Industrial Refrigeration Systems Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCS), Application (Fruits & Vegetables Processing, Beverages, Refrigerated Warehouses), & Geography - Global Forecast to 2022
The industrial refrigeration systems market is expected to reach USD 23.22 Billion by 2022 at a CAGR of 5.24% between 2016 and 2022. The base year considered for the study is 2015 and the market has been forecast for the period between 2016 and 2022. The report aims at estimating the market size and future growth potential of the industrial refrigeration systems market based on equipment, refrigerant type, application, and geography. The report also aims at providing detailed information regarding the major factors influencing the growth of the industrial refrigeration systems market (drivers, restraints, opportunities, and industry-specific challenges) and strategically analyzes micro-markets with respect to the individual growth trends, future prospects, and contributions to the total market.
The research methodology used to estimate and forecast the industrial refrigeration systems market begins with capturing data on key vendor revenue through secondary research. Some of the secondary sources used in this research include information from various industrial refrigeration systems’ associations and organizations; such as ASHRAE, Refrigerating Engineers & Technicians Association (RETA), National Insulation Association, International Institute of Ammonia Refrigeration (IIAR), and Air Conditioning, Heating, and Refrigeration Institute (AHRI). The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global industrial refrigeration systems market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments which have then been verified through the primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary has been depicted in the figure below:
The industrial refrigeration systems’ ecosystem includes research and development associations, component manufacturers and suppliers, industrial refrigeration system manufacturers or system integrators; installation, maintenance and after sale service providers; software solution providers, and end-users as important elements. The industrial refrigeration systems marketspace comprises major players such as Johnson Controls, Inc. (U.S.), Emerson Electric Co. (U.S.), Ingersoll Rand Plc (Ireland), GEA Group AG (Germany), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), United Technologies Corporation (U.S.), Mayekawa Mfg. Co. Ltd. (Japan), Evapco, Inc. (U.S.), Lennox International Inc. (U.S.), BITZER Kuhlmaschinenbau GmbH (Germany), Baltimore Aircoil Company (U.S.), and LU-VE Group (Italy).
Target Audience of the Report:
The intended audience for this report includes: - Component and equipment manufacturers and suppliers - Device manufacturers and suppliers - System designers and machine manufacturers - Product manufacturers - Software service providers - Technology providers - Installation, monitoring and controlling companies - Technology standards organizations, forums, alliances, and associations related to the industrial refrigeration systems - End-users who want to know more about the global industrial refrigeration market and latest developments in this industry
Scope of the Report
The research report segments the industrial refrigeration systems market into following submarkets:
By Equipment:
- Compressors Reciprocating Screw - Condensers Air-Cooled and Water-Cooled Evaporative - Evaporators Air-Cooled Liquid Chillers - Controls - Vessels, Pumps, Valves, And Auxiliary Equipment
By Refrigerant Type:
- Ammonia - CO2 - HFCs - Other Refrigerants HCFC HC
By Application:
- Fruits & Vegetables Processing - Beverages - Refrigerated Warehouses - Chemicals & Pharmaceuticals - Dairy & Ice-Cream Processing - Meat, Poultry & Fish Processing - Refrigerated Transportation
By Geography
- North America - Europe - Asia-Pacific - Rest of the World
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
Detailed analysis and profiling of additional market players (up to five) The equipment market of industrial refrigeration systems has been segmented into compressors, condensers, evaporators, controls, vessels, pumps, valves, and auxiliary equipment. The compressors market has been further classified into screw and reciprocating compressors. The Condensers market has been segmented into evaporative, and air-cooled and water-cooled. Air-cooled and liquid chillers are different types of evaporators available. Among the overall equipment market of industrial refrigeration systems, the market for controls is expected to grow at a higher rate because of the increasing significance of controls and software in the future, especially in improving the energy efficiency of existing refrigeration systems. The market for the CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest rate by 2022. Many end users in the food and beverage application are focused on using of CO2 as a preferred refrigerant type, especially as a secondary refrigerant and also in NH3/CO2 cascade systems. Such trend is more prominent among developed countries across North America and Europe region, which is expected to drive the market for CO2 refrigerant type at the highest rate during the forecast period. In 2015, North America led the industrial refrigeration systems market, followed by Europe and Asia-Pacific. The U.S. held the largest share of the North American industrial refrigeration systems market, owing to the presence of wide end-user base in the U.S., followed by Canada and Mexico.
However, the industrial refrigeration systems market faces some challenges associated with growing concerns about safety issues and lack of skilled personnel for handling certain refrigerant-based systems. The high initial costs and other expenses, such as long-term maintenance costs, acts as one of the restraints in the industrial refrigeration systems market growth. This report describes drivers, restraints, opportunities, and challenges pertaining to the industrial refrigeration systems market. Furthermore, it analyzes the current scenario and forecasts the market till 2022, including the market segmentation based on equipment, refrigerant type, application, and region.
Source:
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