold chain industry. This, in turn, is creating demand for industrial refrigeration systems across the globe. For instance, the Ministry of Food Processing Industries of India implemented the scheme of the cold chain, value addition, and preservation infrastructure. The program offers financial support for setting up the integrated cold chain infrastructure to avoid post-harvest losses. These factors are likely to aid in market growth over the forecast period.
The compressors product segment led the market and accounted for more than 15.0% revenue share in 2019. On the basis of product, the market is segmented into the compressors, controls, evaporators, condensers, and others. Compressors are mostly used for industrial and commercial refrigeration, heat pump, and air-conditioning applications such as HVAC, humidifiers, chillers systems, etc. In industrial refrigeration equipment, compressors play an essential role by rising refrigerant vapor pressure in a condenser to ensure appropriate temperature-level for preservation and food storage applications.
Besides, a compressor takes in low-temperature and low-pressure refrigerant from the evaporator and compresses the refrigerant into high-temperature and high-pressure gaseous state. The increasing number of refrigerated warehouses across the world drives the compressor market growth. Several market players are concentrating on cost reduction in the manufacturing of compressors. With the increase in the application industries of industrial refrigeration equipment, market players are developing new compressors to meet the diverse requirements of end-users and explore the untapped market; this, in turn, is further estimated to upsurge the demand for compressors in the forthcoming years.
The food and beverage application segment led the market and accounted for more than 55.0% share of the global revenue in 2019. Based on application, the market can be segmented into the refrigerated warehouse, food and beverage (including fruit and vegetable, meat, poultry, and seafood, and dairy products), chemical, petrochemical, and pharmaceutical, and refrigerated transportation.
The increasing disposable income and growing population have resulted in an augmented demand for frozen and processed food products. This developing demand for convenience products has increased the number of refrigerated warehouses across the globe, with improved capacity in the past few years. Moreover, the growing automation of refrigerated warehouses is further anticipated to enhance the market demand over the projected period.
Ensuring that the seafood, meat, poultry, and dairy products remain fresh and safe for consumption is getting vital not only health-conscious consumers but also for businesses. As a result, the application of the cold chain technology is no longer limited only to getting these products safely from the warehouse to the market. Retaining the quality of these products as well as maintaining cost efficiency and energy efficiency is also getting of paramount importance. These factors are likely to upkeep the increasing use of industrial refrigeration systems in refrigerated warehouse applications over the forecast period. However, the chemical, petrochemical, and pharmaceutical application segment are expected to expand at the highest CAGR of 6.0% from 2020 to 2027.
North America dominated the market and accounted for over 30.0% share of global revenue in 2019. This is due to the aggressive and convenient marketing of frozen food products in the number of varieties, such as bowl meals, skillet and oven meal kits, and restaurant-quality pizza. Food producers are estimated to drive demand over the next seven years. Running clinical testing and research to halt the spread of the outbreak of COVID-19 pandemic across North America is also driving the market growth in the pharmaceutical industry.
Asia Pacific is projected to be the most attractive regional market due to rapid growth opportunities observed from cold-chain storage infrastructure in various countries such as India, Japan, and China. For instance, India is the second-largest vegetable and fruit producer across the globe. The cold storage and managing the refrigeration for such huge fruits and vegetables produce is a challenging task. Industry players and government both adopt and initiate several initiatives to expand the facilities and overall agricultural output and revenues. Such government strategies to support cold chain management systems are anticipated to drive the demand for industrial refrigeration systems in the Asia Pacific region.
The key players that dominated the global market in 2019 include Johnson Controls; Emerson Electric Co.; GEA Group Aktiengesellschaft; DAIKIN INDUSTRIES, Ltd.; and Danfoss Industries Pvt. Ltd. Industry players emphasize strategic collaborative initiatives for technology development in the market and increase their profitability and market share. End-use industries are using the industrial refrigeration system for several applications have diverse requirements based on specific processes and level of in-house expertise, product type, and environment. The market player continuously undertakes strategic initiatives such as new product launches, inaugurating new plants, agreements and contracts, and partnerships to sustain their market position. For instance, in April 2020, Danfoss Industries Pvt. Ltd. launched the electronic liquid-level switches that play an essential role in refrigeration equipment's safety. Further, In April 2020, Danfoss Editron inaugurated a new in-house testing laboratory in Lappeenranta, Finland. Some of the prominent players in the industrial refrigeration systems market include:
Danfoss Industries Pvt. Ltd.
Johnson Controls
DAIKIN INDUSTRIES, Ltd.
GEA Group Aktiengesellschaft
Güntner GmbH & Co. KG
BITZER
EVAPCO, Inc.
