Industrial Refrigeration System Market with COVID-19 Impact Analysis by Component (Compressor, Condenser, Evaporator), Application (Fruit & Vegetable Processing, Refrigerated Warehouse), Refrigerant Type, and Region - Global Forecast to 2026
[264 Pages Report] The global industrial refrigeration system market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021–2026. The growth of the industrial refrigeration system market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries; and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.
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COVID-19 Impact on the Global Industrial Refrigeration System Market
The industrial refrigeration system market includes key companies such as Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), Mayekawa (Japan), Daikin (Japan), Ingersoll Rand (Ireland), EVAPCO, Inc. (US), Baltimore Aircoil Company (US), BITZER (Germany), and LU-VE Group (Italy). These companies have their manufacturing facilities and corporate offices spread across various countries across Asia Pacific, Europe, North America, and Rows. The industrial refrigeration components manufactured by these companies are purchased by several stakeholders for various end use. COVID-19 has impacted the operations of the various industrial refrigeration manufacturers companies, along with businesses of their suppliers and distributors. The fall in export shipments, delay in projects, and slow domestic demand industrial refrigeration system in comparison to pre COVID-19 levels is also expected to negatively impact and slightly stagnate the demand for the industrial refrigeration system market in short term.
Industrial Refrigeration System Market Dynamics
Driver: Increasing government support to strengthen cold chain infrastructure in developing countries
In developing countries, food wastage is one of the primary reasons for the shortage of food. India is among the leading producers of food products and other perishable goods, including milk products, fruits, and vegetables. However, each year, food products worth billions of dollars get wasted due to the lack of proper cold chain infrastructure, including collection centers, refrigerated transport, pack houses, and cold storage facilities, which are required to keep food products fresh and safe. Thus, the lack of efficient cold chain infrastructure is the primary cause of food wastage and food loss. The shelf life of fruits, vegetables, fish, and dairy products decreases dramatically due to factors such as improper handling, insufficient infrastructure, no access to cold chains, a dearth of energy resources to power these cold chain facilities, and so on. Therefore, many developing countries, such as China and India, have started adopting advanced refrigeration systems across cold storage and cold chain infrastructure to ensure uninterrupted temperature-controlled transport and storage of perishable food products, beverages, chemicals, medicines, and pharmaceuticals, among others.
In China, strong government initiatives toward developing and improving cold storage warehouses and refrigerated transportation systems, especially in major cities such as Shanghai and Beijing, are driving the industrial refrigeration system market growth. The growing middle-class population in these countries and its rising demand for better and fresher products are the other major factors that create the need to upgrade the cold chain infrastructure utilizing advanced technologies and implementing better regulations.
Restraint: High installation cost and other expenses
Industrial refrigeration systems typically have a high installation cost owing to the high cost of their components, such as compressors, condensers, and evaporators. Also, the control systems used in these refrigeration systems are expensive, which increases the installation cost. Furthermore, refrigerants such as ammonia and certain hydrocarbons are flammable and corrosive. Similarly, exposure to high concentrations of ammonia is toxic and life-threatening if inhaled. Therefore, safety equipment is required when working with ammonia-based refrigeration systems. Ammonia-based refrigeration systems should be made of high-cost materials such as steel and aluminum because ammonia reacts with and corrodes copper, which increases the overall initial cost of the system. Also, while working on CO2-based refrigeration systems, safety equipment should be installed to avoid leakage as it may cause serious health hazards and suffocation. Along with the installation cost, other expenses such as regular maintenance, staff training, and the high cost of energy also increase the overall operational costs, thereby restraining the market growth.
Opportunity: Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
Over the past few years, natural refrigerant-based systems have gained traction to overcome the environmental problems related to global warming and the depletion of the ozone layer caused by synthetic refrigerants. Ammonia and carbon dioxide as refrigerants are simple to use, cost-effective, and available in abundance. Carbon dioxide/ammonia-based cascade refrigeration systems are used in low-temperature applications and are suitable for industrial applications where the required temperature for a product range from -30° C to -50° C. These systems vary in capacity, between 25 and 1,500 tons for applications such as process plate freezers, spiral freezers, refrigerated warehouses, and blast freezers. A cascade system generally comprises two separate one-stage refrigeration cycles, each working with a different refrigerant. Such systems are best suited for applications in which the difference between heat rejection temperature and refrigeration temperature is so drastic that a single refrigerant with suitable properties cannot be found. In CO2/NH3-based cascade refrigeration systems, CO2 refrigerant is used in low-temperature circuits, and ammonia refrigerant is used in high-temperature circuits.
Challenge: Lack of skilled personnel and safety concerns
Natural refrigerant-based systems have been adopted at a significant rate in recent years. Governments worldwide are promoting the use of environmentally friendly refrigeration systems to reduce the impact of synthetic refrigerant-based systems on global warming and ozone layer depletion. According to the Bureau of Labor Statistics (US), the growth rate for job creation in the industrial refrigeration system ecosystem is projected to be around 13% from 2018–2028, which is much faster than the average growth rate. However, there is a lack of skilled on-site personnel to handle and manage systems effectively and safely. This problem can be addressed by the collaboration of the government, industry, and research institutes to meet the increasing demand for a skilled workforce in the industrial refrigeration system market.
As natural refrigerant-based systems have gained traction, the demand for ammonia and carbon dioxide as refrigerants has gone up significantly. This increase in demand is because these refrigerants have zero ODP and low GWP. For instance, ammonia is a standard refrigerant used in industrial refrigeration facilities worldwide, and it is environmentally friendly and complies with the low-GWP standard. However, ammonia is also regarded as a poisonous gas, and its accidental leakage in facilities can lead to severe industrial accidents. Furthermore, exposure to lower concentrations of ammonia can lead to temporary blindness, eye damage, skin diseases, or pulmonary diseases, while exposure to higher concentration levels can be fatal. Also, the inner leakage of such gases can even contaminate food items kept inside the refrigeration system. Hence, the lack of skilled personnel and safety concerns act as major challenges for the growth of the industrial refrigeration system market.
Controls to register higher CAGR during the forecast period
The controls segment is projected to register the higher CAGR during the forecast period, by component. Controls of the industrial refrigeration system market is projected to register the highest CAGR during the forecast period, by component. The use of controls in an industrial refrigeration system ensures increased efficiency, can automate temperature controls, and makes requirement-based adjustments. Also, control systems can be used to automate defrost cycles at different times, resulting in significant energy savings. Furthermore, companies are heavily investing in R&D activities to enhance the efficiency of industrial systems and reduce operational costs, which are expected to drive the market for controls during the forecast period.
CO2-based refrigeration systems for microgrid hardware segment is expected to witness higher CAGR growth during the forecast period
The market for CO2-based refrigeration systems is expected to grow at the highest CAGR of 7.5% during the forecast period. The key factor for the market’s growth is the rising popularity of CO2 cascade refrigeration systems in various applications. CO2 is abundant and stays in the atmosphere for a longer time. Large CO2-based industrial refrigeration systems are less expensive to build than their glycol counterparts; thus, the initial and life cycle costs of CO2-based industrial refrigeration systems are comparatively low. Additionally, CO2 has other beneficial characteristics, such as no toxicity, no flammability, high heat transfer, high refrigeration volumetric capacity, and negligible GWP. It is also environmentally safe, benign, and non-corrosive with most materials, thereby providing lucrative opportunities for use in the CO2-based refrigeration system market. Moreover, all these advantages, coupled with increasing awareness about the thermodynamic properties of CO2 refrigerants, are expected to propel the market for CO2-based refrigeration systems.
The chemical, petrochemical, and pharmaceutical segment for the industrial refrigeration system market is expected to witness higher CAGR growth during the forecast period
The industrial refrigeration system market for chemical, petrochemical, and pharmaceutical applications is expected to grow at the highest CAGR during the forecast period. Processes in chemicals and petrochemicals industries, particularly handling and processing substances such as oil, gas, and other chemical compounds, are extremely challenging. Different processes and operations in these applications require the removal of heat and refrigeration to produce the final product. These processes include crystallization or condensation. Similarly, the pharmaceutical industry relies on refrigerated or temperature-controlled systems to preserve and maintain the integrity of products. A key factor for the growth in chemical, petrochemical, and pharmaceutical applications is the increasing demand for industrial cold storage facilities to store medicines and vaccines. Additionally, running clinical testing and research to halt the outbreak of the COVID-19 pandemic across North America and APAC is also driving the market growth.
APAC is projected to register the highest CAGR growth during the forecast period
APAC is likely to be the fastest-growing industrial refrigeration systems market during the forecast period. The market’s growth can be attributed to the growing pharmaceutical industry in the region, coupled with government subsidies for improving the cold chain and preservation infrastructure. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan. Moreover, governments of various countries in APAC support the Montreal Protocol initiative to phase out environmentally harmful refrigerants, thereby providing huge opportunities for the players offering natural refrigerant-based refrigeration systems. Thus, government initiatives to further strengthen cold chain management systems are expected to be the key driver for the growth of industrial refrigeration systems in the APAC region.
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Key Market Players
The industrial refrigeration system market is dominated by a few established players such as Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), and Mayekawa (Japan).
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Report Metric |
Details |
|
Market Size Available for Years |
2017–2026 |
|
Base Year |
2020 |
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Forecast Period |
2021–2026 |
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Forecast Unit |
Value (USD Million/Billion) |
|
Segments Covered |
By Component, Refrigerant Type, Application, and Region |
|
Geographic Regions Covered |
APAC, North America, South America, Europe, and RoW (includes South America and the Middle East & Africa) |
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Companies Covered |
The major players include are Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), Mayekawa (Japan), Daikin (Japan), Ingersoll Rand (Ireland), EVAPCO, Inc. (US), Baltimore Aircoil Company (US), BITZER (Germany), LU-VE Group (Italy), MTA S.p.A. (Italy), Frascold (Italy), HITEMA INTERNATIONAL (Italy), Güntner GmbH & Co. KG (Germany), Lennox International (US), KOBELCO (Japan), Parker Hannifin (US), Clauger (France), Rivacold (Italy), Dorin S.p.A. (Italy), Star Refrigeration (Scotland), Industrial Frigo (Lombardy), SRM Italy (Italy), and Innovative Refrigeration Systems (US). |
This report categorizes the industrial refrigeration system market based on component, refrigerant type, application, and region available at the regional and global level
By Component
- Compressor
- Condenser
- Evaporator
- Control
- Vessle, Pump, Valves, and Auxillary Equipment
By Refrigerant Type
- Ammonia
- CO2
- Others (HFC, HCFC, HFO, HC)
By Application
- Refrigerated Warehouses
- Fruit And Vegetable Processing
- Beverage Processing
- Chemical, Petrochemical, and Pharmaceutical
- Dairy And Ice Cream Processing
- Meat, Poultry, and Fish Processing
- Refrigerated Transportation
By Region
- North America
- Europe
- APAC
- RoW
These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the industrial refrigeration system market.
Recent Developments
- In June 2021, Johnson Controls added the Quantech QWC4 Water-Cooled Screw Chiller to its product portfolio, which uses variable speed drive technology to reduce carbon emissions and provide flexibility in handling high-lift applications. The Quantech QWC4 chiller also reduces environmental impacts by directly managing refrigerant charges and potential leak points.
- In June 2021, GEA Group Aktiengesellschaft signed an agreement to sell its refrigeration contracting operations in Spain and Italy to Clauger, the French family-owned company, which specializes in industrial refrigeration and air-conditioning systems.
- In May 2021, Johnson Controls selected R-454B, a lower GWP refrigerant, to replace R-410A in its ducted residential and commercial unitary products as well as air-cooled scroll chillers. R-454B is more compatible with existing R-410A equipment designs, requires a lesser or similar refrigerant charge, and can reduce the energy use of HVAC systems and improve system efficiency.
- In May 2021, Johnson Controls announced a partnership with its joint venture company, Johnson Controls-Hitachi Air Conditioning, to offer wide-scale distribution of its industry-recognized line-up of Hitachi horizontal scroll compressors in North America. This offering aligns the innovative Hitachi scroll compressors with the strength of PENN®, an industry-leading brand from Johnson Controls, backed by more than a century of commercial refrigeration expertise.
- In March 2021, Emerson Electric Co. launched a range of two-way and three-way solenoid valves that support original equipment manufacturers’ (OEMs) need to develop more compact machines and equipment without compromising fluid control performance. ASCO™ Series 256/356 offers a smaller footprint, up to 40% reduced power consumption, and up to 30% higher pressure ratings.
- In February 2021, Emerson Electric Co. introduced its Lumity supervisory control platform, a next-generation control platform for complete refrigeration and facility management. The new platform provides visual store management and robust control of refrigeration systems and buildings.
- In February 2021, GEA Refrigeration Technologies’ oil and gas team was selected by Honeywell UOP to supply engineered compression packages for a tail gas application at a refinery in Azerbaijan. For this project, Honeywell UOP used GEA's most powerful screw compressor, the GEA model XH. The systems are designed for a modernization program at the refinery.
- In November 2020, Danfoss introduced a new CO2 MiniPack Solution, which makes it easy for the owners of small-format stores to harness the benefits of CO2. By combining five 100% compatible products into a single solution, the CO2 MiniPack Solution delivers benefits such as fast setup and installation, five compatible products in a single solution for complete application control, and optimal energy efficiency and pack security while keeping food safety in focus.
- In October 2020, Mayekawa launched the new control panel in the MYCOM family: the MyCore RC-100 control panel for reciprocating and mini-screw compressors.
- In October 2020, Mayekawa MYCOM partnered with Refrigeration Technology Solutions, LLC. Through this partnership, the company is focusing on increasing its sales representatives to aid in the sales of MYCOM screw and reciprocating compressor packages for the east coast.
- In October 2020, GEA Group Aktiengesellschaft launched an innovation that combines the GEA Blu chillers and GEA Red heat pumps in a single product. The new GEA Blu-Red Fusion combines a GEA BluAstrum or GEA BluGenium chiller (low stage) with a GEA RedAstrum or GEA RedGenium heat pump (high stage). It is particularly suited for combined cooling/refrigeration and heating demands at low heat source temperature levels and high-temperature lifts between the heat source and heat sink.
- In July 2020, Danfoss launched EKE 2U backup power module for applications such as chillers, heat pumps, cold rooms, CRAC, and food retail. The new backup power module makes it easier than ever to protect the compressor in the event of a power outage.
- In January 2020, Emerson Electric Co. introduced the Copeland scroll digital outdoor refrigeration unit, X-Line Series. This outdoor refrigeration unit provides reliable refrigeration for medium-temperature, walk-in coolers, and display cases which are commonly found in convenience stores (c-stores), small-format stores, and restaurants.
Frequently Asked Questions (FAQ):
What is the current size of the global industrial refrigeration system market?
The global industrial refrigeration system market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021–2026. The growth of the industrial refrigeration system market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries; and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.
Who are the key players in the global industrial refrigeration system market?
Companies such as Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), and Mayekawa (Japan). These companies cater to the requirements of their customers by providing advanced industrial refrigeration systems with a presence in multiple countries.
What is the COVID-19 impact on industrial refrigeration system suppliers?
The shutdown of manufacturing facilities globally combined with strict restrictions over social movement in various COVID-19 affected countries impacted the operations of industrial refrigeration hardware and related components manufacturing facilities. Additionally, COVID-19 is expected to have led to a delay in the upcoming projects and installations of industrial refrigeration system. All these factors resulted in a marginal dip of the market size of industrial refrigeration system. The supply chain disruptions have led to the procurement of raw materials or commodities from localized sources to ensure their continuous supply.
What are the opportunities for the existing players and for those who are planning to enter various stages of the industrial refrigeration system value chain?
There are various opportunities for the existing players to enter the value chain of industrial refrigeration system market. Some of these include developing more efficient and advanced compressors, controls, and offering innovative industrial refrigeration solutions and services with major focus on integration of technology and data management. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 31)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
FIGURE 1 INDUSTRIAL REFRIGERATION SYSTEM MARKET SEGMENTATION
1.4 INCLUSIONS AND EXCLUSIONS
1.4.1 YEARS CONSIDERED
1.5 CURRENCY
1.6 LIMITATIONS
1.7 SUMMARY OF CHANGES
1.8 STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 35)
2.1 RESEARCH DATA
FIGURE 2 PROCESS FLOW OF INDUSTRIAL REFRIGERATION SYSTEM MARKET SIZE ESTIMATION
FIGURE 3 INDUSTRIAL REFRIGERATION SYSTEM MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 List of major secondary sources
2.1.1.2 Secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key participants in primary processes across value chain of industrial refrigeration system market
2.1.2.2 Breakdown of primaries
2.1.2.3 Key data from primary sources
2.1.3 SECONDARY AND PRIMARY RESEARCH
2.1.3.1 Key industry insights
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for capturing market size by bottom-up analysis (demand side)
FIGURE 4 INDUSTRIAL REFRIGERATION SYSTEM MARKET: BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for capturing market size by top-down analysis (supply side)
FIGURE 5 INDUSTRIAL REFRIGERATION SYSTEM MARKET: TOP-DOWN APPROACH
2.2.3 INDUSTRIAL REFRIGERATION SYSTEM MARKET ESTIMATION: SUPPLY-SIDE ANALYSIS
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 7 DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 RISK ASSESSMENT
TABLE 1 RISK ASSESSMENT: INDUSTRIAL REFRIGERATION SYSTEM MARKET MARKET
3 EXECUTIVE SUMMARY (Page No. - 48)
FIGURE 8 INDUSTRIAL REFRIGERATION SYSTEM MARKET: POST-COVID-19 SCENARIO ANALYSIS, 2017–2026 (USD BILLION)
3.1 REALISTIC SCENARIO (POST-COVID-19)
3.2 OPTIMISTIC SCENARIO (POST-COVID-19)
3.3 PESSIMISTIC SCENARIO (POST-COVID-19)
FIGURE 9 COMPRESSORS TO HOLD LARGEST SHARE OF INDUSTRIAL REFRIGERATION SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 10 CARBON DIOXIDE REFRIGERANT TO GROW AT HIGHEST CAGR IN INDUSTRIAL REFRIGERANT SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 11 CHEMICAL, PETROCHEMICAL, AND PHARMACEUTICAL APPLICATIONS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD IN INDUSTRIAL REFRIGERATION SYSTEM MARKET
FIGURE 12 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. - 54)
4.1 ATTRACTIVE OPPORTUNITIES IN INDUSTRIAL REFRIGERATION SYSTEM MARKET
FIGURE 13 GROWTH IN ONLINE GROCERY SHOPPING AND PHARMACEUTICAL APPLICATIONS ACROSS REGIONS TO DRIVE GROWTH OF INDUSTRIAL REFRIGERATION SYSTEM MARKET
4.2 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY APPLICATION AND COUNTRY
FIGURE 14 REFRIGERATED WAREHOUSES AND CHINA HELD LARGEST MARKET SHARE IN APAC, BY APPLICATION AND COUNTRY, RESPECTIVELY, IN 2020
4.3 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY COMPONENT
FIGURE 15 COMPRESSORS TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD
4.4 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT TYPE
FIGURE 16 AMMONIA REFRIGERANT-BASED SYSTEMS TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD
4.5 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY APPLICATION
FIGURE 17 REFRIGERATED WAREHOUSES TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD
4.6 REGIONAL ANALYSIS OF INDUSTRIAL REFRIGERATION SYSTEM MARKET
FIGURE 18 NORTH AMERICA TO BE LARGEST SHAREHOLDER IN INDUSTRIAL REFRIGERATION SYSTEM MARKET FROM 2021 TO 2026
5 MARKET OVERVIEW (Page No. - 58)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 19 INDUSTRIAL REFRIGERATION SYSTEM MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Rising demand for innovative and compact refrigeration systems
5.2.1.2 Increasing government support to strengthen cold chain infrastructure in developing countries
FIGURE 20 REFRIGERATED WAREHOUSE CAPACITY IN MAJOR COUNTRIES
5.2.1.3 Growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies
FIGURE 21 IMPACT OF DRIVERS ON INDUSTRIAL REFRIGERATION SYSTEMS
5.2.2 RESTRAINTS
5.2.2.1 High installation cost and other expenses
FIGURE 22 IMPACT OF RESTRAINTS ON INDUSTRIAL REFRIGERATION SYSTEM MARKET
5.2.3 OPPORTUNITIES
5.2.3.1 Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
TABLE 2 LARGEST REFRIGERATED WAREHOUSE PROVIDERS ALONG WITH THEIR LOCATIONS AND CAPACITY (MILLION METER CUBE), 2018
5.2.3.2 Rising demand for frozen and processed food worldwide
FIGURE 23 AVERAGE SIZE OF REFRIGERATED WAREHOUSE CAPACITY IN MAJOR COUNTRIES
5.2.3.3 Increasing demand for medicines, drugs, and PPE due to COVID-19 is a key factor fueling growth of cold chain refrigeration systems
FIGURE 24 GLOBAL PHARMACEUTICALS COLD CHAIN SPENDING, 2018–2026 (USD BILLION)
FIGURE 25 IMPACT OF OPPORTUNITIES ON INDUSTRIAL REFRIGERATION SYSTEM MARKET
5.2.4 CHALLENGES
5.2.4.1 Lack of skilled personnel and safety concerns
FIGURE 26 IMPACT OF CHALLENGES ON INDUSTRIAL REFRIGERATION SYSTEM MARKET
5.3 VALUE CHAIN ANALYSIS
FIGURE 27 VALUE CHAIN ANALYSIS OF INDUSTRIAL REFRIGERATION SYSTEMS ECOSYSTEM: R&D AND COMPONENT MANUFACTURING PHASES CONTRIBUTE MAXIMUM VALUE
5.4 ECOSYSTEM/MARKET MAP
TABLE 3 INDUSTRIAL REFRIGERATION SYSTEM MARKET: SUPPLY CHAIN
5.5 KEY TECHNOLOGY TRENDS
5.5.1 CASCADE AMMONIA INDUSTRIAL REFRIGERATION SYSTEM
5.5.2 INTELLIGENT PURGING INDUSTRIAL REFRIGERATION SYSTEM
5.5.3 WIRELESS DATA LOGGERS
5.5.4 REAL-TIME DATA MONITORING FOR REFRIGERATED TRANSPORTATION
5.6 PRICING ANALYSIS
TABLE 4 AVERAGE SELLING PRICE OF COMPRESSORS (USD)
TABLE 5 AVERAGE SELLING PRICE OF REFRIGERANTS, BY TYPE (USD/KG)
5.7 LIST OF KEY PATENTS AND INNOVATIONS
FIGURE 28 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS IN LAST 11 YEARS
TABLE 6 TOP 10 PATENT OWNERS IN LAST 11 YEARS
FIGURE 29 NUMBER OF PATENTS GRANTED PER YEAR FROM 2010 TO 2020
TABLE 7 KEY PATENTS AND INNOVATIONS IN INDUSTRIAL REFRIGERATION SYSTEM MARKET, 2019–2021
5.8 TRADE DATA
TABLE 8 IMPORTS DATA FOR COMPRESSORS FOR REFRIGERATING EQUIPMENT, HS CODE: 841430 (USD MILLION)
FIGURE 30 COMPRESSORS FOR REFRIGERATING EQUIPMENT – IMPORTS VALUE FOR MAJOR COUNTRIES, 2016–2020
TABLE 9 EXPORTS DATA FOR COMPRESSORS FOR REFRIGERATING EQUIPMENT, HS CODE: 841430 (USD MILLION)
FIGURE 31 COMPRESSORS FOR REFRIGERATING EQUIPMENT – EXPORTS VALUE FOR MAJOR COUNTRIES, 2016–2020
5.9 CASE STUDIES: INDUSTRIAL REFRIGERATION SYSTEM MARKET
5.9.1 GEA GROUP AKTIENGESELLSCHAFT: AURIVO, (IRELAND)
TABLE 10 GEA GROUP AKTIENGESELLSCHAFT: SENS (SUSTAINABLE ENERGY SOLUTIONS)
5.9.2 GEA GROUP AKTIENGESELLSCHAFT: KEZSKY SYRZAVOD CHEESE FACTORY (RUSSIA)
TABLE 11 GEA GROUP AKTIENGESELLSCHAFT: MICROGRID ENERGY MANAGEMENT SYSTEM
5.9.3 JOHN CONTROLS: CRANSWICK COUNTRY FOODS (UK)
TABLE 12 JOHN CONTROLS: SABROE INDUSTRIAL REFRIGERATION SCREW AND HEAT PUMP RECIPROCATING COMPRESSORS
5.9.4 EMERSON ELECTRIC CO.: CIMCO (CANADA)
TABLE 13 EMERSON ELECTRIC CO.: VILTER PACKAGE
5.10 PORTER’S FIVE FORCES ANALYSIS
FIGURE 32 PORTER’S FIVE FORCES ANALYSIS
TABLE 14 INDUSTRIAL REFRIGERATION SYSTEM MARKET: PORTER’S FIVE FORCES ANALYSIS, 2020
5.10.1 THREAT OF NEW ENTRANTS
5.10.2 BARGAINING POWER OF SUPPLIERS
5.10.3 THREAT OF SUBSTITUTES
5.10.4 BARGAINING POWER OF BUYERS
5.10.5 INTENSITY OF COMPETITIVE RIVALRY
5.11 POLICIES AND REGULATORY LANDSCAPE
5.11.1 EUROPE
5.11.1.1 EU F-gas Regulation
5.11.1.2 Montreal Protocol
5.11.1.3 EcoDesign Directive
5.11.2 NORTH AMERICA
5.11.2.1 Significant New Alternatives Policy (SNAP)
5.11.2.2 American Innovation and Manufacturing (AIM)
5.11.2.3 California Refrigerant Regulations
5.11.3 ASIA PACIFIC
5.11.3.1 Japan
5.11.3.2 Australia
6 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY COMPONENT (Page No. - 86)
6.1 INTRODUCTION
TABLE 15 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY COMPONENT, 2017–2020 (USD MILLION)
FIGURE 33 COMPRESSORS TO LEAD INDUSTRIAL REFRIGERATION SYSTEM MARKET DURING FORECAST PERIOD
TABLE 16 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY COMPONENT, 2021–2026 (USD MILLION)
6.2 COMPRESSORS
TABLE 17 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY TYPE, 2017–2020 (USD MILLION)
FIGURE 34 SCREW COMPRESSORS TO COMMAND INDUSTRIAL REFRIGERATION SYSTEM MARKET DURING FORECAST PERIOD
TABLE 18 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY TYPE, 2021–2026 (USD MILLION)
TABLE 19 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY REGION, 2017–2020 (USD MILLION)
TABLE 20 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY REGION, 2021–2026 (USD MILLION)
TABLE 21 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 22 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR COMPRESSORS, BY APPLICATION, 2021–2026 (USD MILLION)
6.2.1 RECIPROCATING COMPRESSORS
6.2.1.1 Advantages such as low cost and high efficiency of reciprocating compressors to accelerate market growth
TABLE 23 INDUSTRIAL REFRIGERATION RECIPROCATING COMPRESSOR MARKET, BY TYPE, 2017–2020 (USD MILLION)
FIGURE 35 MARKET FOR SEMI-HERMETIC RECIPROCATING COMPRESSORS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 24 INDUSTRIAL REFRIGERATION RECIPROCATING COMPRESSOR MARKET, BY TYPE, 2021–2026 (USD MILLION)
6.2.1.2 Semi-hermetic type
6.2.1.3 Hermetic type
6.2.1.4 Open type
6.2.2 SCREW COMPRESSORS
6.2.2.1 Characteristics such as higher capacity output, larger compression ratios, and smoother control to deliver energy savings to propel growth of screw compressors
6.2.2.2 Single-screw compressors
6.2.2.3 Twin-screw compressors
6.3 CONDENSERS
TABLE 25 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY TYPE, 2017–2020 (USD MILLION)
FIGURE 36 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATIVE CONDENSERS TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 26 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY TYPE, 2021–2026 (USD MILLION)
TABLE 27 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY REGION, 2017–2020 (USD MILLION)
TABLE 28 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY REGION, 2021–2026 (USD MILLION)
TABLE 29 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 30 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONDENSERS, BY APPLICATION, 2021–2026 (USD MILLION)
6.3.1 AIR-COOLED CONDENSERS
6.3.1.1 Air-cooled condensers offer easy installation and low/less water consumption
6.3.2 WATER-COOLED CONDENSERS
6.3.2.1 Benefits such as higher efficiency and smaller space requirement to propel market growth
6.3.3 EVAPORATIVE CONDENSERS
6.3.3.1 Evaporative condensers to continue to dominate industrial refrigeration condenser market during forecast period
6.4 EVAPORATORS
6.4.1 APAC TO GROW AT HIGHEST CAGR FOR EVAPORATORS DURING FORECAST PERIOD
6.4.2 BY COOLING TYPE
6.4.2.1 Air-cooled evaporators
6.4.3 BY DESIGN TYPE
6.4.3.1 Bare tube evaporators
6.4.3.2 Plate type evaporators
6.4.3.3 Finned evaporators
6.4.3.4 Shell and tube type evaporators
TABLE 31 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATORS, BY REGION, 2017–2020 (USD MILLION)
FIGURE 37 APAC TO RECORD HIGHEST CAGR IN INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATORS DURING FORECAST PERIOD
TABLE 32 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATORS, BY REGION, 2021–2026 (USD MILLION)
TABLE 33 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATORS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 34 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR EVAPORATORS, BY APPLICATION, 2021–2026 (USD MILLION)
6.5 CONTROLS
6.5.1 CONTROL SYSTEMS HELP REMOTELY MONITOR INDUSTRIAL REFRIGERATION SYSTEMS, THEREBY LOWERING OPERATING & MAINTENANCE COSTS
6.5.2 COMPRESSOR CONTROLS
6.5.3 CONDENSER CONTROLS
6.5.4 EVAPORATOR CONTROLS
TABLE 35 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONTROLS, BY REGION, 2017–2020 (USD MILLION)
FIGURE 38 NORTH AMERICA TO CONTINUE TO ACCOUNT FOR LARGEST SIZE OF INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONTROLS DURING FORECAST PERIOD
TABLE 36 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONTROLS, BY REGION, 2021–2026 (USD MILLION)
TABLE 37 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONTROLS, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 38 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CONTROLS, BY APPLICATION, 2021–2026 (USD MILLION)
6.6 VESSELS, PUMPS, VALVES, AND AUXILIARY EQUIPMENT
6.6.1 REFRIGERATED WAREHOUSE & FOOD PROCESSING INDUSTRY TO CREATE NEW MARKET OPPORTUNITIES FOR VESSELS, PUMPS, VALVES, AND AUXILIARY EQUIPMENT
TABLE 39 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR VESSELS, PUMPS, VALVES, & AUXILIARY EQUIPMENT, BY REGION, 2017–2020 (USD MILLION)
FIGURE 39 APAC TO WITNESS HIGHEST CAGR IN INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR VESSELS, PUMPS, VALVES, & AUXILIARY EQUIPMENT DURING FORECAST PERIOD
TABLE 40 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR VESSELS, PUMPS, VALVES, & AUXILIARY EQUIPMENT, BY REGION, 2021–2026 (USD MILLION)
TABLE 41 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR VESSELS, PUMPS, VALVES, & AUXILIARY EQUIPMENT, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 42 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR VESSELS, PUMPS, VALVES, & AUXILIARY EQUIPMENT, BY APPLICATION, 2021–2026 (USD MILLION)
7 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT TYPE (Page No. - 110)
7.1 INTRODUCTION
TABLE 43 ENVIRONMENT-FRIENDLY ALTERNATIVES TO HYDROFLUOROCARBONS FOR INDUSTRIAL REFRIGERATION
TABLE 44 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT TYPE, 2017–2020 (USD MILLION)
FIGURE 40 MARKET FOR C02 REFRIGERANT-BASED SYSTEMS TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 45 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT TYPE, 2021–2026 (USD MILLION)
7.2 AMMONIA
7.2.1 CHARACTERISTICS SUCH AS COST-EFFECTIVENESS AND ENERGY EFFICIENCY TO PROPEL GROWTH OF AMMONIA-BASED REFRIGERANTS
7.2.2 AMMONIA REFRIGERATION SYSTEMS
7.2.3 LOW-CHARGE AMMONIA REFRIGERATION SYSTEMS
7.3 CO2
7.3.1 CO2 REFRIGERANTS ARE MOST COMMONLY USED FOR THEIR VARIOUS ADVANTAGES
7.3.2 CO2 REFRIGERATION SYSTEMS
7.3.3 CO2 CASCADE REFRIGERATION SYSTEMS
7.4 OTHERS
7.4.1 HFC
7.4.2 HCFC
7.4.3 HC
7.4.4 HFO
8 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY APPLICATION (Page No. - 117)
8.1 INTRODUCTION
TABLE 46 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY APPLICATION, 2017–2020 (USD MILLION)
FIGURE 41 REFRIGERATED WAREHOUSE APPLICATION TO LEAD INDUSTRIAL REFRIGERATION SYSTEM MARKET DURING FORECAST PERIOD
TABLE 47 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY APPLICATION, 2021–2026 (USD MILLION)
8.2 REFRIGERATED WAREHOUSES
8.2.1 GROWING DEMAND FOR STORAGE OF PERISHABLE OR SEASONAL FOODS AT STRATEGIC LOCATIONS TO PROPEL MARKET GROWTH
TABLE 48 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 49 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 50 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
FIGURE 42 NORTH AMERICA ACCOUNTED FOR LARGEST SIZE OF INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE APPLICATIONS
TABLE 51 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSE APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.3 FRUIT & VEGETABLE PROCESSING
8.3.1 STRICT GOVERNMENT REGULATIONS FOR FRUIT & VEGETABLE PROCESSING INDUSTRY PROVIDE OPPORTUNITIES FOR INDUSTRIAL REFRIGERATION SYSTEM MARKET PLAYERS
TABLE 52 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 53 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 54 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
FIGURE 43 APAC TO RECORD HIGHEST CAGR IN INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING APPLICATIONS DURING FORECAST PERIOD
TABLE 55 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR FRUIT & VEGETABLE PROCESSING APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.4 BEVERAGE PROCESSING
8.4.1 ADOPTION OF AMMONIA-BASED REFRIGERATION SYSTEMS TO ACCELERATE DEMAND FOR INDUSTRIAL REFRIGERATION SYSTEMS IN BEVERAGE APPLICATIONS
TABLE 56 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR BEVERAGE PROCESSING APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 57 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR BEVERAGE PROCESSING APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 58 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR BEVERAGE PROCESSING APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
TABLE 59 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR BEVERAGE PROCESSING APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.5 MEAT, POULTRY, & FISH PROCESSING
8.5.1 INCREASING CONSUMER DEMAND FOR FRESH & PROTEIN-RICH FOOD TO CREATE MARKET OPPORTUNITIES
TABLE 60 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, & FISH PROCESSING APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 61 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, & FISH PROCESSING APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 62 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, & FISH PROCESSING APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
FIGURE 44 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, & FISH PROCESSING APPLICATIONS DURING FORECAST PERIOD
TABLE 63 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR MEAT, POULTRY, & FISH PROCESSING APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.6 DAIRY & ICE CREAM PROCESSING
8.6.1 RISING DEMAND FOR PROCESSED DAIRY PRODUCTS SUCH AS CHEESE, YOGHURT, AND FERMENTED MILK TO DRIVE MARKET
TABLE 64 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR DAIRY & ICE CREAM PROCESSING APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 65 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR DAIRY & ICE CREAM PROCESSING APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 66 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR DAIRY & ICE CREAM PROCESSING APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
TABLE 67 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR DAIRY & ICE CREAM PROCESSING APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.7 CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL
8.7.1 RUNNING CLINICAL TESTING AND RESEARCH IN PHARMACEUTICALS TO HALT OUTBREAK OF COVID-19 PANDEMIC TO AUGMENT MARKET GROWTH
TABLE 68 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 69 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 70 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
FIGURE 45 APAC TO RECORD HIGHEST CAGR IN INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL APPLICATIONS DURING FORECAST PERIOD
TABLE 71 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.8 REFRIGERATED TRANSPORTATION
8.8.1 RISING DEMAND FOR FRESH & HIGH-QUALITY FOOD/COMMODITIES TO DRIVE GROWTH OF MARKET
TABLE 72 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED TRANSPORTATION APPLICATIONS, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 73 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED TRANSPORTATION APPLICATIONS, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 74 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED TRANSPORTATION APPLICATIONS, BY REGION, 2017–2020 (USD MILLION)
TABLE 75 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED TRANSPORTATION APPLICATIONS, BY REGION, 2021–2026 (USD MILLION)
8.8.2 REFRIGERATED ROAD TRANSPORT
8.8.3 REFRIGERATED SEA TRANSPORT
8.8.4 REFRIGERATED RAIL TRANSPORT
8.8.5 REFRIGERATED AIR TRANSPORT
9 GEOGRAPHIC ANALYSIS (Page No. - 137)
9.1 INTRODUCTION
FIGURE 46 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN INDIA TO RECORD HIGHEST CAGR FROM 2021 TO 2026
TABLE 76 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REGION, 2017–2020 (USD MILLION)
FIGURE 47 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD
TABLE 77 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REGION, 2021–2026 (USD MILLION)
TABLE 78 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSES INSTALLED CAPACITY, BY REGION, 2017–2020 (MILLION CUBIC METERS)
TABLE 79 INDUSTRIAL REFRIGERATION SYSTEM MARKET FOR REFRIGERATED WAREHOUSES INSTALLED CAPACITY, BY REGION, 2021–2026 (MILLION CUBIC METERS)
9.2 NORTH AMERICA
FIGURE 48 SNAPSHOT: INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA
TABLE 80 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2017–2020 (USD MILLION)
TABLE 81 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2026 (USD MILLION)
TABLE 82 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 83 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 84 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION, 2017–2020 (USD MILLION)
FIGURE 49 CHEMICAL, PETROCHEMICAL, & PHARMACEUTICAL SEGMENT TO RECORD HIGHEST CAGR IN INDUSTRIAL REFRIGERATION SYSTEM MARKET DURING FORECAST PERIOD
TABLE 85 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION, 2021–2026 (USD MILLION)
9.2.1 US
9.2.1.1 Growing number of refrigerated warehouses due to growth in online grocery shopping to accelerate market growth in US
TABLE 86 TOP TEN PLAYERS IN US REFRIGERATED WAREHOUSE INDUSTRY
TABLE 87 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN US, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 88 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN US, BY COMPONENT, 2021–2026 (USD MILLION)
9.2.2 CANADA
9.2.2.1 Increasing demand for frozen food products to drive market growth in Canada
TABLE 89 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CANADA, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 90 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CANADA, BY COMPONENT, 2021–2026 (USD MILLION)
9.2.3 MEXICO
9.2.3.1 Increasing demand for fresh food products to propel demand for industrial refrigeration systems in Mexico
9.3 EUROPE
FIGURE 50 SNAPSHOT: INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE
TABLE 91 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY COUNTRY, 2017–2020 (USD MILLION)
TABLE 92 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY COUNTRY, 2021–2026 (USD MILLION)
TABLE 93 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY COMPONENT, 2017–2020 (USD MILLION)
FIGURE 51 COMPRESSORS SEGMENT TO HOLD LARGEST SHARE OF INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE DURING FORECAST PERIOD
TABLE 94 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 95 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 96 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN EUROPE, BY APPLICATION, 2021–2026 (USD MILLION)
9.3.1 UK
9.3.1.1 UK to record highest CAGR in industrial refrigeration system market during 2021–2026
TABLE 97 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN UK, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 98 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN UK, BY COMPONENT, 2021–2026 (USD MILLION)
9.3.2 GERMANY
9.3.2.1 Germany to hold largest share of industrial refrigeration system market in Europe during 2021–2026
TABLE 99 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN GERMANY, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 100 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN GERMANY, BY COMPONENT, 2021–2026 (USD MILLION)
9.3.3 FRANCE
9.3.3.1 Surging adoption of low-charge ammonia refrigeration systems in food & beverages industry to fuel market growth in France
TABLE 101 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN FRANCE, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 102 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN FRANCE, BY COMPONENT, 2021–2026 (USD MILLION)
9.3.4 ITALY
9.3.4.1 Presence of key players to propel market growth in Italy
9.3.5 REST OF EUROPE (ROE)
9.4 ASIA PACIFIC (APAC)
FIGURE 52 APAC: SNAPSHOT OF INDUSTRIAL REFRIGERATION SYSTEM MARKET
TABLE 103 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY COUNTRY, 2017–2020 (USD MILLION)
FIGURE 53 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN INDIA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
TABLE 104 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY COUNTRY, 2021–2026 (USD MILLION)
TABLE 105 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 106 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 107 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY APPLICATION, 2017–2020 (USD MILLION)
TABLE 108 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN APAC, BY APPLICATION, 2021–2026 (USD MILLION)
9.4.1 CHINA
9.4.1.1 China dominated APAC industrial refrigeration system market in 2020
TABLE 109 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CHINA, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 110 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN CHINA, BY COMPONENT, 2021–2026 (USD MILLION)
9.4.2 INDIA
9.4.2.1 Rising investments and government initiatives for cold chain infrastructure to accelerate market growth
TABLE 111 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN INDIA, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 112 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN INDIA, BY COMPONENT, 2021–2026 (USD MILLION)
9.4.3 JAPAN
9.4.3.1 Rising inclination toward implementation of natural refrigerant-based systems to drive market growth in Japan
9.4.4 REST OF APAC (ROAPAC)
9.5 REST OF THE WORLD (ROW)
TABLE 113 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY REGION, 2017–2020 (USD MILLION)
TABLE 114 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY REGION, 2021–2026 (USD MILLION)
TABLE 115 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY COMPONENT, 2017–2020 (USD MILLION)
TABLE 116 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY COMPONENT, 2021–2026 (USD MILLION)
TABLE 117 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY APPLICATION, 2017–2020 (USD MILLION)
FIGURE 54 REFRIGERATED WAREHOUSES TO HOLD LARGEST SHARE OF INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW DURING FORECAST PERIOD
TABLE 118 INDUSTRIAL REFRIGERATION SYSTEM MARKET IN ROW, BY APPLICATION, 2021–2026 (USD MILLION)
9.5.1 SOUTH AMERICA
9.5.1.1 Brazil to be major contributor to growth of industrial refrigeration system market in South America
9.5.2 MIDDLE EAST & AFRICA
9.5.2.1 Growing pharmaceutical industry and increasing consumption of frozen food products and beverages to drive market growth
10 COMPETITIVE LANDSCAPE (Page No. - 170)
10.1 OVERVIEW
TABLE 119 OVERVIEW OF STRATEGIES ADOPTED BY KEY INDUSTRIAL REFRIGERATION SYSTEM PROVIDERS
10.2 MARKET SHARE ANALYSIS, 2020
TABLE 120 INDUSTRIAL REFRIGERATION SYSTEM MARKET: DEGREE OF COMPETITION
10.3 REVENUE ANALYSIS
FIGURE 55 REVENUE ANALYSIS: TOP 5 PLAYERS
10.4 COMPANY EVALUATION QUADRANT
10.4.1 STAR
10.4.2 PERVASIVE
10.4.3 EMERGING LEADER
10.4.4 PARTICIPANT
FIGURE 56 INDUSTRIAL REFRIGERATION SYSTEM MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2020
10.5 SME EVALUATION QUADRANT FOR INDUSTRIAL REFRIGERATION SYSTEM MARKET, 2020
10.5.1 PROGRESSIVE COMPANY
10.5.2 RESPONSIVE COMPANY
10.5.3 DYNAMIC COMPANY
10.5.4 STARTING BLOCK
FIGURE 57 INDUSTRIAL REFRIGERATION SYSTEM MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, SME ECOSYSTEM, 2020
10.6 COMPETITIVE BENCHMARKING
TABLE 121 COMPANY FOOTPRINT (25 COMPANIES)
TABLE 122 COMPANY PRODUCT FOOTPRINT
TABLE 123 COMPANY APPLICATION FOOTPRINT
TABLE 124 COMPANY REGION FOOTPRINT
10.7 COMPETITIVE SITUATION AND TRENDS
10.7.1 PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 125 INDUSTRIAL REFRIGERATION SYSTEM MARKET: PRODUCT LAUNCHES, MARCH 2018–JUNE 2021
10.7.2 DEALS
TABLE 126 INDUSTRIAL REFRIGERATION SYSTEM MARKET: DEALS, JANUARY 2018–JUNE 2021
11 COMPANY PROFILES (Page No. - 189)
(Business Overview, Products/solutions/services offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
11.1 KEY PLAYERS
11.1.1 JOHNSON CONTROLS
TABLE 127 JOHNSON CONTROLS: BUSINESS OVERVIEW
FIGURE 58 JOHNSON CONTROLS: COMPANY SNAPSHOT
TABLE 128 JOHNSON CONTROLS: PRODUCT/SOLUTIONS/SERVICES OFFERED
TABLE 129 JOHNSON CONTROLS: PRODUCT LAUNCHES
TABLE 130 JOHNSON CONTROLS: DEALS
TABLE 131 JOHNSON CONTROLS: OTHERS
11.1.2 EMERSON ELECTRIC CO.
TABLE 132 EMERSON: BUSINESS OVERVIEW
FIGURE 59 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
TABLE 133 EMERSON ELECTRIC CO. : PRODUCT/SOLUTIONS/SERVICES OFFERED
TABLE 134 EMERSON ELECTRIC CO.: PRODUCT LAUNCHES
TABLE 135 EMERSON ELECTRIC CO.: DEALS
TABLE 136 EMERSON ELECTRIC CO.: OTHERS
11.1.3 DANFOSS
TABLE 137 DANFOSS: BUSINESS OVERVIEW
FIGURE 60 DANFOSS: COMPANY SNAPSHOT
TABLE 138 DANFOSS: PRODUCT/SOLUTIONS/SERVICES OFFERED
TABLE 139 DANFOSS: PRODUCT LAUNCHES
TABLE 140 DANFOSS: DEALS
11.1.4 GEA GROUP AKTIENGESELLSCHAFT
TABLE 141 GEA GROUP AKTIENGESELLSCHAFT: BUSINESS OVERVIEW
FIGURE 61 GEA GROUP AKTIENGESELLSCHAFT: COMPANY SNAPSHOT
TABLE 142 GEA GROUP AKTIENGESELLSCHAFT: PRODUCT/SOLUTIONS/SERVICES OFFERED
TABLE 143 GEA GROUP AKTIENGESELLSCHAFT: PRODUCT LAUNCHES
TABLE 144 GEA GROUP AKTIENGESELLSCHAFT: DEALS
TABLE 145 GEA GROUP AKTIENGESELLSCHAFT: OTHERS
11.1.5 MAYEKAWA
TABLE 146 MAYEKAWA: BUSINESS OVERVIEW
TABLE 147 MAYEKAWA MFG. CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 148 MAYEKAWA: PRODUCT LAUNCHES
TABLE 149 MAYEKAWA: DEALS
TABLE 150 MAYEKAWA: OTHERS
11.1.6 BITZER
TABLE 151 BITZER: BUSINESS OVERVIEW
TABLE 152 BITZER: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 153 BITZER: PRODUCT LAUNCHES
TABLE 154 BITZER: DEALS
TABLE 155 BITZER: OTHERS
11.1.7 BALTIMORE AIRCOIL COMPANY (AMSTED INDUSTRIES)
TABLE 156 BALTIMORE AIRCOIL COMPANY: BUSINESS OVERVIEW
TABLE 157 BALTIMORE AIRCOIL COMPANY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 158 BALTIMORE AIRCOIL COMPANY: PRODUCT LAUNCHES
TABLE 159 BALTIMORE AIRCOIL COMPANY: DEALS
11.1.8 LENNOX INTERNATIONAL
TABLE 160 LENNOX INTERNATIONAL: BUSINESS OVERVIEW
FIGURE 62 LENNOX INTERNATIONAL: COMPANY SNAPSHOT
TABLE 161 LENOX INTERNATIONAL: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 162 LENNOX INTERNATIONAL: PRODUCT LAUNCHES
11.1.9 LU-VE GROUP
TABLE 163 LU-VE GROUP: BUSINESS OVERVIEW
FIGURE 63 LU-VE GROUP: COMPANY SNAPSHOT
TABLE 164 LU-VE GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 165 LU-VE GROUP: DEALS
TABLE 166 LU-VE GROUP: OTHERS
11.1.10 DAIKIN
TABLE 167 DAIKIN: BUSINESS OVERVIEW
FIGURE 64 DAIKIN: COMPANY SNAPSHOT
TABLE 168 DAIKIN: PRODUCT/SOLUTIONS/SERVICES OFFERED
TABLE 169 DAIKIN: OTHERS
11.2 OTHER PLAYERS
11.2.1 INGERSOLL RAND
11.2.2 HITEMA INTERNATIONAL
11.2.3 SRM ITALY
11.2.4 EVAPCO, INC.
11.2.5 GÜNTNER GMBH & CO. KG
11.2.6 CLAUGER
11.2.7 DORIN S.P.A
11.2.8 KOBELCO
11.2.9 PARKER HANNIFIN
11.2.10 MTA S.P.A.
11.2.11 FRASCOLD
11.2.12 RIVACOLD
11.2.13 STAR REFRIGERATION
11.2.14 INDUSTRIAL FRIGO
11.2.15 INNOVATIVE REFRIGERATION SYSTEMS, INC.
*Details on Business Overview, Products/solutions/services offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
12 APPENDIX (Page No. - 257)
12.1 INSIGHTS FROM 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
The study involved four major activities for estimating the size of the industrial refrigeration system market. Exhaustive secondary research has been carried out to collect information relevant to the market, its peer markets, and its child market. Primary research has been undertaken to validate key findings, assumptions, and sizing with the industry experts across the value chain of the industrial refrigeration system market. Both top-down and bottom-up approaches have been employed to estimate the complete market size. It has been followed by the market breakdown and data triangulation methods to estimate the size of different segments and subsegments of the market.
Secondary Research
The research methodology that has been used to estimate and forecast the size of the industrial refrigeration system market began with the acquisition of data related to the revenues of key vendor in the market through secondary research. The secondary research referred to for this research study involves Food and Agriculture Organization of the United Nations (FAO), International Institute of Refrigeration (IIR), World Food Logistics Organization (WFLO), Global Cold Chain Alliance (GCCA), and Cooling India. Moreover, the study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the industrial refrigeration system market. Vendor offerings have been taken into consideration to determine the market segmentation. The entire research methodology included the study of annual reports, press releases, and investor presentations of companies; white papers; and certified publications and articles by recognized authors; directories; and databases.
Primary Research
Extensive primary research has been conducted after acquiring an understanding of the industrial refrigeration system market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand and supply-side players across key regions, namely, North America, Europe, APAC, and Middle East and Africa (MEA), and South America. Various primary sources from both the supply and demand sides of the market have been interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents.
Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report. After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.
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Market Size Estimation
The bottom-up approach has been used to arrive at the overall size of the industrial refrigeration system market from the revenues of key players in the market.
Approach for capturing market size by bottom-up analysis (demand side)
- Identifying entities offering different industrial refrigeration components in the market
- Analyzing major providers of industrial refrigeration systems, studying their portfolios, and understanding different types of refrigeration systems
- Analyzing trends pertaining to the use of different types of industrial refrigeration systems for different kinds of applications
- Tracking ongoing and upcoming developments in the market, such as investments made, R&D activities, product launches, collaborations, and partnerships, as well as forecasting the market based on these developments and other critical parameters
- Carrying out multiple discussions with key opinion leaders to understand different types and trends of equipment, refrigerant-based systems, industries, and recent trends in the market, thereby analyzing the breakup of the scope of work carried out by major companies
- Arriving at the market estimates by analyzing the revenue of companies generated from each type of industrial refrigeration component and then combining the same to get the market estimate
- Classifying the overall market into various other market segments
- Verifying and cross-checking the estimate at every level from the discussion with key opinion leaders such as CXOs, directors, and operations managers, and finally with the domain experts in MarketsandMarkets
- Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases
Global Industrial Refrigeration System Market Size: Bottom-Up Approach
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Data Triangulation
After arriving at the overall market size through the process explained above, the overall market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Report Objectives
- To describe and forecast the industrial refrigeration system market by component, refrigerant type, and application in terms of value
- To describe and forecast the market size for various segments for four primary regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW), in terms of value
- To provide detailed information regarding major factors including drivers, restraints, opportunities, and challenges that influence the growth of the industrial refrigeration system market
- To provide a detailed overview of the value chain pertaining to the industrial refrigeration market ecosystem
- To analyze various policies and regulations pertaining to the use of refrigerants in North America, Europe, and APAC
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To strategically profile key players and comprehensively analyze their market position in terms of revenue and core competencies2, along with detailing the competitive landscape for market leaders
- To analyze competitive developments such as collaborations, agreements, partnerships, and product launches in the industrial refrigeration system market
Available Customizations:
Along with the market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
- Additional country-level analysis of industrial refrigeration system market
- Estimation of the market size of the segments of the industrial refrigeration system market based on different subsegments
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Benchmarking the rapid strategy shifts of the Top 100 companies in the Industrial Refrigeration System Market
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Growth opportunities and latent adjacency in Industrial Refrigeration System Market
Trying to better understand the refrigeration industry and forecasts specifically around Carbon dioxide.
Does the report break market for equipment (compressors, condensers, evaporators, etc.) into fruit & vegetable, beverage, dairy and ice-cream processing etc.? Would like to see it in the report sample.
For our sales promotion we are looking for industrial refrigeration system global market and share of components, such as compressors, condensers, etc.
Currently, I am preparing for a seminar about industrial refrigeration. Would appreciate it if you could share the brochure for gaining information regarding industrial refrigeration market. The brochure would be used only for education purpose and not for commercial purpose.
We need to develop understanding about the size and challenges with Ammonia Compressor Systems in the North America Marketplace.
We are more interested in market for refrigerated warehouses specifically in Europe and North America. Who are the leading vendors for this? Is this information covered in the report?
I am primarily interested in market size and future trends of Plate Heat Exchangers (semi welded, brazed and plate and shell units) for Industrial Refrigeration.