Industrial Refrigeration Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027
Report Description
The global industrial refrigeration market size is estimated at USD 19,307.3 Million in 2020, expanding at a CAGR 5.4% from 2021-2027 to reach 34,300.2 Million USD in 2027.
The primary factors, driving the worldwide Industrial refrigeration market growth, are technological advancements and continuous innovations in the testing methods used for drug screening and testing, and rigorous investments by major market players in research activities.
Market Dynamics
The industrial refrigeration market is expected to witness prominent growth during the forecast period. The reinvention of industrial refrigeration with the internet of things (IoT) and revolutionizing the refrigeration industry in terms of energy efficiency, productivity, cost-effectiveness, and better customer experience are the factors expected to drive the industrial refrigeration market growth in the predicted timeframe. In addition, industrial refrigeration systems are hugely adopted in the healthcare sector, which is propelling the market growth. Moreover, eco-friendly storage technologies like green measures have helped in upgrading the existing machinery of food and article storage, which is thereby improving the growth prospects of the industrial refrigerant industry. However, strict regulatory policies including a bar on export and import quota and a limit on the export and import quantity are predicted to hamper the industrial refrigeration market growth in the near future.
Regional Overview
The Asia-Pacific region is considered to be the fastest-growing in the global industrial refrigeration market. The storage and maintenance of pharmaceutical components and government elimination of tariff and quota restrictions on the import and export of such components, and the subsequent storage policies have boosted the growth of the industrial refrigeration market in the Asia-Pacific region. Various countries of the region such as China, India, and Japan have participated in the Montreal Protocol Initiative. Through active participation in the initiative, several measures have been incorporated to introduce energy-efficient and green measures of refrigeration, which would reduce the emission of harmful gaseous effluents. Also, the rising trend of online grocery shopping, especially in India, Singapore, and Australia is likely to fuel the demand for refrigerated infrastructure These factors are expected to fuel the regional market growth in the forecast period.
Segment Overview
The industrial refrigeration market is fragmented into various segments based on component, refrigerant type, and application. By component, the components segment is predicted to account for the dominant market share over the forecast period. By refrigerant type, the CO2 segment is expected to witness significant growth. By application, the food & beverage segment is predicted to grow at a notable CAGR by 2027.
Competitive Landscape
The companies actively participating in the industrial refrigeration services market have ample corporate establishments and well-built working structures in some of the most industrially advanced locations in the world.
The industrial refrigeration market is highly competitive owing to the presence of international as well as local players. Major players in the industry are engaging in various strategies, such as merger & acquisition, technological advancements, novel product launches, and partnerships to hold strong in the market. For instance, in June 2021, Johnson Controls added to its product portfolio, ‘Quantech QWC4,’ the Water-Cooled Screw Chiller, which provides flexibility in handling high-lift applications and reduces carbon emissions.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):
- Johnson Controls
- GEA Group Aktiengesellschaft
- Emerson Electric Co.
- Danfoss
- Daikin
- Mayekawa
- Ingersoll Rand
- Baltimore Aircoil Company
- EVAPCO, Inc.
- BITZER
- MTA S.p.A.
- LU-VE Group
- Frascold
- Güntner GmbH & Co. KG
- HITEMA INTERNATIONAL
- Lennox International
- Parker Hannifin
- KOBELCO
Component Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Compressor
- Evaporator Control
- Condenser
- Vessel
- Valves
- Pump
- Auxiliary Equipment
Refrigerant Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- CO2
- Ammonia
- Others (HFC, HFO, HCFC, HC)
Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Food & Beverage
- Refrigerated Warehouse
- Refrigerated Transportation
- Chemical, Petrochemical, & Pharmaceutical
Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain, etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina, etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)
Table Of Content
TABLE OF CONTENT
1. Industrial Refrigeration Market Overview
1.1. Product Overview and Scope of Industrial Refrigeration
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global Industrial Refrigeration Market Size Growth Rate Analysis by Component 2020 VS 2027
1.3.1. Compressor
1.3.2. Condenser
1.3.3. Evaporator Control
1.3.4. Vessel
1.3.5. Pump
1.3.6. Valves
1.3.7. Auxiliary Equipment
1.4. Global Industrial Refrigeration Consumption Comparison by Refrigerant Type: 2020 VS 2027
1.4.1. Ammonia
1.4.2. CO2
1.4.3. Others (HFC, HCFC, HFO, HC)
1.5. Global Industrial Refrigeration Consumption Comparison by Application: 2020 VS 2027
1.5.1. Food & Beverage
1.5.2. Refrigerated Warehouse
1.5.3. Refrigerated Transportation
1.5.4. Chemical, Petrochemical, & Pharmaceutical
1.6. Global Industrial Refrigeration Market Size Estimates and Forecasts by Region: 2020 VS 2027
1.6.1. North America Industrial Refrigeration Estimates
1.6.2. Europe Industrial Refrigeration Estimates
1.6.3. China Industrial Refrigeration Estimates
1.6.4. Japan Industrial Refrigeration Estimates
2. Market Competition by Manufacturers
2.1. Global Industrial Refrigeration Revenue Market Share by Manufacturers (2020)
2.2. Industrial Refrigeration Market Share by Company Application(Tier 1, Tier 2 and Tier 3)
2.3. Global Industrial Refrigeration Average Price by Manufacturers (2016-2021)
2.4. Manufacturers Industrial Refrigeration Production Sites, Area Served, Components
2.5. Industrial Refrigeration Market Competitive Situation and Trends
2.5.1. Industrial Refrigeration Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global Industrial Refrigeration Consumption by Region (2016-2021)
3.1. Global Industrial Refrigeration Consumption by Region
3.2. Global Industrial Refrigeration Consumption Market Share by Region
3.2.1. North America
3.2.2. North America Industrial Refrigeration Consumption Growth Rate (2016-2021)
3.2.3. North America Industrial Refrigeration Consumption, Price and Gross Margin (2016-2021)
3.2.4. North America Industrial Refrigeration Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe Industrial Refrigeration Consumption Growth Rate (2016-2021)
3.2.7. Europe Industrial Refrigeration Consumption, Price and Gross Margin (2016-2021)
3.2.8. Europe Industrial Refrigeration Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific Industrial Refrigeration Consumption Growth Rate (2016-2021)
3.2.11. Asia Pacific Industrial Refrigeration Consumption, Price and Gross Margin (2016-2021)
3.2.12. Asia Pacific Industrial Refrigeration Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America Industrial Refrigeration Consumption Growth Rate (2016-2021)
3.2.15. South America Industrial Refrigeration Consumption, Price and Gross Margin (2016-2021)
3.2.16. South America Industrial Refrigeration Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa Industrial Refrigeration Consumption Growth Rate (2016-2021)
3.2.19. Middle East and Africa Industrial Refrigeration Consumption, Price and Gross Margin (2016-2021)
3.2.20. Middle East and Africa Industrial Refrigeration Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global Industrial Refrigeration Consumption by Component(2016-2021)
4.1. Global Industrial Refrigeration Price by Component(2016-2021)
4.2. Global Industrial Refrigeration Revenue Market Share by Component(2016-2021)
4.2.1. Compressor
4.2.2. Condenser
4.2.3. Evaporator Control
4.2.4. Vessel
4.2.5. Pump
4.2.6. Valves
4.2.7. Auxiliary Equipment
5. Global Industrial Refrigeration Consumption by Refrigerant Type(2016-2021)
5.1. Global Industrial Refrigeration Price by Refrigerant Type(2016-2021)
5.2. Global Industrial Refrigeration Revenue Market Share by Refrigerant Type(2016-2021)
5.2.1. Ammonia
5.2.2. CO2
5.2.3. Others (HFC, HCFC, HFO, HC)
6. Global Industrial Refrigeration Consumption by Application (2016-2021)
6.1. Global Industrial Refrigeration Price by Application (2016-2021)
6.2. Global Industrial Refrigeration Revenue Market Share by Application (2016-2021)
6.2.1. Food & Beverage
6.2.2. Refrigerated Warehouse
6.2.3. Refrigerated Transportation
6.2.4. Chemical, Petrochemical, & Pharmaceutical
7. Key Companies Profiled
7.1. Johnson Controls
7.1.1. Johnson Controls Industrial Refrigeration Corporation Information
7.1.2. Johnson Controls Industrial Refrigeration Product Portfolio
7.1.3. Johnson Controls Industrial Refrigeration Consumption, Price and Gross Margin (2016-2021)
7.1.4. Johnson Controls Main Business and Markets Served
7.1.5. Johnson Controls Recent Developments/Updates
7.2. Emerson Electric Co.
7.3. GEA Group Aktiengesellschaft
7.4. Danfoss
7.5. Mayekawa
7.6. Daikin
7.7. Ingersoll Rand
7.8. EVAPCO, Inc.
7.9. Baltimore Aircoil Company
7.10. BITZER
7.11. LU-VE Group
7.12. MTA S.p.A.
7.13. Frascold
7.14. HITEMA INTERNATIONAL
7.15. Güntner GmbH & Co. KG
7.16. Lennox International
7.17. KOBELCO
7.18. Parker Hannifin
8. Marketing Channel, Distributors and Customers
8.1. Marketing Channel
8.2. Industrial Refrigeration Distributors List
8.3. Industrial Refrigeration Customers
9. Market Dynamics
9.1. Industrial Refrigeration Industry Trends
9.2. Industrial Refrigeration Growth Drivers
9.3. Industrial Refrigeration Market Challenges
9.4. Industrial Refrigeration Market Restraints
10. Global Industrial Refrigeration Consumption and Demand Forecast, by Region (2022-2027)
10.1. Global Forecasted Demand Analysis of Industrial Refrigeration, by Regions and Country
10.1.1. North America Forecasted Consumption of Industrial Refrigeration by Country
10.1.2. Europe Market Forecasted Consumption of Industrial Refrigeration by Country
10.1.3. Asia Pacific Market Forecasted Consumption of Industrial Refrigeration by Region
10.1.4. Latin America Forecasted Consumption of Industrial Refrigeration by Country
10.1.5. Middle East and Africa Forecasted Consumption of Industrial Refrigeration by Country
11. Global Industrial Refrigeration Consumption and Demand Forecast, by Device Segments (2022-2027)
11.1. Global Forecasted Consumption of Industrial Refrigeration by Device Segments (2022-2027)
11.2. Global Consumption and Price Forecast by Device Segments (2022-2027)
11.3. Global Forecasted Growth Rate of Industrial Refrigeration by Device Segments (2022-2027)
12. Research Finding and Conclusion
13. Methodology and Data Source
13.1. Methodology/Research Approach
13.1.1. Research Programs/Application
13.1.2. Market Size Estimation
13.1.3. Market Breakdown and Data Triangulation
13.2. Data Source
13.2.1. Secondary Sources
13.2.2. Primary Sources
13.3. Author List
13.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
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- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
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