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Industrial Refrigeration Systems Market worth 23.22 Billion USD by 2022
According to the market research report "Industrial Refrigeration Systems Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCS), Application (Fruits & Vegetables Processing, Beverages, Refrigerated Warehouses), & Geography - Global Forecast to 2022", the industrial refrigeration systems market is expected to reach USD 23.22 Billion by 2022, at a CAGR of 5.24% between 2016 and 2022. The growth in industrial refrigeration systems market is expected to be driven by stringent laws and standards supporting environmentally-friendly substitutes and growing focus in developing economies for strengthening the cold-chain infrastructure.
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The market for CO2-based refrigeration systems expected to grow at the highest rate during the forecast period
The market for CO2-based industrial refrigeration systems are expected to grow at the highest rate during the forecast period owing to the benefits it offers, such as excellent thermodynamic properties, high energy-efficiency, zero-toxicity, and non-flammability. Many food and beverage industrial players, especially across developed economies in the North America and Europe region have shifted towards the usage of CO2 as a preferred refrigerant type, especially as a secondary refrigerant and also in the cascade systems.
Refrigerated warehouses application held the largest share of the industrial refrigeration systems market in 2015
Industrial refrigeration systems are most widely used in the refrigerated warehouses industry, which is further expected to hold the dominance in the near future as well, closely followed by fruits and vegetables processing application. Many industrial refrigeration systems manufacturers have started offering natural refrigerants compatible products and equipment, and low- global warming potential (GWP) and low- ozone depleting potential (ODP) refrigerants, which are being developed for replacing their comparatively high-GWP and high-ODP refrigerants counterparts, to follow strict adherence to the regional and international regulatory standards.
North America held the largest market share in 2015
North America held the largest market in 2015, followed by Europe and Asia-Pacific for industrial refrigeration systems. The U.S. held the largest share of the North American industrial refrigeration systems market owing to strong demand from refrigerated warehouses, and food and beverage processing applications. Rapid commercialization of CO2-based transport refrigeration and growing installation base of NH3/CO2 cascade refrigeration systems (especially across food processing industry) are further adding to the future growth of industrial refrigeration systems across the U.S., Canada, and Mexico. Asia-Pacific offers potential growth opportunities owing to the strengthening of cold-chain infrastructure across developing countries in this region.
Major players in this market include Johnson Controls, Inc. (U.S.), Emerson Electric Co. (U.S.), Ingersoll Rand Plc (Ireland), GEA Group AG (Germany), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), United Technologies Corporation (U.S.), Mayekawa Mfg. Co. Ltd. (Japan), Evapco, Inc. (U.S.), LU-VE Group (Italy), Lennox International Inc. (U.S.), BITZER Kuhlmaschinenbau GmbH (Germany), and Baltimore Aircoil Company (U.S.).
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