Industrial Refrigeration Systems Industry Overview
The global industrial refrigeration systems market size is estimated to reach USD 27.66 billion by 2030, registering a CAGR of 4.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for fast-moving consumer goods and retail food is expected to contribute to expanding the industrial refrigeration system market as there is a need for efficient storage of perishable edible items. Furthermore, governments' initiatives to support and strengthen cold chain infrastructures in developing nations and an increasing trend towards eco-friendly refrigeration systems due to inflexible regulatory policies are influencing factors driving the market growth.
Industrial Refrigeration Systems Market Segmentation
Grand View Research has segmented the global industrial refrigeration systems market based on component, capacity, application, and region.
Based on the Component Insights, the market is segmented into Compressors, Condensers, Evaporators, Controls and Others.
- The compressor market is expected to witness the fastest CAGR of over 6.7% from 2022 to 2030 due to its key features like pressure building, usage control, and financial ability.
- Due to the rising need for more reliable and energy-efficient systems, the evaporators segment is expected to grow significantly in the coming years.
Based on the Capacity Insights, the market is segmented into Less than 100 kW, 100-500 kW, 500kW-1,000kW, 1,000kW-5,000kW and More than 5,000 kW.
- The 500kW-1000kW capacity segment had the highest revenue share of around 32.3% of the entire market in 2021.
- 500kW-1000kW is the optimal temperature range to avoid spoilage of edibles and resource loss.
- The 1,000kW-5,000kW segment is anticipated to grow at a significant rate over the forecast period.
- This change is subjected to the growing demand for the storage of petrochemical, vaccines, and items which may perish in uncontrolled environments.
Based on the Application Insights, the market is segmented into Refrigerated Warehouse, Food & Beverage, Chemical, Petrochemical, & Pharmaceutical and Refrigerated Transportation.
- The food & beverage segment accounted for the largest share of over 57.9% of the market in 2021, and it is projected to dominate the market in the forecast period.
- The rising popularity of packaged and frozen food around the globe is the main factor affecting the segment's growth.
- The refrigerated transportation and warehouse are anticipated to overgrow due to the increase in urban population and their demand for packaged food and beverages and frozen food.
- The petrochemical, pharmaceutical and chemical, segment is expected to show substantial growth over the forecast year 2022 to 2030.
- This growth rate results from increased demand for freeze-drying processes, sterilizing medical devices, removing the heat of action, etc.
Industrial Refrigeration Systems Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Key Companies Profile & Market Share Insights
The key players in the industrial refrigeration systems market focus on innovation, advancements, and acquisition of components to gain a competitive edge.
Some prominent players in the Industrial Refrigeration Systems market include
- Johnson Controls.
- Emerson Electric Co.
- Danfoss
- GEA Group Aktiengesellschaft
- MAYEKAWA MFG. CO., LTD.
- BITZER Kühlmaschinenbau GmbH
- DAIKIN INDUSTRIES, Ltd.
- EVAPCO, Inc.
- Güntner GmbH & Co. KG
- LU-VE S.p.A.
Order a free sample PDF of the Industrial Refrigeration Systems Market Intelligence Study, published by Grand View Research.
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