Industrial Refrigeration System Market by Component (Compressor, Condenser, Evaporator), Refrigerant Type (Ammonia, CO2), Application (Fruit & Vegetable Processing, Meat & Poultry, Refrigerated Warehouse), and Region - Global Forecast to 2025
[197 Pages Report] The global industrial refrigeration system market is expected to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3%. The rising demand for innovative and compact refrigeration systems is one of the key factors driving the growth of the market. The increasing government support to strengthen the cold chain infrastructure in developing countries, along with the growing adoption of natural refrigerant-based systems due to stringent regulatory policies, is the other factor driving the market growth.
Compressors to dominate global industrial refrigeration system market during forecast period
Compressors are expected to hold a majority of the global industrial refrigeration system market share in 2019, and the segment is projected to dominate the market during the forecast period. In industrial refrigeration systems, compressors play a vital role by increasing refrigerant vapor pressure in a condenser to ensure suitable temperature for food storage and preservation applications, thereby propelling the refrigerant compressor market growth. The increasing focus of companies to develop new compressors to meet the diverse needs of customers is expected to drive its market during the forecast period.
Ammonia refrigerant-based systems to dominate industrial refrigeration system market during forecast period
Ammonia has a higher cooling capacity than other refrigerants; hence, ammonia-based refrigeration systems are more energy-efficient than those based on other refrigerants. Further, ammonia-based refrigeration systems are less expensive as ammonia is readily available at a low cost, thereby reducing the maintenance and service costs compared to Freon refrigeration systems. Moreover, rising trends of low-charge ammonia refrigeration systems will provide growth opportunities for ammonia-based refrigeration systems during the forecast period.
Refrigerated warehouse application to dominate industrial refrigeration system market during 2019–2025
The refrigerated warehouse application is expected to dominate the industrial refrigeration system market during the forecast period. The rising population and growing disposable income have resulted in an increased demand for frozen and processed food. This growing demand for convenience products has increased the number of refrigerated warehouses globally, with improved capacity in the last few years. Also, various governments in developing countries such as India and China are promoting the creation of cold chain facilities through various schemes and by providing various subsidies. These initiatives toward strengthening cold storage and warehousing infrastructure facilities in developing countries are expected to support the growing use of industrial refrigeration systems in refrigerated warehouse applications during the forecast period.
North America is expected to dominate industrial refrigeration system market during forecast period
North America is likely to continue to lead the global industrial refrigeration system market during 2019–2025. The rising demand for medicines, fresh food products, and beverages, as well as government initiatives to phase out HCFCs and adopt natural refrigerants in various refrigeration applications, is expected to propel the demand for industrial refrigeration systems in North America.
The US is expected to hold the largest market share and is likely to witness the highest CAGR in the industrial refrigeration system market during 2019–2025. The rising trend of online grocery shopping in the country is expected to increase the demand for refrigerated warehouses, which, in turn, will drive the industrial refrigeration system market in the US.
Key Market Players
Major companies in the industrial refrigeration system market are Johnson Controls (Ireland), Emerson (US), Danfoss (Denmark), GEA (Germany), Mayekawa (Japan), Ingersoll-Rand (Ireland), Daikin (Japan), BITZER (Germany), United Technologies (US), Evapco (US), Baltimore Aircoil (US), Güntner (Germany), LU-VE (Italy), Lennox International (US), Star Refrigeration (Scotland), KOBELCO (Japan), Parker Hannifin (US), Clauger (France), Rivacold (Italy), and Dorin (Italy).
Johnson Controls is among the important players for CO2/NH3 refrigeration systems and seeks opportunities in the cascade refrigeration system market. The company’s efforts to offer advanced products in the industrial refrigeration market would provide it a competitive edge. In the past 3 years, the company is demonstrating the execution of organic growth and free cash flow generation in the Building Technologies and Solutions business segment; it is building a more resilient business that is expected to generate multiple expansions over time. In November 2018, the company announced the sale of its Power Solutions business segment. This divestment, although dilutive in the near term, is expected to increase the flexibility to pursue acquisitions within the Building Technologies and Solutions business segment that could catalyze the growth of the company.
Scope of the Report:
|
Report Metric |
Details |
|
Market size available for years |
2016–2025 |
|
Base year |
2018 |
|
Forecast period |
2019–2025 |
|
Units |
Value (USD) |
|
Segments covered |
Component, Refrigerant Type, and Application |
|
Geographic regions covered |
North America, APAC, Europe, and RoW |
|
Companies covered |
Johnson Controls (Ireland), Emerson (US), Danfoss (Denmark), GEA (Germany), Mayekawa (Japan), Ingersoll-Rand (Ireland), Daikin (Japan), BITZER (Germany), United Technologies (US), Evapco (US), Baltimore Aircoil (US), Güntner (Germany), LU-VE (Italy), Lennox International (US), Star Refrigeration (Scotland), KOBELCO (Japan), Parker Hannifin (US), Clauger (France), Rivacold (Italy), and Dorin (Italy) A total of 20 players are covered. |
This report categorizes the industrial refrigeration system market based on component, refrigerant type, application, and region.
Industrial Refrigeration System Market, by Component:
- Compressors
- Condensers
- Evaporators
- Controls
- Vessels, Pumps, Valves, and Auxiliary Equipment
Industrial Refrigeration System Market, by Refrigerant Type:
- Ammonia
- Carbon Dioxide
- Others (HFCs, HCFCs, HCs, HFOs)
Industrial Refrigeration System Market, by Application:
- Refrigerated Warehouse
- Fruit & Vegetable Processing
- Beverage
- Meat, Poultry, & Fish Processing
- Dairy and Ice-cream Processing
- Chemical, Petrochemical, & Pharmaceutical
- Refrigerated Transportation
Industrial Refrigeration System Market, by Region:
- North America
- US
- Mexico
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- APAC
- China
- India
- Japan
- Rest of APAC
- RoW
- Middle East & Africa
- South America
Key Questions Addressed in the Report
- Who are the key players operating in the industrial refrigeration system market, and what are the factors contributing to their domination over other players?
- In the value chain analysis of the industrial refrigeration ecosystem, what are the major phases and which phase(s) contributes the maximum value?
- Which are the leading applications in the industrial refrigeration system market?
- What refrigerant type would lead the industrial refrigeration system market during the forecast period?
- Which region is expected to dominate the industrial refrigeration system market in the next 5 years?
Frequently Asked Questions (FAQ):
Which are the major applications of industrial refrigeration systems? How huge is the opportunity for their growth in the next five years?
The major applications for industrial refrigeration systems are refrigerated warehouse, fruit & vegetable processing, beverage, meat, poultry, & fish processing, dairy & ice-cream processing, chemical, petrochemical, & pharmaceutical, and refrigerated transportation. Among these applications, refrigerated warehouse is expected to hold the largest market share and grow at the highest CAGR during the forecast period. Ever-growing population and rising demand for frozen and processed food have resulted in an increase in the number of refrigerated warehouses, globally, with improved capacity in the last few years. Also, various governments in developing countries are taking initiatives towards strengthening cold storage and warehouse infrastructure facilities which is expected to drive the refrigerated warehouse application for the next 5 years.
Which are the major companies in the industrial refrigeration system market? What are their major strategies to strengthen their market presence?
The major companies in the industrial refrigeration system market are Johnson Controls (Ireland), Emerson (US), Danfoss (Denmark), GEA (Germany), and Mayekawa (Japan). Johnson Controls is among the important players for CO2/NH3 refrigeration systems and seeks opportunities in the cascade refrigeration system market. The major strategies adopted by these players are product launches and expansion strategy.
Which is the potential market for industrial refrigeration systems in terms of region?
North America is expected to continue to account for the largest market share, while APAC is expected to exhibit the highest CAGR in the industrial refrigeration system market during the forecast period. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan. The growing pharmaceutical industry in the region, coupled with government subsidies for the improvement in cold chain and preservation infrastructure across the region, is expected to drive the growth of the industrial refrigeration system market in APAC.
What are the drivers and opportunities for the industrial refrigeration system market?
Factors such as rising demand for innovative and compact refrigeration systems, increasing government support for strengthening cold chain infrastructure in developing countries, and growing adoption of natural refrigerant-based systems due to stringent regulatory policies are the major factors driving the market. Growing popularity of carbon dioxide/ammonia-based cascade refrigeration systems and rising demand for frozen and processed food across the world are the major opportunities for the market players to tap on.
Which policies and regulations are governing the industrial refrigeration system market across the globe?
The refrigeration market is highly regulated according to various regional and global standards. In Europe, the EU F-gas Regulation bans the use of HFC refrigerants, whereas in North America, Significant New Alternatives Policy (SNAP) evaluates substitutes for ozone-depleting substances. In the APAC region, Japan's F-gas law and in Australia Ozone Protection and Synthetic Greenhouse Gas Management (OPSGGM) legislation sets out legal requirements for handling controlled HFC, HCFC, and CFC refrigerants. Globally, the Montreal Protocol, which came into existence in 1987, is put into place to achieve universal approval by all countries across the world to phase-out ozone-depleting refrigerants.
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Table of Contents
1 Introduction (Page No. - 19)
1.1 Study Objectives
1.2 Market Definition and Scope
1.3 Inclusions and Exclusions
1.4 Study Scope
1.4.1 Markets Covered
1.4.2 Years Considered
1.5 Currency
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 23)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Data From Primary Sources
2.1.2.3 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)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Size By Top-Down Analysis (Supply Side)
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
3 Executive Summary (Page No. - 33)
4 Premium Insights (Page No. - 37)
4.1 Attractive Opportunities in Market
4.2 Market in APAC, By Component and Application
4.3 Market, By Refrigerant Type
4.4 Country-Wise Industrial Refrigeration System Market Growth Rate
5 Market Overview (Page No. - 40)
5.1 Introduction
5.2 Market Dynamics
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
5.2.1.3 Growing Adoption of Natural Refrigerant-Based Refrigeration Systems Due to Stringent Regulatory Policies
5.2.2 Restraints
5.2.2.1 High Installation Cost and Other Expenses
5.2.3 Opportunities
5.2.3.1 Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3)-Based Cascade Refrigeration Systems
5.2.3.2 Rising Demand for Frozen and Processed Food Across the World
5.2.4 Challenges
5.2.4.1 Lack of Skilled Personnel, Along With High Safety Concerns
5.3 Value Chain Analysis
5.4 Policies and Regulations
5.4.1 Europe
5.4.1.1 EU F-Gas Regulation
5.4.1.2 Montreal Protocol
5.4.1.3 Ecodesign Directive
5.4.2 North America
5.4.2.1 Significant New Alternatives Policy (SNAP)
5.4.3 Asia Pacific
5.4.3.1 Japan
5.4.3.2 Australia
6 Industrial Refrigeration System Market, By Component (Page No. - 51)
6.1 Introduction
6.2 Compressors
6.2.1 Reciprocating Compressors
6.2.1.1 Wide Use of Reciprocating Compressors Owing to Their High Efficiency and Low Cost
6.2.1.1.1 Semi-Hermetic Type
6.2.1.1.2 Hermetic Type
6.2.1.1.3 Open Type
6.2.2 Screw Compressors
6.2.2.1 Screw Compressors to Command Industrial Refrigeration Compressor Market During Forecast Period
6.2.2.1.1 Single-Screw Compressors
6.2.2.1.2 Twin-Screw Compressors
6.3 Condensers
6.3.1 Air-Cooled Condensers
6.3.1.1 Low Maintenance Cost of Air-Cooled Condensers to Accelerate Their Demand During Forecast Period
6.3.2 Water-Cooled Condensers
6.3.2.1 Higher Efficiency and Greater Reliability of Water-Cooled Condensers to Propel Market Growth During Forecast Period
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 Market for Evaporators to Grow at Second-Highest CAGR During Forecast Period
6.4.1.1 By Cooling Type
6.4.1.1.1 Air-Cooled Evaporators
6.4.1.2 By Design Type
6.4.1.2.1 Bare Tube Evaporators
6.4.1.2.2 Plate Type Evaporators
6.4.1.2.3 Finned Evaporators
6.4.1.2.4 Shell and Tube Type Evaporators
6.5 Controls
6.5.1 Controls are Used to Automate Defrost Cycles, Thereby Saving Energy
6.5.1.1 Compressor Controls
6.5.1.2 Condenser Controls
6.5.1.3 Evaporator Controls
6.6 Vessels, Pumps, Valves, and Auxiliary Equipment
6.6.1 Vessels, Pumps, Valves, and Auxiliary Equipment Drastically Improve Performance of Industrial Refrigeration Systems
7 Industrial Refrigeration System Market, By Refrigerant Type (Page No. - 88)
7.1 Introduction
7.2 Ammonia
7.2.1 Ammonia to Be Preferred Refrigerant in Various Refrigeration Systems Owing to Its Cost-Effectiveness and Energy Efficiency
7.2.1.1 Ammonia Refrigeration System
7.2.1.2 Low-Charge Ammonia Refrigeration System
7.3 CO2
7.3.1 Various Government Initiatives to Phase Out Environmentally Harmful Refrigerants Provide Opportunities for CO2-Based Refrigeration Systems
7.3.1.1 CO2 Refrigeration System
7.3.1.2 CO2 Cascade Refrigeration System
7.4 Others
7.4.1 HFC
7.4.2 HCFC
7.4.3 HC
7.4.4 HFO
8 Market, By Application (Page No. - 95)
8.1 Introduction
8.2 Refrigerated Warehouse
8.2.1 Increasing Investments and Growing Number of Refrigerated Warehouses Propel Market Growth
8.3 Fruit & Vegetable Processing
8.3.1 Strict Government Regulations for Fruit & Vegetable Processing Industry Provide Opportunities for Market Players
8.4 Beverage
8.4.1 Adoption of Ammonia-Based Refrigeration Systems to Accelerate Demand for Industrial Refrigeration Systems in Beverage Applications
8.5 Meat, Poultry, & Fish Processing
8.5.1 Increasing Worldwide Consumption of Meat and Poultry Products Creates Market Opportunities
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
8.7 Chemical, Petrochemical, & Pharmaceutical
8.7.1 Requirement for Temperature-Controlled Environments to Preserve Chemical and Pharmaceutical Products to Augment Market Growth
8.8 Refrigerated Transportation
8.8.1 Increasing Demand for Frozen and Fresh Commodities Drives Growth of Market
9 Geographic Analysis (Page No. - 118)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Increasing Demand for Refrigerated Warehouse Spaces Due to Growth in Online Grocery Shopping to Drive Market in US
9.2.2 Canada
9.2.2.1 Ongoing Developments in Pharmaceuticals Industry to Augment Canadian Market Growth
9.2.3 Mexico
9.2.3.1 Rising Demand for Fresh Food Products and Beverages, and Medicines to Propel Demand for Industrial Refrigeration Systems in Mexico
9.3 Europe
9.3.1 UK
9.3.1.1 UK to Record Highest CAGR in Market During 2019–2025
9.3.2 Germany
9.3.2.1 Germany to Hold Largest Share of European Market
9.3.3 France
9.3.3.1 Increasing Adoption of Low-Charge Ammonia Refrigeration Systems to Fuel Market in France
9.3.4 Italy
9.3.4.1 Increasing Adoption of Natural Refrigerant-Based Industrial Refrigeration Systems to Accelerate Italian Market Growth
9.3.5 Rest of Europe (RoE)
9.4 Asia Pacific (APAC)
9.4.1 China
9.4.1.1 China to Hold Largest Share of Market in APAC During Forecast Period
9.4.2 India
9.4.2.1 Government Initiatives for Setting Up Cold Chain Networks Across Country to Augment Indian Market Growth
9.4.3 Japan
9.4.3.1 Shifting Focus Toward Implementation of Natural Refrigerant-Based Systems to Propel Market Growth in Japan
9.4.4 Rest of APAC (RoAPAC)
9.5 Rest of the World (RoW)
9.5.1 South America
9.5.1.1 Brazil has Largest Contribution to Growth of Market in South America
9.5.2 Middle East and Africa
9.5.2.1 Growing Pharmaceuticals Industry and Increasing Consumption of Frozen Food to Fuel Demand for Industrial Refrigeration Systems in Middle East and Africa
10 Competitive Landscape (Page No. - 136)
10.1 Overview
10.2 Competitive Leadership Mapping
10.2.1 Visionary Leaders
10.2.2 Dynamic Differentiators
10.2.3 Innovators
10.2.4 Emerging Companies
10.3 Market Share Analysis: Industrial Refrigeration System Market, 2018
10.3.1 Product Launches
10.3.2 Partnerships, Collaborations, and Joint Ventures
10.3.3 Expansions
10.3.4 Agreements and Contracts
10.3.5 Acquisitions
11 Company Profiles (Page No. - 145)
11.1 Key Players
11.1.1 Johnson Controls
11.1.1.1 Business Overview
11.1.1.2 Products Offered
11.1.1.3 Recent Developments
11.1.1.4 SWOT Analysis
11.1.1.5 MnM View
11.1.2 Emerson
11.1.2.1 Business Overview
11.1.2.2 Products Offered
11.1.2.3 Recent Developments
11.1.2.4 SWOT Analysis
11.1.2.5 MnM View
11.1.3 Danfoss
11.1.3.1 Business Overview
11.1.3.2 Products Offered
11.1.3.3 Recent Developments
11.1.3.4 SWOT Analysis
11.1.3.5 MnM View
11.1.4 GEA
11.1.4.1 Business Overview
11.1.4.2 Products Offered
11.1.4.3 Recent Developments
11.1.4.4 SWOT Analysis
11.1.4.5 MnM View
11.1.5 Mayekawa
11.1.5.1 Business Overview
11.1.5.2 Products Offered
11.1.5.3 Recent Developments
11.1.5.4 SWOT Analysis
11.1.5.5 MnM View
11.1.6 Baltimore Aircoil
11.1.6.1 Business Overview
11.1.6.2 Products Offered
11.1.6.3 Recent Developments
11.1.7 Bitzer
11.1.7.1 Business Overview
11.1.7.2 Products Offered
11.1.7.3 Recent Developments
11.1.8 Daikin
11.1.8.1 Business Overview
11.1.8.2 Products Offered
11.1.8.3 Recent Developments
11.1.9 Evapco
11.1.9.1 Business Overview
11.1.9.2 Products Offered
11.1.9.3 Recent Developments
11.1.10 Güntner
11.1.10.1 Business Overview
11.1.10.2 Products Offered
11.1.10.3 Recent Developments
11.1.11 Ingersoll-Rand
11.1.11.1 Business Overview
11.1.11.2 Products Offered
11.1.11.3 Recent Developments
11.1.12 Lennox International
11.1.12.1 Business Overview
11.1.12.2 Products Offered
11.1.12.3 Recent Developments
11.1.13 LU-VE
11.1.13.1 Business Overview
11.1.13.2 Products Offered
11.1.13.3 Recent Developments
11.1.14 United Technologies
11.1.14.1 Business Overview
11.1.14.2 Products Offered
11.1.14.3 Recent Developments
11.2 Right to Win
11.3 Other Players
11.3.1 Clauger
11.3.2 Dorin
11.3.3 Kobelco
11.3.4 Parker Hannifin
11.3.5 Rivacold
11.3.6 Star Refrigeration
12 Appendix (Page No. - 191)
12.1 Discussion Guide
12.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details
List of Tables (107 Tables)
Table 1 Industrial Refrigeration System Market, By Component, 2016–2025 (USD Billion)
Table 2 Market for Compressors, By Type, 2016–2025 (USD Million)
Table 3 Market for Compressors, By Region, 2016–2025 (USD Million)
Table 4 Market for Compressors, By Application, 2016–2025 (USD Million)
Table 5 Industrial Refrigeration Compressor Market for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 6 Industrial Refrigeration Compressor Market for Fruit & Vegetable Processing Applications, By Region, 2016–2025 (USD Million)
Table 7 Industrial Refrigeration Compressor Market for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 8 Industrial Refrigeration Compressor Market for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 9 Industrial Refrigeration Compressor Market for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 10 Industrial Refrigeration Compressor Market for Chemical, Petrochemical, and Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 11 Industrial Refrigeration Compressor Market for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 12 Industrial Refrigeration Reciprocating Compressor Market, By Type, 2016–2025 (USD Million)
Table 13 Market for Condensers, By Type, 2016–2025 (USD Million)
Table 14 Market for Condensers, By Region, 2016–2025 (USD Million)
Table 15 Market for Condensers, By Application, 2016–2025 (USD Million)
Table 16 Industrial Refrigeration Condenser Market for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 17 Industrial Refrigeration Condenser Market for Fruit & Vegetable Processing Applications, By Region, 2016–2025 (USD Million)
Table 18 Industrial Refrigeration Condenser Market for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 19 Industrial Refrigeration Condenser Market for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 20 Industrial Refrigeration Condenser Market for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 21 Industrial Refrigeration Condenser Market for Chemical, Petrochemical, & Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 22 Industrial Refrigeration Condenser Market for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 23 Market for Evaporators, By Region, 2016–2025 (USD Million)
Table 24 Market for Evaporators, By Application, 2016–2025 (USD Million)
Table 25 Industrial Refrigeration Evaporator Market for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 26 Industrial Refrigeration Evaporator Market for Fruit & Vegetable Processing Applications, By Region 2016–2025 (USD Million)
Table 27 Industrial Refrigeration Evaporator Market for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 28 Industrial Refrigeration Evaporator Market for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 29 Industrial Refrigeration Evaporator Market for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 30 Industrial Refrigeration Evaporator Market for Chemical, Petrochemical, & Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 31 Industrial Refrigeration Evaporator Market for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 32 Market for Controls, By Region, 2016–2025 (USD Million)
Table 33 Market for Controls, By Application, 2016–2025 (USD Million)
Table 34 Industrial Refrigeration Controls Market for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 35 Industrial Refrigeration Controls Market for Fruit & Vegetable Processing Applications, By Region, 2016–2025 (USD Million)
Table 36 Industrial Refrigeration Controls Market for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 37 Industrial Refrigeration Controls Market for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 38 Industrial Refrigeration Controls Market for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 39 Industrial Refrigeration Controls Market for Chemical, Petrochemical, & Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 40 Industrial Refrigeration Controls Market for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 41 Market for Vessels, Pumps, Valves, & Auxiliary Equipment, By Region, 2016–2025 (USD Million)
Table 42 Market for Vessels, Pumps, Valves, & Auxiliary Equipment, By Application, 2016–2025 (USD Million)
Table 43 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 44 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Fruit & Vegetable Processing Applications, By Region, 2016–2025 (USD Million)
Table 45 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 46 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 47 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 48 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Chemical, Petrochemical, & Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 49 Industrial Refrigeration Vessel, Pump, Valve, & Auxiliary Equipment Market for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 50 Environment-Friendly Alternatives to Hydrofluorocarbons for Industrial Refrigeration
Table 51 Industrial Refrigeration System Market, By Refrigerant Type, 2016–2025 (USD Billion)
Table 52 Market, By Application, 2016–2025 (USD Million)
Table 53 Market for Refrigerated Warehouse Applications, By Component, 2016–2025 (USD Million)
Table 54 Market for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 55 Market in North America for Refrigerated Warehouse Applications, By Country, 2016–2025 (USD Million)
Table 56 Market in Europe for Refrigerated Warehouse Applications, By Country, 2016–2025 (USD Million)
Table 57 Market in APAC for Refrigerated Warehouse Applications, By Country, 2016–2025 (USD Million)
Table 58 Market in RoW for Refrigerated Warehouse Applications, By Region, 2016–2025 (USD Million)
Table 59 Market for Fruit & Vegetable Processing Applications, By Component, 2016–2025 (USD Million)
Table 60 Market for Fruit & Vegetable Processing Applications, By Region, 2016–2025 (USD Million)
Table 61 Market in North America for Fruit & Vegetable Processing Applications, By Country, 2016–2025 (USD Million)
Table 62 Market in Europe for Fruit & Vegetable Processing Applications, By Country, 2016–2025 (USD Million)
Table 63 Market in APAC for Fruit & Vegetable Processing Applications, By Country, 2016–2025 (USD Million)
Table 64 Market in RoW for Fruit & Vegetable Processing Applications, By Region, 2016–2025 (USD Million)
Table 65 Market for Beverage Applications, By Component, 2016–2025 (USD Million)
Table 66 Market for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 67 Market in North America for Beverage Applications, By Country, 2016–2025 (USD Million)
Table 68 Market in Europe for Beverage Applications, By Country, 2016–2025 (USD Million)
Table 69 Market in APAC for Beverage Applications, By Country, 2016–2025 (USD Million)
Table 70 Market in RoW for Beverage Applications, By Region, 2016–2025 (USD Million)
Table 71 Market for Meat, Poultry & Fish Processing Applications, By Component, 2016–2025 (USD Million)
Table 72 Market for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 73 Market in North America for Meat, Poultry, & Fish Processing Applications, By Country, 2016–2025 (USD Million)
Table 74 Market in Europe for Meat, Poultry, & Fish Processing Applications, By Country, 2016–2025 (USD Million)
Table 75 Market in APAC for Meat, Poultry, & Fish Processing Applications, By Country, 2016–2025 (USD Million)
Table 76 Market in RoW for Meat, Poultry, & Fish Processing Applications, By Region, 2016–2025 (USD Million)
Table 77 Market for Dairy & Ice Cream Processing Applications, By Component, 2016–2025 (USD Million)
Table 78 Market for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 79 Market in North America for Dairy & Ice Cream Processing Applications, By Country, 2016–2025 (USD Million)
Table 80 Market in Europe for Dairy & Ice Cream Processing Applications, By Country, 2016–2025 (USD Million)
Table 81 Market in APAC for Dairy & Ice Cream Processing Applications, By Country, 2016–2025 (USD Million)
Table 82 Market in RoW for Dairy & Ice Cream Processing Applications, By Region, 2016–2025 (USD Million)
Table 83 Market for Chemical, Petrochemical, & Pharmaceutical Applications, By Component, 2016–2025 (USD Million)
Table 84 Market for Chemical, Petrochemical, & Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 85 Market in North America for Chemical, Petrochemical, & Pharmaceutical Applications, By Country, 2016–2025 (USD Million)
Table 86 Market in Europe for Chemical, Petrochemical, & Pharmaceutical Applications, By Country, 2016–2025 (USD Million)
Table 87 Market in APAC for Chemical, Petrochemical, & Pharmaceutical Applications, By Country, 2016–2025 (USD Million)
Table 88 Market in RoW for Chemical, Petrochemical, & Pharmaceutical Applications, By Region, 2016–2025 (USD Million)
Table 89 Market for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 90 Market in North America for Refrigerated Transportation Applications, By Country, 2016–2025 (USD Million)
Table 91 Market in Europe for Refrigerated Transportation Applications, By Country, 2016–2025 (USD Million)
Table 92 Market in APAC for Refrigerated Transportation Applications, By Country, 2016–2025 (USD Million)
Table 93 Market in RoW for Refrigerated Transportation Applications, By Region, 2016–2025 (USD Million)
Table 94 Market, By Region, 2016–2025 (USD Billion)
Table 95 Market in North America, By Country, 2016–2025 (USD Million)
Table 96 Market in North America, By Component, 2016–2025 (USD Million)
Table 97 Market in Europe, By Country, 2016–2025 (USD Million)
Table 98 Market in Europe, By Component, 2016–2025 (USD Million)
Table 99 Market in APAC, By Country, 2016–2025 (USD Million)
Table 100 Market in APAC, By Component, 2016–2025 (USD Million)
Table 101 Market in RoW, By Region, 2016–2025 (USD Million)
Table 102 Market in RoW, By Component, 2016–2025 (USD Million)
Table 103 Product Launches, 2018–2019
Table 104 Partnerships, Collaborations, and Joint Ventures, 2018–2019
Table 105 Expansions, 2018–2019
Table 106 Agreements and Contracts, 2016–2019
Table 107 Acquisitions, 2017–2019
List of Figures (48 Figures)
Figure 1 Process Flow of Industrial Refrigeration System Market Size Estimation
Figure 2 Market: Research Design
Figure 3 Market: Bottom-Up Approach
Figure 4Market: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Assumptions for Research Study
Figure 7 Compressors to Dominate Market During Forecast Period
Figure 8 Carbon Dioxide Refrigerant to Exhibit Highest CAGR in Industrial Refrigerant System Market, By Refrigerant Type, During Forecast Period
Figure 9 Refrigerated Warehouse Application Expected to Command Industrial Refrigeration System Market During Forecast Period
Figure 10 Market in Asia Pacific to Grow at Highest CAGR During Forecast Period
Figure 11 Rising Number of Refrigerated Warehouses and Food Processing Facilities to Drive Growth of Market
Figure 12 Compressors and Refrigerated Warehouses Held Largest Market Share in APAC, By Component and Application, Respectively, in 2018
Figure 13 Ammonia Refrigerant-Based Systems to Hold Largest Market Size During Forecast Period
Figure 14 India to Record Highest CAGR in Overall Market During Forecast Period
Figure 15 Impact of Drivers and Opportunities on Industrial Refrigeration Systems
Figure 16 Impact of Challenges and Restraints on Market
Figure 17 Value Chain Analysis of Industrial Refrigeration Ecosystem: R&D and Manufacturing Phases Contribute Maximum Value
Figure 18 Compressors to Lead Market During Forecast Period
Figure 19 Screw Compressors to Command Market During Forecast Period
Figure 20 Market for Semi-Hermetic Reciprocating Compressors to Grow at Highest CAGR During Forecast Period
Figure 21 Market for Evaporative Condensers to Grow at Higher CAGR During Forecast Period
Figure 22 APAC to Exhibit Highest CAGR in Industrial Refrigeration Condenser Market for Fruit & Vegetable Processing Applications During Forecast Period
Figure 23 APAC to Record Highest CAGR in Market for Evaporators During Forecast Period
Figure 24 Industrial Refrigeration Evaporator Market in APAC for Dairy & Ice Cream Processing Applications to Grow at Highest CAGR During Forecast Period
Figure 25 North America to Continue to Account for Largest Size of Market for Controls During Forecast Period
Figure 26 APAC to Witness Highest CAGR in Market for Vessels, Pumps, Valves, & Auxiliary Equipment During Forecast Period
Figure 27 Market for C02 Refrigerant-Based Systems to Grow at Highest CAGR During Forecast Period
Figure 28 Refrigerated Warehouse Application to Lead Market During Forecast Period
Figure 29 North America Accounted for Largest Size of Market for Refrigerated Warehouse Applications in 2018
Figure 30 APAC to Record Highest CAGR in Market for Fruit & Vegetable Processing Applications During Forecast Period
Figure 31 Market in APAC for Meat, Poultry, & Fish Processing Applications to Grow at Highest CAGR During Forecast Period
Figure 32 APAC to Record Highest Growth Rate in Market During Forecast Period
Figure 33 North America: Snapshot of Market
Figure 34 Europe: Snapshot of Market
Figure 35 APAC: Snapshot of Market
Figure 36 Market in India to Grow at Highest CAGR During Forecast Period
Figure 37 Players in Market Adopted Product Launch as Their Key Strategy for Business Expansion From 2016 to 2019
Figure 38 Market (Global) Competitive Leadership Mapping, 2018
Figure 39 Global Market Share, By Key Player (2018)
Figure 40 Johnson Controls: Company Snapshot
Figure 41 Emerson: Company Snapshot
Figure 42 Danfoss: Company Snapshot
Figure 43 GEA: Company Snapshot
Figure 44 Daikin: Company Snapshot
Figure 45 Ingersoll-Rand: Company Snapshot
Figure 46 Lennox International: Company Snapshot
Figure 47 LU-VE: Company Snapshot
Figure 48 United Technologies: Company Snapshot
The study involved 4 major activities in estimating the current size of the industrial refrigeration system market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.
Secondary Research
The research methodology used to estimate and forecast the industrial refrigeration system market begins with capturing data on revenues of the key vendors in the market through secondary research. This study incorporates the use of extensive secondary sources, directories, and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for the technical, market-oriented, and commercial study of the market. Vendor offerings have also been considered to determine the market segmentation. This entire research methodology includes the study of annual and financial reports of top players, presentations, press releases, journals, paid databases, trade directories, regulatory bodies, and safety standard organizations.
Primary Research
The industrial refrigeration system market comprises several stakeholders, such as component manufacturers and suppliers, system integrators, and service players. Demand-side of this market includes end-users from various applications such as refrigerated warehouses, food and beverage processing, and refrigerated transportation. Several primary interviews have been conducted with market experts from both the demand and supply sides across 4 major regions: North America, Europe, APAC, and RoW to gather qualitative and quantitative information. Following is the breakdown of primary respondents.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the overall size of the industrial refrigeration system market. These methods have also been used extensively to estimate the size of various market subsegments. The research methodology used to estimate the market size includes the following:
- Key players in major applications and markets have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- Players offering different components such as compressors, condensers, and controls are considered, and their revenues are observed to arrive at a global number.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size using the estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides in the market.
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 for various segments with regard to main 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 that include drivers, restraints, opportunities, and challenges influencing the growth of the market
- To provide a comprehensive overview of the value chain pertaining to the industrial refrigeration ecosystem
- To analyze various policies and regulations related to the use of refrigerants in North America, Europe, and APAC
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contribution 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 market
- To benchmark players within the market using proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix that gives a detailed comparison of the product portfolio of each company
Company Information
- Detailed analysis and profiling of additional market players (up to 5).
Get in-depth analysis of the COVID-19 impact on the Industrial Refrigeration System Market
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.