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Industrial Refrigeration Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2021-2027

Format: PDF | Pages: 288 | Report ID: MRS1093


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.)

Frequently Asked Questions

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.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global industrial refrigeration market size expanding at a CAGR 5.4% from 2021-2027 to reach 34,300.2 Million USD in 2027.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
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.

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