Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024

  • ID: 4621309
  • Report
  • Region: Global
  • 158 Pages
  • Markets and Markets
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The Global Industrial Refrigeration System Market is Expected to Grow at a CAGR of 4.78% From 2018 to 2024, to Reach USD 24.48 Billion by 2024 from USD 18.49 Billion in 2018.

FEATURED COMPANIES

  • Alfa Laval
  • Daikin Industries, Ltd.
  • Emerson Electric Co.
  • Evapco, Inc.
  • GEA Group AG
  • Güntner GmbH & Co. Kg
  • MORE

The global industrial refrigeration system market is expected to grow at a CAGR of 4.78% from 2018 to 2024, to reach USD 24.48 billion by 2024 from USD 18.49 billion in 2018. Factors such as the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC, are driving the industrial refrigeration system market. However, high initial costs and other operating expenses related to refrigeration systems are expected to hinder market growth.

Ammonia-based industrial refrigeration systems held largest market share in 2017

Ammonia refrigerant-based refrigeration systems are currently most widely used across wide industrial applications. Ammonia possesses good thermodynamic properties, high efficiency, and zero ODP and GWP. It is also preferred over other refrigerants owing to its availability and low cost for large industrial operations. Furthermore, ammonia is regarded as a high-pressure and high-capacity refrigerant. However, ammonia is also known to be corrosive and toxic if released in large quantities. It is incompatible with copper, because of which more expensive metals have to be used for making refrigeration system components. There have been a few cases of ammonia leakage leading to fatalities. Safety concerns are a restraint for the application of this refrigerant. As a result, many key manufacturers in the industrial refrigeration ecosystem are focusing on the use of NH3-CO2 cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants. These factors are expected to drive the market for CO2-based industrial refrigeration systems at the highest rate during the forecast period.

Market in Asia Pacific to grow at highest CAGR from 2018 to 2024

North America accounted for a major share of the industrial refrigeration system market in 2017. The refrigerated warehouse industry has considerable demand for industrial refrigeration systems across North America. The market in APAC is expected to grow at the highest CAGR during the forecast period. Global market players are experiencing strong demand from countries such as China, India, Japan, and South Korea. Currently, China dominates the industrial refrigeration system industry in APAC on the back of the increasing demand from refrigerated transportation and refrigerated warehouse. Each year, there is a loss of billions of tons of fresh food products and millions of dollars’ worth export due to the lack of proper cold chain systems in developing markets of China and India. Government initiatives to further strengthen cold chain management systems are expected to be the key driver for the growth of industrial refrigeration systems across these countries.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the industrial refrigeration system market space. The breakup of primary participants for the report has been shown below:

  • By Company Type: Tier 1 – 47%, Tier 2 – 35%, and Tier 3 – 18%
  • By Designation: C-level Executives – 30%, Directors – 54%, and Others – 16%
  • By Region: North America – 35%, Europe – 50%, APAC – 10%, and RoW – 5%

Study Coverage

This report categorizes the global industrial refrigeration system market based on equipment, refrigerant type, industry, and region. The report describes key drivers, restraints, challenges, and opportunities pertaining to the industrial refrigeration system market and forecasts the market till 2024.

The report would help leaders/new entrants in this market in the following ways:

  • This report segments the industrial refrigeration system market comprehensively and provides the closest market size projection for all subsegments across regions.
  • The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities governing market growth.
  • This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, and strategies such as new product developments, partnerships, and mergers & acquisitions.
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FEATURED COMPANIES

  • Alfa Laval
  • Daikin Industries, Ltd.
  • Emerson Electric Co.
  • Evapco, Inc.
  • GEA Group AG
  • Güntner GmbH & Co. Kg
  • MORE

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Lucrative Opportunities for Industrial Refrigeration System Market Growth
4.2 Industrial Refrigeration System Market, By Industry
4.3 Industrial Refrigeration System Market, By Industry and Region
4.4 Industrial Refrigeration System Market, By Region (2017)
4.5 Industrial Refrigeration System Market, By Refrigerant (2017, 2018, and 2024)

5 Market Overview

5.1 Introduction
5.2 Market Dynamics
       5.2.1 Drivers
                5.2.1.1 Ongoing Shift Toward Natural Refrigerant-Based and Energy-Efficient Refrigeration Systems Due to Strict Regulations
                5.2.1.2 Strengthening of Cold Chain Infrastructure in Developing Countries
       5.2.2 Restraints
                5.2.2.1 High Initial Costs and Other Expenses
       5.2.3 Opportunities
                5.2.3.1 Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3) Cascade Refrigeration Systems
                5.2.3.2 Further Improvements in Efficiency and Other Related Parameters Using Natural Refrigerants
       5.2.4 Challenges
                5.2.4.1 Lack of Skilled Personnel and Growing Safety Concerns
5.3 Policies and Regulations
       5.3.1 Europe
                5.3.1.1 Eu F-Gas Regulation
                5.3.1.2 Montreal Protocol
                5.3.1.3 Ecodesign Directive
       5.3.2 North America
                5.3.2.1 Significant New Alternatives Policy (SNAP) By EPA
       5.3.3 Asia Pacific
                5.3.3.1 Japan: Revised F-Gas Law
                5.3.3.2 Australia

6 Industrial Refrigeration System Market, By Equipment

6.1 Introduction
6.2 Compressors
       6.2.1 Screw Compressors
       6.2.2 Reciprocating Compressors
6.3 Condensers
       6.3.1 Evaporative Condensers
       6.3.2 Water-Cooled Condensers
       6.3.3 Air-Cooled Condensers
6.4 Evaporators
       6.4.1 Air-Cooling Evaporators
       6.4.2 Liquid-Cooling Evaporators
6.5 Controls
6.6 Vessels, Pumps, Valves, and Auxiliary Equipment

7 Industrial Refrigeration System Market, By Refrigerant

7.1 Introduction
7.2 Ammonia
7.3 CO2
7.4 HFC
7.5 Others
       7.5.1 HCFC
       7.5.2 HC
       7.5.3 HFO

8 Industrial Refrigeration System Market, By Industry

8.1 Introduction
8.2 Fruit & Vegetable Processing
8.3 Beverage
8.4 Refrigerated Warehouse
8.5 Chemicals, Petrochemicals, and Pharmaceuticals
8.6 Dairy and Ice-Cream Processing
8.7 Meat, Poultry, and Fish Processing
8.8 Refrigerated Transportation

9 Geographic Analysis

9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Rest of the World

10 Competitive Landscape

10.1 Introduction
10.2 Market Share Analysis
10.3 Competitive Situations and Trends
        10.3.1 Product Launches
        10.3.2 Expansions
        10.3.3 Mergers & Acquisitions
        10.3.4 Agreements, Partnerships, and Collaborations
10.4 Prominent Companies in Industrial Refrigeration System Market

11 Company Profiles

11.1 Key Players
        11.1.1 Johnson Controls International PLC
        11.1.2 Emerson Electric Co.
        11.1.3 Ingersoll-Rand PLC
        11.1.4 GEA Group AG
        11.1.5 The Danfoss Group
        11.1.6 Daikin Industries, Ltd.
        11.1.7 Bitzer Kuhlmaschinenbau GmbH
        11.1.8 United Technologies Corporation
        11.1.9 Mayekawa Mfg. Co. Ltd.
        11.1.10 Lu-Ve Group
        11.1.11 Lennox International Inc.
        11.1.12 Evapco, Inc.
        11.1.13 Baltimore Aircoil Company, Inc.
        11.1.14 Alfa Laval
        11.1.15 Güntner GmbH & Co. Kg

12 Appendix

List of Tables

Table 1 Industrial Refrigeration System Market, By Equipment, 2015–2024 (USD Billion)
Table 2 Industrial Refrigeration System Market for Compressors, By Type, 2015–2024 (USD Million)
Table 3 Industrial Refrigeration System Market for Reciprocating Compressors, By Type, 2015–2024 (USD Million)
Table 4 Industrial Refrigeration System Market for Condensers, By Type, 2015–2024 (USD Million)
Table 5 Industrial Refrigeration System Market for Evaporators, By Type, 2015–2024 (USD Million)
Table 6 Industrial Refrigeration System Market, By Refrigerant, 2015–2024 (USD Billion)
Table 7 Industrial Refrigeration System Market for Ammonia, By Industry, 2015–2024 (USD Million)
Table 8 Industrial Refrigeration System Market for Ammonia, By Region, 2015–2024 (USD Million)
Table 9 Industrial Refrigeration System Market for CO2, By Industry, 2015–2024 (USD Million)
Table 10 Industrial Refrigeration System Market for CO2, By Region, 2015–2024 (USD Million)
Table 11 Industrial Refrigeration System Market for HFC, By Industry, 2015–2024 (USD Million)
Table 12 Industrial Refrigeration System Market for HFC, By Region, 2015–2024 (USD Million)
Table 13 Industrial Refrigeration System Market for Others, By Industry, 2015–2024 (USD Million)
Table 14 Industrial Refrigeration System Market for Others, By Region, 2015–2024 (USD Million)
Table 15 Industrial Refrigeration System Market, By Industry, 2015–2024 (USD Million)
Table 16 Industrial Refrigeration System Market for Fruit & Vegetable Processing, By Refrigerant, 2015–2024 (USD Million)
Table 17 Industrial Refrigeration System Market for Fruit & Vegetable Processing, By Region, 2015–2024 (USD Million)
Table 18 Industrial Refrigeration System Market for Beverage, By Refrigerant, 2015–2024 (USD Million)
Table 19 Industrial Refrigeration System Market for Beverage, By Region, 2015–2024 (USD Million)
Table 20 Industrial Refrigeration System Market for Refrigerated Warehouse, By Refrigerant Type, 2015–2024 (USD Million)
Table 21 Industrial Refrigeration System Market for Refrigerated Warehouse, By Region, 2015–2024 (USD Million)
Table 22 Industrial Refrigeration System Market for Chemicals, Petrochemicals, and Pharmaceuticals, By Refrigerant Type, 2015–2024 (USD Million)
Table 23 Industrial Refrigeration System Market for Chemicals, Petrochemicals, and Pharmaceuticals, By Region, 2015–2024 (USD Million)
Table 24 Industrial Refrigeration System Market for Dairy and Ice-Cream Processing, By Refrigerant Type, 2015–2024 (USD Million)
Table 25 Industrial Refrigeration System Market for Dairy and Ice-Cream Processing, By Region, 2015–2024 (USD Million)
Table 26 Industrial Refrigeration System Market for Meat, Poultry, and Fish Processing, By Refrigerant Type, 2015–2024 (USD Million)
Table 27 Industrial Refrigeration System Market for Meat, Poultry, and Fish Processing, By Region, 2015–2024 (USD Million)
Table 28 Industrial Refrigeration System Market for Refrigerated Transportation, By Refrigerant, 2015–2024 (USD Million)
Table 29 Industrial Refrigeration System Market for Refrigerated Transportation, By Region, 2015–2024 (USD Million)
Table 30 Industrial Refrigeration System Market, By Region, 2015–2024 (USD Billion)
Table 31 Industrial Refrigeration System Market in North America, By Country, 2015–2024 (USD Million)
Table 32 Industrial Refrigeration System Market in North America, By Industry, 2015–2024 (USD Million)
Table 33 Industrial Refrigeration System Market in North America, By Refrigerant, 2015–2024 (USD Million)
Table 34 Industrial Refrigeration System Market in US, By Refrigerant, 2015–2024 (USD Million)
Table 35 Industrial Refrigeration System Market in US, By Industry, 2015–2024 (USD Million)
Table 36 Industrial Refrigeration System Market in Canada, By Refrigerant, 2015–2024 (USD Million)
Table 37 Industrial Refrigeration System Market in Mexico, By Refrigerant Type, 2015–2024 (USD Million)
Table 38 Industrial Refrigeration System Market in Europe, By Country, 2015–2024 (USD Million)
Table 39 Industrial Refrigeration System Market in Europe, By Industry, 2015–2024 (USD Million)
Table 40 Industrial Refrigeration System Market in Europe, By Refrigerant, 2015–2024 (USD Million)
Table 41 Industrial Refrigeration System Market in Germany, By Refrigerant, 2015–2024 (USD Million)
Table 42 Industrial Refrigeration System Market in Germany, By Industry, 2015–2024 (USD Million)
Table 43 Industrial Refrigeration System Market in UK, By Refrigerant, 2015–2024 (USD Million)
Table 44 Industrial Refrigeration System Market in UK, By Industry, 2015–2024 (USD Million)
Table 45 Industrial Refrigeration System Market in France, By Refrigerant, 2015–2024 (USD Million)
Table 46 Industrial Refrigeration System Market in France, By Industry, 2015–2024 (USD Million)
Table 47 Industrial Refrigeration System Market in Rest of Europe, By Refrigerant, 2015–2024 (USD Million)
Table 48 Industrial Refrigeration System Market in Rest of Europe, By Industry, 2015–2024 (USD Million)
Table 49 Industrial Refrigeration System Market in APAC, By Country, 2015–2024 (USD Million)
Table 50 Industrial Refrigeration System Market in APAC, By Industry, 2015–2024 (USD Million)
Table 51 Industrial Refrigeration System Market in APAC, By Refrigerant, 2015–2024 (USD Million)
Table 52 Industrial Refrigeration System Market in China, By Refrigerant, 2015–2024 (USD Million)
Table 53 Industrial Refrigeration System Market in China, By Industry, 2015–2024 (USD Million)
Table 54 Industrial Refrigeration System Market in Japan, By Refrigerant, 2015–2024 (USD Million)
Table 55 Industrial Refrigeration System Market in Japan, By Industry, 2015–2024 (USD Million)
Table 56 Industrial Refrigeration System Market in India, By Refrigerant, 2015–2024 (USD Million)
Table 57 Industrial Refrigeration System Market in Rest of APAC, By Refrigerant, 2015–2024 (USD Million)
Table 58 Industrial Refrigeration System Market in RoW, By Country, 2015–2024 (USD Million)
Table 59 Industrial Refrigeration System Market in RoW, By Industry, 2015–2024 (USD Million)
Table 60 Industrial Refrigeration System Market in RoW, By Refrigerant, 2015–2024 (USD Million)
Table 61 Product Launches (2015–2018)
Table 62 Expansions (2015–2018)
Table 63 Acquisitions (2015–2018)

List of Figures

Figure 1 Industrial Refrigeration System Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation Model
Figure 5 Industrial Refrigeration System Market, 2015–2024 (USD Billion)
Figure 6 CO2 Refrigerant to Witness Highest Growth During Forecast Period
Figure 7 Compressors to Account for Largest Market, in Terms of Value, in 2024
Figure 8 Refrigerated Transportation to Grow at Highest CAGR From 2018 to 2024
Figure 9 Industrial Refrigeration System Market, By Region (2017)
Figure 10 Strong Demand From Countries in APAC to Drive Industrial Refrigeration System Market From 2018 to 2024
Figure 11 Refrigerated Transportation to Grow at Highest CAGR During Forecast Period
Figure 12 North America Held Largest Share of Industrial Refrigeration System Market in 2017
Figure 13 Market in APAC to Grow at Highest CAGR From 2018 to 2024, Driven By Emerging Economies Such as China and India
Figure 14 Ammonia Led Industrial Refrigeration System Market in 2017 and the Trend Will Likely Continue During Forecast Period
Figure 15 Industrial Refrigeration System Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Compressors to Lead Industrial Refrigeration System Market During Forecast Period
Figure 17 Industrial Refrigeration System Market, By Refrigerant
Figure 18 CO2-Based Industrial Refrigeration Systems to Grow at Highest CAGR During Forecast Period
Figure 19 Industrial Refrigeration System Market, By Industry
Figure 20 Industrial Refrigeration System Market, By Industry, 2018 and 2024 (USD Million)
Figure 21 Industrial Refrigeration System Market, By Geography
Figure 22 Geographic Snapshot of Industrial Refrigeration System Market (2017)
Figure 23 North America: Industrial Refrigeration System Market Snapshot (2017)
Figure 24 Germany Accounted for Largest Share in European Industrial Refrigeration System Market in 2017
Figure 25 Asia Pacific: Industrial Refrigeration System Market Snapshot
Figure 26 South America to Hold Major Share of Market in RoW From 2018 to 2024
Figure 27 Companies Mainly Adopted Product Launch as Key Growth Strategy During 2015–2018
Figure 28 Global Industrial Refrigeration System Market Share, By Key Player (2017)
Figure 29 Market Evaluation Framework – Product Launches Fueled Market Growth in 2017
Figure 30 Johnson Controls International PLC: Company Snapshot
Figure 31 Emerson Electric Co.: Company Snapshot
Figure 32 Ingersoll-Rand PLC.: Company Snapshot
Figure 33 GEA Group AG: Company Snapshot
Figure 34 The Danfoss Group: Company Snapshot
Figure 35 Daikin Industries, Ltd.: Company Snapshot
Figure 36 United Technologies Corporation: Company Snapshot
Figure 37 Lu-Ve Group: Company Snapshot
Figure 38 Lennox International Inc.: Company Snapshot
Figure 39 Alfa Laval: Company Snapshot

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  • Johnson Controls International PLC
  • Emerson Electric Co.
  • Ingersoll-Rand PLC
  • GEA Group AG
  • The Danfoss Group
  • Daikin Industries, Ltd.
  • Bitzer Kuhlmaschinenbau GmbH
  • United Technologies Corporation
  • Mayekawa Mfg. Co. Ltd.
  • Lu-Ve Group
  • Lennox International Inc.
  • Evapco, Inc.
  • Baltimore Aircoil Company, Inc.
  • Alfa Laval
  • Güntner GmbH & Co. Kg
Note: Product cover images may vary from those shown
6 of 5
Note: Product cover images may vary from those shown
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