The centralized refrigeration systems market was valued for $29.81 billion in 2022 and is estimated to reach $49.50 billion by 2032, exhibiting a CAGR of 5.2% from 2023 to 2032. The centralized refrigeration systems market was 3,822,782 units in 2022 and is estimated to reach 4,989,771 units by 2032, exhibiting a CAGR of 2.7% from 2023 to 2032. Centralized refrigeration system is a cooling system that is installed in industrial and commercial venues to refrigerate a particular facility in food & beverages, pharmaceuticals, bakeries, and other industries. In this system, the refrigerant is circulated through a network of pipes and distributed to multiple evaporators, which cool the air in different areas or rooms. The refrigerant is then returned to the central location, where it is compressed and cooled before being circulated again. It helps minimize power consumption and allows easy management of equipment and service.
The need for centralized refrigeration systems and related equipment has increased in several developing countries, including India, China, Brazil, etc., because of the quick growth and modernization of cold storage facilities. Cold storage facilities proved to be conducive atmosphere for the storage of food and beverage, dairy, ice cream, meat, poultry, and fish, as well as the products from chemical and pharmaceutical industries. Moreover, centralized refrigeration systems provide controlled temperature condition for storing perishable products, which helps in retaining freshness and maintain the taste of processed food products in hotels, restaurants, retail, and other commercial venues. However, centralized refrigeration systems, which are widely utilized in a variety of industrial applications such as food processing, product preservation, and others, demand a tremendous amount of energy to regulate the temperature in a facility.
Additionally, these systems require ongoing monitoring to regulate the flow of refrigerant and come with greater maintenance costs. Consequently, it is anticipated that these issues will restrain the centralized refrigeration systems market expansion. Additionally, modernizing cold storage and refrigerated facilities necessitates continual refrigerant flow monitoring and leak detection. As a result, IoT-enabled refrigeration solutions have become increasingly popular for monitoring machinery in the processing and storage industries. The players in the centralized refrigeration systems market in developing nations may benefit from lucrative opportunities for development as a result during the estimated period.
The centralized refrigeration systems market is segmented into components, refrigerant, end-user industry, and region. By components, it is segregated into compressors, condenser, evaporators, controls, and others. Depending on the refrigerant, it is classified into ammonia, carbon dioxide, F-gases, and others. Based on end-user industry, the market is divided into commercial (hotel, restaurant, catering, and retail) and industrial (refrigerated warehouse, food processing, healthcare, and others). Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The need for centralized refrigeration systems and related equipment has increased in several developing countries, including India, China, Brazil, etc., because of the quick growth and modernization of cold storage facilities. Cold storage facilities proved to be conducive atmosphere for the storage of food and beverage, dairy, ice cream, meat, poultry, and fish, as well as the products from chemical and pharmaceutical industries. Moreover, centralized refrigeration systems provide controlled temperature condition for storing perishable products, which helps in retaining freshness and maintain the taste of processed food products in hotels, restaurants, retail, and other commercial venues. However, centralized refrigeration systems, which are widely utilized in a variety of industrial applications such as food processing, product preservation, and others, demand a tremendous amount of energy to regulate the temperature in a facility.
Additionally, these systems require ongoing monitoring to regulate the flow of refrigerant and come with greater maintenance costs. Consequently, it is anticipated that these issues will restrain the centralized refrigeration systems market expansion. Additionally, modernizing cold storage and refrigerated facilities necessitates continual refrigerant flow monitoring and leak detection. As a result, IoT-enabled refrigeration solutions have become increasingly popular for monitoring machinery in the processing and storage industries. The players in the centralized refrigeration systems market in developing nations may benefit from lucrative opportunities for development as a result during the estimated period.
The centralized refrigeration systems market is segmented into components, refrigerant, end-user industry, and region. By components, it is segregated into compressors, condenser, evaporators, controls, and others. Depending on the refrigerant, it is classified into ammonia, carbon dioxide, F-gases, and others. Based on end-user industry, the market is divided into commercial (hotel, restaurant, catering, and retail) and industrial (refrigerated warehouse, food processing, healthcare, and others). Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition analysis
The major players profiled in the centralized refrigeration systems market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development, and product launch to offer better products and services to customers in the centralized refrigeration system market.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the centralized refrigeration systems market analysis from 2022 to 2032 to identify the prevailing centralized refrigeration systems market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the centralized refrigeration systems market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global centralized refrigeration systems market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Components
- Compressors
- Controls
- Condensers
- Evaporators
- Others
By Refrigerant
- F-Gas
- Carbon dioxide
- Ammonia
- Others
By End-user Industry
- Commercial
- Commercial
- Hotel, Restaurant, and Catering
- Retail
- Industrial
- Industrial
- Refrigerated Warehouse
- Food Processing
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Frace
- UK
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Danfoss
- Johnson Controls
- LU-VE S.p.A.
- GEA Group
- EVAPCO, Inc.
- CARRIER GLOBAL CORPORATION
- Daikin Industries Ltd.
- Bitzer SE (Bitzer Kuhlmaschinenbau GmbH)
- Emerson Electric Co.
- Industrial Frigo S.R.L
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CENTRALIZED REFRIGERATION SYSTEMS MARKET, BY COMPONENTS
CHAPTER 5: CENTRALIZED REFRIGERATION SYSTEMS MARKET, BY REFRIGERANT
CHAPTER 6: CENTRALIZED REFRIGERATION SYSTEMS MARKET, BY END-USER INDUSTRY
CHAPTER 7: CENTRALIZED REFRIGERATION SYSTEMS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the centralized refrigeration systems market was valued at $29.8 billion in 2022, and is estimated to reach $49.5 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032. Centralized refrigeration system is a cooling system that is installed in industrial and commercial venues to refrigerate a particular facility in food & beverages, pharmaceuticals, bakeries, and other industries.Condensers are key components of any refrigeration system as they are essential for condensing the refrigerant into a saturated liquid state. In centralized refrigeration systems, water-cooled condensers and evaporative condensers are used to remove the heat extracted from the interior of the unit to the outside air. Furthermore, most of the condensers use cooling water and air as coolants, which in turn, is expected to fuel the demand for these condensers in refrigerated warehouses, cold storage rooms, and food & beverage processing industries.
Refrigeration system controls are defined as equipment that controls and optimizes the temperatures and pressures in a refrigeration system. These controls automatically adjust the refrigeration system’s operation to minimize its energy consumption, while maintaining higher productivity. Moreover, these controls also monitor changes in load, weather conditions, and operating requirements.
Centralized refrigeration systems comprise various components such as compressors, condensers, and evaporators, which are connected via a pipe and tubing for allowing the refrigerant to pass through them. Refrigeration control systems, such as thermostat control, defrost control, and head pressure control are used to control the flow of liquid refrigerant and optimize the temperature & pressure within the refrigeration system. Moreover, it minimizes the energy consumption of refrigeration system and maintains a predefined temperature for processes being refrigerated, which in turn, is expected to fuel the demand for refrigeration control systems in the near future.
HFCs are the most common type of F gases and were mainly used as refrigeration systems before the limitations on its use was introduced by The European Union. These are being phased out from commercial applications due to increasing concerns of environmental issues such as the depletion of the ozone layer and global warming. HFC acts as a greenhouse gas and is a non-flammable & non-toxic refrigerant, which contains hydrogen, fluorine, and carbon chemicals. Though HFC has a lesser impact on ozone as compared to other CFC refrigerants, these are allowed for commercial use only after their inspection. Subsequently, they are less preferred across commercial refrigeration applications. The demand for carbon dioxide refrigerant has rapidly increased in the centralized refrigeration systems market, as various industries prefer using carbon dioxide as a refrigerant where toxicity or flammability is a key concern. Carbon dioxide is used as the low-stage refrigerant in cascade installations. Moreover, carbon dioxide is non-toxic and non-flammable, and requires low circulation rate for freezing, thereby reducing the size of pumps, and energy consumption. Furthermore, the heat transfer efficiency of carbon dioxide is nearly constant for all practical temperatures. Therefore, an increase in focus on environmental issues, such as ozone layer depletion and global warming, could fuel the demand for carbon dioxide refrigerants during the forecast period.
Asia-Pacific is the rapidly growing centralized refrigeration systems market. The increase in demand for food & beverages, growth in the pharmaceutical industry, and rise in the number of refrigerated warehouses in the region have fueled the growth of the centralized refrigeration systems market. For instance, according to Invest India, the Indian food processing industry is among the largest in India and is estimated to reach $535 billion by 2025. Moreover, Chinese food and beverages industry is also growing substantially. According to the International Trade Administration, China’s food and beverage sector reached approximately $595 billion in 2019, a 7.8% increase over 2018.
Furthermore, there has been a rise in the consumption of frozen food, majorly meat, in Australia in the last few years. Utilizing this opportunity, in November 2020, Proform Foods started production of meat products in its plant located in Sydney. This led to the installation of refrigeration systems for maintaining the products in inventory and for transportation under controlled temperature. Owing to such growth, cold-chain industry is also witnessing a rise. For example, the Indian government under its ‘Integrated Cold Chain and Value Addition Infrastructure’ scheme provides integrated cold chain and preservation infrastructure facilities.
The service provided under this scheme includes multi-product and multi-temperature cold storage, controlled atmosphere (CA) storage, packing facility, individual quick freezing (IQF), blast freezing in the distribution hub, as well as reefer vans and mobile cooling units for efficient distribution of various products such as non-horticulture, horticulture, fish/marine (excluding shrimp), dairy, meat, and poultry. Thus, the centralized refrigeration systems market is expected to witness significant growth in the organized retail stores, refrigerated warehouse, and pharmaceutical industry during the forecast period. In addition, China being one of the most important markets in the world, there are many manufacturers situated locally to serve their customers immediately.
The low labor and material costs in China help the manufacturers to produce refrigeration systems at lower prices as compared to the other nations. For instance, in November 2021, Bitzer, a compressor manufacturer based in Germany, is setting up a joint venture in Jiangsu, China's eastern region, specifically for the production of rotary compressors with smaller capacities. Such factors can be witnessed throughout the region; therefore, the growth of the centralized refrigeration systems market is expected to be higher in Asia-Pacific.
The centralized refrigeration systems market is segmented into components, refrigerant, end-user industry, and region. By components, it is segregated into compressors, condenser, evaporators, controls, and others. Depending on the refrigerant, it is classified into ammonia, carbon dioxide, F-gases, and others. Based on end-user industry, the market is divided into commercial (hotel, restaurant, catering, and retail) and industrial (refrigerated warehouse, food processing, healthcare, and others). Region wise, it is analyzed across North America (U. S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The major players profiled in the centralized refrigeration systems market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development, and product launch to offer better products and services to customers in the centralized refrigeration system market.
Key Market Insights
By component, the condenser segment was the highest revenue contributor to the marketBy refrigerant type, the ammonia segment dominated the global market. However, the carbon dioxide segment is expected to be the fastest-growing segment
Based on end user industry, the commercial segment was the highest revenue contributor to the market
Based on region, Asia-Pacific garnered the largest revenue share in 2022, and the it is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Danfoss
- Johnson Controls
- LU-VE S.p.A.
- GEA Group
- EVAPCO, Inc.
- CARRIER GLOBAL CORPORATION
- Daikin Industries Ltd.
- Bitzer SE (Bitzer Kuhlmaschinenbau GmbH)
- Emerson Electric Co.
- Industrial Frigo S.R.L
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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