Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024

The industrial refrigeration system market was valued at USD 17.78 billion in 2017 and is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78%. The base year considered for the study is 2017, and the market has been forecast for the period 2018–2024. The report aims at estimating the size and growth potential of the industrial refrigeration system market based on equipment, refrigerant type, industry, and geography. The report also aims at providing detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the industrial refrigeration system market and strategically analyzes micromarkets with respect to individual growth trends, prospects, and contribution to the total market.

The research methodology used to estimate and forecast the industrial refrigeration system market begins with capturing data on key vendor revenue through secondary research. Some of the secondary sources used for this research study include associations and organizations such as the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE), Refrigerating Engineers & Technicians Association (RETA), International Association of Refrigerated Warehouses, Global Cold Chain Alliance, National Insulation Association, International Institute of Ammonia Refrigeration (IIAR), and Air Conditioning, Heating, and Refrigeration Institute (AHRI). The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global industrial refrigeration system market from the revenues of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with key experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primaries has been depicted in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

The industrial refrigeration system ecosystem includes industrial refrigeration system manufacturers or system integrators; research and development associations; component manufacturers and suppliers; installation, maintenance, and after-sales service providers; software solution providers; and end users. The industrial refrigeration system market has the presence of major players, such as Johnson Controls, Inc. (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), Mayekawa Mfg. Co. Ltd. (Japan), BITZER Kuhlmaschinenbau GmbH (Germany), Evapco, Inc. (US), Ingersoll Rand Plc (Ireland), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), LU-VE Group (Italy), Lennox International Inc. (US), and Baltimore Aircoil Company (US).

Stakeholders

• Component and equipment manufacturers and suppliers
• Device manufacturers and suppliers
• System designers and machine manufacturers
• Product manufacturers
• Software service providers
• Technology providers
• Installation, monitoring, and controlling companies
• Technology standards organizations, forums, alliances, and associations related to industrial refrigeration systems
• End users that want to know more about the global industrial refrigeration system market and the latest developments in this industry

Report Scope

The report segments the industrial refrigeration system market into the following submarkets:

By Equipment

• Compressors
  • Reciprocating Compressors
  • Screw Compressors
• Condensers
  • Air-Cooled and Water-Cooled Condensers
  • Evaporative Condensers
• Evaporators
  • Air-Cooling Evaporators
  • Liquid-Cooling Evaporators
• Controls
• Vessels, Pumps, Valves, and Auxiliary Equipment

By Refrigerant Type

• Ammonia
• CO2
• HFC
• Other Refrigerants
  • HCFC
  • HC
  • HFO

By Industry

• Fruit & Vegetable Processing
• Beverage
• Refrigerated Warehouse
• Chemicals, Petrochemicals, and Pharmaceuticals
• Dairy and Ice-Cream Processing
• Meat, Poultry, and Fish Processing
• Refrigerated Transportation

By Region

• North America
• Europe
• APAC
• RoW

Available Customizations

With given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to 5)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for This Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions for Research Study

3 Executive Summary (Page No. - 27)

4 Premium Insights (Page No. - 32)
    4.1 Lucrative Opportunities for Industrial Refrigeration System Market Growth
    4.2 Industrial Refrigeration System Market, By Industry
    4.3 Industrial Refrigeration System Market, By Industry and Region
    4.4 Industrial Refrigeration System Market, By Region (2017)
    4.5 Industrial Refrigeration System Market, By Refrigerant (2017, 2018, and 2024)

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Ongoing Shift Toward Natural Refrigerant-Based and Energy-Efficient Refrigeration Systems Due to Strict Regulations
                    5.2.1.2 Strengthening of Cold Chain Infrastructure in Developing Countries
           5.2.2 Restraints
                    5.2.2.1 High Initial Costs and Other Expenses
           5.2.3 Opportunities
                    5.2.3.1 Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3) Cascade Refrigeration Systems
                    5.2.3.2 Further Improvements in Efficiency and Other Related Parameters Using Natural Refrigerants
           5.2.4 Challenges
                    5.2.4.1 Lack of Skilled Personnel and Growing Safety Concerns
    5.3 Policies and Regulations
           5.3.1 Europe
                    5.3.1.1 Eu F-Gas Regulation
                    5.3.1.2 Montreal Protocol
                    5.3.1.3 Ecodesign Directive
           5.3.2 North America
                    5.3.2.1 Significant New Alternatives Policy (SNAP) By EPA
           5.3.3 Asia Pacific
                    5.3.3.1 Japan: Revised F-Gas Law
                    5.3.3.2 Australia

6 Industrial Refrigeration System Market, By Equipment (Page No. - 45)
    6.1 Introduction
    6.2 Compressors
           6.2.1 Screw Compressors
           6.2.2 Reciprocating Compressors
    6.3 Condensers
           6.3.1 Evaporative Condensers
           6.3.2 Water-Cooled Condensers
           6.3.3 Air-Cooled Condensers
    6.4 Evaporators
           6.4.1 Air-Cooling Evaporators
           6.4.2 Liquid-Cooling Evaporators
    6.5 Controls
    6.6 Vessels, Pumps, Valves, and Auxiliary Equipment

7 Industrial Refrigeration System Market, By Refrigerant (Page No. - 52)
    7.1 Introduction
    7.2 Ammonia
    7.3 CO2
    7.4 HFC
    7.5 Others
           7.5.1 HCFC
           7.5.2 HC
           7.5.3 HFO

8 Industrial Refrigeration System Market, By Industry (Page No. - 61)
    8.1 Introduction
    8.2 Fruit & Vegetable Processing
    8.3 Beverage
    8.4 Refrigerated Warehouse
    8.5 Chemicals, Petrochemicals, and Pharmaceuticals
    8.6 Dairy and Ice-Cream Processing
    8.7 Meat, Poultry, and Fish Processing
    8.8 Refrigerated Transportation

9 Geographic Analysis (Page No. - 73)
    9.1 Introduction
    9.2 North America
    9.3 Europe
    9.4 Asia Pacific
    9.5 Rest of the World

10 Competitive Landscape (Page No. - 100)
     10.1 Introduction
     10.2 Market Share Analysis
     10.3 Competitive Situations and Trends
             10.3.1 Product Launches
             10.3.2 Expansions
             10.3.3 Mergers & Acquisitions
             10.3.4 Agreements, Partnerships, and Collaborations
     10.4 Prominent Companies in Industrial Refrigeration System Market

11 Company Profiles (Page No. - 115)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     11.1 Key Players
             11.1.1 Johnson Controls International PLC
             11.1.2 Emerson Electric Co.
             11.1.3 Ingersoll-Rand PLC
             11.1.4 GEA Group AG
             11.1.5 The Danfoss Group
             11.1.6 Daikin Industries, Ltd.
             11.1.7 Bitzer Kuhlmaschinenbau GmbH
             11.1.8 United Technologies Corporation
             11.1.9 Mayekawa Mfg. Co. Ltd.
             11.1.10 Lu-Ve Group
             11.1.11 Lennox International Inc.
             11.1.12 Evapco, Inc.
             11.1.13 Baltimore Aircoil Company, Inc.
             11.1.14 Alfa Laval
             11.1.15 Güntner GmbH & Co. Kg

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 151)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details

List of Tables (63 Tables)

Table 1 Industrial Refrigeration System Market, By Equipment, 2015–2024 (USD Billion)
Table 2 Industrial Refrigeration System Market for Compressors, By Type, 2015–2024 (USD Million)
Table 3 Industrial Refrigeration System Market for Reciprocating Compressors, By Type, 2015–2024 (USD Million)
Table 4 Industrial Refrigeration System Market for Condensers, By Type, 2015–2024 (USD Million)
Table 5 Industrial Refrigeration System Market for Evaporators, By Type, 2015–2024 (USD Million)
Table 6 Industrial Refrigeration System Market, By Refrigerant, 2015–2024 (USD Billion)
Table 7 Industrial Refrigeration System Market for Ammonia, By Industry, 2015–2024 (USD Million)
Table 8 Industrial Refrigeration System Market for Ammonia, By Region, 2015–2024 (USD Million)
Table 9 Industrial Refrigeration System Market for CO2, By Industry, 2015–2024 (USD Million)
Table 10 Industrial Refrigeration System Market for CO2, By Region, 2015–2024 (USD Million)
Table 11 Industrial Refrigeration System Market for HFC, By Industry, 2015–2024 (USD Million)
Table 12 Industrial Refrigeration System Market for HFC, By Region, 2015–2024 (USD Million)
Table 13 Industrial Refrigeration System Market for Others, By Industry, 2015–2024 (USD Million)
Table 14 Industrial Refrigeration System Market for Others, By Region, 2015–2024 (USD Million)
Table 15 Industrial Refrigeration System Market, By Industry, 2015–2024 (USD Million)
Table 16 Industrial Refrigeration System Market for Fruit & Vegetable Processing, By Refrigerant, 2015–2024 (USD Million)
Table 17 Industrial Refrigeration System Market for Fruit & Vegetable Processing, By Region, 2015–2024 (USD Million)
Table 18 Industrial Refrigeration System Market for Beverage, By Refrigerant, 2015–2024 (USD Million)
Table 19 Industrial Refrigeration System Market for Beverage, By Region, 2015–2024 (USD Million)
Table 20 Industrial Refrigeration System Market for Refrigerated Warehouse, By Refrigerant Type, 2015–2024 (USD Million)
Table 21 Industrial Refrigeration System Market for Refrigerated Warehouse, By Region, 2015–2024 (USD Million)
Table 22 Industrial Refrigeration System Market for Chemicals, Petrochemicals, and Pharmaceuticals, By Refrigerant Type, 2015–2024 (USD Million)
Table 23 Industrial Refrigeration System Market for Chemicals, Petrochemicals, and Pharmaceuticals, By Region, 2015–2024 (USD Million)
Table 24 Industrial Refrigeration System Market for Dairy and Ice-Cream Processing, By Refrigerant Type, 2015–2024 (USD Million)
Table 25 Industrial Refrigeration System Market for Dairy and Ice-Cream Processing, By Region, 2015–2024 (USD Million)
Table 26 Industrial Refrigeration System Market for Meat, Poultry, and Fish Processing, By Refrigerant Type, 2015–2024 (USD Million)
Table 27 Industrial Refrigeration System Market for Meat, Poultry, and Fish Processing, By Region, 2015–2024 (USD Million)
Table 28 Industrial Refrigeration System Market for Refrigerated Transportation, By Refrigerant, 2015–2024 (USD Million)
Table 29 Industrial Refrigeration System Market for Refrigerated Transportation, By Region, 2015–2024 (USD Million)
Table 30 Industrial Refrigeration System Market, By Region, 2015–2024 (USD Billion)
Table 31 Industrial Refrigeration System Market in North America, By Country, 2015–2024 (USD Million)
Table 32 Industrial Refrigeration System Market in North America, By Industry, 2015–2024 (USD Million)
Table 33 Industrial Refrigeration System Market in North America, By Refrigerant, 2015–2024 (USD Million)
Table 34 Industrial Refrigeration System Market in US, By Refrigerant, 2015–2024 (USD Million)
Table 35 Industrial Refrigeration System Market in US, By Industry, 2015–2024 (USD Million)
Table 36 Industrial Refrigeration System Market in Canada, By Refrigerant, 2015–2024 (USD Million)
Table 37 Industrial Refrigeration System Market in Mexico, By Refrigerant Type, 2015–2024 (USD Million)
Table 38 Industrial Refrigeration System Market in Europe, By Country, 2015–2024 (USD Million)
Table 39 Industrial Refrigeration System Market in Europe, By Industry, 2015–2024 (USD Million)
Table 40 Industrial Refrigeration System Market in Europe, By Refrigerant, 2015–2024 (USD Million)
Table 41 Industrial Refrigeration System Market in Germany, By Refrigerant, 2015–2024 (USD Million)
Table 42 Industrial Refrigeration System Market in Germany, By Industry, 2015–2024 (USD Million)
Table 43 Industrial Refrigeration System Market in UK, By Refrigerant, 2015–2024 (USD Million)
Table 44 Industrial Refrigeration System Market in UK, By Industry, 2015–2024 (USD Million)
Table 45 Industrial Refrigeration System Market in France, By Refrigerant, 2015–2024 (USD Million)
Table 46 Industrial Refrigeration System Market in France, By Industry, 2015–2024 (USD Million)
Table 47 Industrial Refrigeration System Market in Rest of Europe, By Refrigerant, 2015–2024 (USD Million)
Table 48 Industrial Refrigeration System Market in Rest of Europe, By Industry, 2015–2024 (USD Million)
Table 49 Industrial Refrigeration System Market in APAC, By Country, 2015–2024 (USD Million)
Table 50 Industrial Refrigeration System Market in APAC, By Industry, 2015–2024 (USD Million)
Table 51 Industrial Refrigeration System Market in APAC, By Refrigerant, 2015–2024 (USD Million)
Table 52 Industrial Refrigeration System Market in China, By Refrigerant, 2015–2024 (USD Million)
Table 53 Industrial Refrigeration System Market in China, By Industry, 2015–2024 (USD Million)
Table 54 Industrial Refrigeration System Market in Japan, By Refrigerant, 2015–2024 (USD Million)
Table 55 Industrial Refrigeration System Market in Japan, By Industry, 2015–2024 (USD Million)
Table 56 Industrial Refrigeration System Market in India, By Refrigerant, 2015–2024 (USD Million)
Table 57 Industrial Refrigeration System Market in Rest of APAC, By Refrigerant, 2015–2024 (USD Million)
Table 58 Industrial Refrigeration System Market in RoW, By Country, 2015–2024 (USD Million)
Table 59 Industrial Refrigeration System Market in RoW, By Industry, 2015–2024 (USD Million)
Table 60 Industrial Refrigeration System Market in RoW, By Refrigerant, 2015–2024 (USD Million)
Table 61 Product Launches (2015–2018)
Table 62 Expansions (2015–2018)
Table 63 Acquisitions (2015–2018)

List of Figures (39 Figures)

Figure 1 Industrial Refrigeration System Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation Model
Figure 5 Industrial Refrigeration System Market, 2015–2024 (USD Billion)
Figure 6 CO2 Refrigerant to Witness Highest Growth During Forecast Period
Figure 7 Compressors to Account for Largest Market, in Terms of Value, in 2024
Figure 8 Refrigerated Transportation to Grow at Highest CAGR From 2018 to 2024
Figure 9 Industrial Refrigeration System Market, By Region (2017)
Figure 10 Strong Demand From Countries in APAC to Drive Industrial Refrigeration System Market From 2018 to 2024
Figure 11 Refrigerated Transportation to Grow at Highest CAGR During Forecast Period
Figure 12 North America Held Largest Share of Industrial Refrigeration System Market in 2017
Figure 13 Market in APAC to Grow at Highest CAGR From 2018 to 2024, Driven By Emerging Economies Such as China and India
Figure 14 Ammonia Led Industrial Refrigeration System Market in 2017 and the Trend Will Likely Continue During Forecast Period
Figure 15 Industrial Refrigeration System Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Compressors to Lead Industrial Refrigeration System Market During Forecast Period
Figure 17 Industrial Refrigeration System Market, By Refrigerant
Figure 18 CO2-Based Industrial Refrigeration Systems to Grow at Highest CAGR During Forecast Period
Figure 19 Industrial Refrigeration System Market, By Industry
Figure 20 Industrial Refrigeration System Market, By Industry, 2018 and 2024 (USD Million)
Figure 21 Industrial Refrigeration System Market, By Geography
Figure 22 Geographic Snapshot of Industrial Refrigeration System Market (2017)
Figure 23 North America: Industrial Refrigeration System Market Snapshot (2017)
Figure 24 Germany Accounted for Largest Share in European Industrial Refrigeration System Market in 2017
Figure 25 Asia Pacific: Industrial Refrigeration System Market Snapshot
Figure 26 South America to Hold Major Share of Market in RoW From 2018 to 2024
Figure 27 Companies Mainly Adopted Product Launch as Key Growth Strategy During 2015–2018
Figure 28 Global Industrial Refrigeration System Market Share, By Key Player (2017)
Figure 29 Market Evaluation Framework – Product Launches Fueled Market Growth in 2017
Figure 30 Johnson Controls International PLC: Company Snapshot
Figure 31 Emerson Electric Co.: Company Snapshot
Figure 32 Ingersoll-Rand PLC.: Company Snapshot
Figure 33 GEA Group AG: Company Snapshot
Figure 34 The Danfoss Group: Company Snapshot
Figure 35 Daikin Industries, Ltd.: Company Snapshot
Figure 36 United Technologies Corporation: Company Snapshot
Figure 37 Lu-Ve Group: Company Snapshot
Figure 38 Lennox International Inc.: Company Snapshot
Figure 39 Alfa Laval: Company Snapshot

The global industrial refrigeration system market is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78% from USD 18.49 billion in 2018. This market has almost reached saturation; growth has been steady for the past 5 years, and this trend is expected to continue in the future as well. Although no dramatic changes are foreseen in terms of technological developments, the market is expected to shift toward natural refrigerant-based systems on the back of the potential for huge energy savings and the implementation of stringent regulations worldwide for phasing out ozone-depleting substances (ODS) such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). The strengthening of cold chain infrastructure in developing countries, especially across APAC, is another key factor for the growth of the industrial refrigeration system market.

By equipment, the industrial refrigeration system market has been segmented into compressors; condensers; evaporators; controls; and vessels, pumps, valves, and auxiliary equipment. The compressor market has been further classified into screw and reciprocating compressors. The condenser market has been segmented into evaporative, and air-cooled and water-cooled. Air-cooling and liquid-cooling evaporators are different types of evaporators available. The market for controls is expected to grow at the highest CAGR owing to the increasing significance of controls and software, especially for improving the energy efficiency of existing refrigeration systems.

The market for CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest CAGR. Many end users across the food & beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.

In 2017, North America led the industrial refrigeration system market, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to the wide end-user base in the US, followed by Canada and Mexico.

The industrial refrigeration system market faces challenges related to growing concerns about safety issues and lack of skilled personnel for handling certain refrigerant-based systems. High initial costs and other expenses, such as long-term maintenance costs, restrain the industrial refrigeration system market growth. This report describes drivers, restraints, opportunities, and challenges pertaining to the industrial refrigeration system market. Furthermore, it analyzes the current scenario and forecasts the market till 2024.

Some of the major companies in the industrial refrigeration system market are Johnson Controls (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), The Danfoss Group (Denmark), BITZER Kuhlmaschinenbau GmbH (Germany), Mayekawa Mfg. Co. Ltd. (Japan), Ingersoll Rand Plc (Ireland), Daikin Industries, Ltd. (Japan), Evapco, Inc. (US), Baltimore Aircoil Company (US), Lennox International Inc. (US), and LU-VE Group (Italy).

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