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Industrial Refrigeration System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 143 Pages
  • November 2023
  • Region: Global
  • IMARC Group
  • ID: 5901254
Description Jump to:
The global industrial refrigeration system market size reached US$ 19.3 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 26.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2022-2028.

Industrial refrigeration systems refer to large-scale freezing and refrigeration units used for cooling and removing heat from various products. These units require liquid refrigerants, such as ammonia (NH3) and carbon dioxide (CO2), a metering device, a compressor pump and an evaporator to operate. They remove heat from a low-temperature medium and transfer it to a high-temperature medium. This offers various advantages, such as rapid cooling, cost-effectiveness and minimal impact on the environment. As a result, industrial refrigeration units find extensive applications across various industrial sectors, such as food processing, cold storage, pharmaceutical, petrochemical and liquified natural gas (LNG) liquefaction.

Significant growth in the food and beverage industry is one of the key factors creating a positive outlook for the market. Due to changing lifestyles, dietary patterns and hectic schedules, consumers are increasingly opting for packed, processed and frozen ready-to-eat (RTE) food items. Furthermore, the increasing demand for compact and innovative refrigeration systems is favoring the market growth. The industrial refrigeration systems are also gaining immense traction across the globe due to improvements in the cold chain infrastructure that uses a series of cooling and freezing units for storage, production and processing applications. Additionally, various product innovations, such as the utilization of natural refrigerant-based systems and the development of units with the internet of things (IoT)-enabled monitoring systems, are acting as other growth-inducing factors. Natural refrigerants exhibit high thermodynamic properties with high energy efficiency, thereby making them suitable for industrial applications. Other factors, including rapid industrialization, along with the emerging trend of upgrading existing industrial refrigeration systems, are expected to drive the market further.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global industrial refrigeration system market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, refrigerant type and application.

Breakup by Component:

  • Compressor
  • Condenser
  • Evaporator
  • Others

Breakup by Refrigerant Type:

  • Ammonia
  • Carbon Dioxide
  • Hydrofluorocarbon (HFC)
  • Others

Breakup by Application:

  • Fresh Fruits and Vegetables
  • Meat, Poultry and Fish
  • Dairy Products
  • Beverages
  • Chemicals
  • Pharmaceuticals
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Baltimore Aircoil, Bitzer, Daikin, Danfoss, Evapco, GEA Group AG, Ingersoll-Rand, Johnson Controls, Lennox International, LU-VE Group, Mayekawa and United Technologies.

Key Questions Answered in This Report:

  • How has the global industrial refrigeration system market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global industrial refrigeration system market?
  • What are the key regional markets?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the refrigerant type?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global industrial refrigeration system market and who are the key players?
  • What is the degree of competition in the industry?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Industrial Refrigeration System Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
6.1 Compressor
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Condenser
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Evaporator
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Refrigerant Type
7.1 Ammonia
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Carbon Dioxide
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Hydrofluorocarbon (HFC)
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Fresh Fruits and Vegetables
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Meat, Poultry and Fish
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Dairy Products
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Beverages
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Chemicals
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Pharmaceuticals
8.6.1 Market Trends
8.6.2 Market Forecast
8.7 Others
8.7.1 Market Trends
8.7.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Baltimore Aircoil
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Bitzer
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.3 Daikin
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Danfoss
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Evapco
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 GEA Group AG
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Ingersoll-Rand
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Johnson Controls
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Lennox International
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 LU-VE Group
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.11 Mayekawa
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 United Technologies
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Industrial Refrigeration System Market: Major Drivers and Challenges
Figure 2: Global: Industrial Refrigeration System Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Industrial Refrigeration System Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Industrial Refrigeration System Market: Breakup by Component (in %), 2022
Figure 5: Global: Industrial Refrigeration System Market: Breakup by Refrigerant Type (in %), 2022
Figure 6: Global: Industrial Refrigeration System Market: Breakup by Application (in %), 2022
Figure 7: Global: Industrial Refrigeration System Market: Breakup by Region (in %), 2022
Figure 8: Global: Industrial Refrigeration System (Compressor) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Industrial Refrigeration System (Compressor) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Industrial Refrigeration System (Condenser) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Industrial Refrigeration System (Condenser) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Industrial Refrigeration System (Evaporator) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Industrial Refrigeration System (Evaporator) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Industrial Refrigeration System (Other Components) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Industrial Refrigeration System (Other Components) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Industrial Refrigeration System (Ammonia) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Industrial Refrigeration System (Ammonia) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Industrial Refrigeration System (Carbon Dioxide) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Industrial Refrigeration System (Carbon Dioxide) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Industrial Refrigeration System (Hydrofluorocarbon-HFC) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Industrial Refrigeration System (Hydrofluorocarbon-HFC) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Industrial Refrigeration System (Other Refrigerant Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Industrial Refrigeration System (Other Refrigerant Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Industrial Refrigeration System (Fresh Fruits and Vegetables) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Industrial Refrigeration System (Fresh Fruits and Vegetables) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Industrial Refrigeration System (Meat, Poultry and Fish) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Industrial Refrigeration System (Meat, Poultry and Fish) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Industrial Refrigeration System (Dairy Products) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Industrial Refrigeration System (Dairy Products) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Industrial Refrigeration System (Beverages) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Industrial Refrigeration System (Beverages) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Industrial Refrigeration System (Chemicals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Industrial Refrigeration System (Chemicals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Industrial Refrigeration System (Pharmaceuticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Industrial Refrigeration System (Pharmaceuticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Industrial Refrigeration System (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Industrial Refrigeration System (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: North America: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: North America: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: United States: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: United States: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Canada: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Canada: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Asia Pacific: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Asia Pacific: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: China: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: China: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Japan: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Japan: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: India: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: India: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: South Korea: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: South Korea: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Australia: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Australia: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Indonesia: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Indonesia: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Others: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Others: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Europe: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Europe: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Germany: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Germany: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: France: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: France: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: United Kingdom: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: United Kingdom: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Italy: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Italy: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Spain: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Spain: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Russia: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Russia: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Latin America: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Latin America: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Brazil: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Brazil: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Mexico: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Mexico: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Others: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Others: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Middle East and Africa: Industrial Refrigeration System Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Middle East and Africa: Industrial Refrigeration System Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 86: Global: Industrial Refrigeration System Industry: SWOT Analysis
Figure 87: Global: Industrial Refrigeration System Industry: Value Chain Analysis
Figure 88: Global: Industrial Refrigeration System Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Industrial Refrigeration System Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Industrial Refrigeration System Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 3: Global: Industrial Refrigeration System Market Forecast: Breakup by Refrigerant Type (in Million US$), 2023-2028
Table 4: Global: Industrial Refrigeration System Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Industrial Refrigeration System Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Industrial Refrigeration System Market: Competitive Structure
Table 7: Global: Industrial Refrigeration System Market: Key Players

Companies Mentioned

  • Baltimore Aircoil
  • Bitzer
  • Daikin
  • Danfoss
  • Evapco
  • GEA Group AG
  • Ingersoll-Rand
  • Johnson Controls
  • Lennox International
  • LU-VE Group
  • Mayekawa and United Technologies

Methodology

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