Industrial Refrigeration Market

Market Leadership - 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.

Key players in the industrial refrigeration system market include Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), and Mayekawa (Japan).

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Johnson Controls offers a diversified range of industrial refrigeration systems that include various types of compressors, condensers, chillers, evaporators, control systems, and industrial refrigeration replacement parts. For the last three years, the company has been focusing only on organic growth strategies to maintain its leading position in the market. For instance, in February 2019, the company launched two new YORK YLAA Air-Cooled Scroll Chillers named YORK 041 and 048. Also, in April 2018, the company opened an R&D facility in Central Pennsylvania, US, for offering engineering and testing services for chillers. Such proactive measures taken by the company, supported by a recognized brand name, associations with major end-user verticals, and the ability to implement any technological advancement on a global scale would further help the company maintain a leading position in the market.

Emerson Electric Co. offers compressors, condensers, and other related equipment for the market in discussion. It also provides products for refrigerated transportation. The company also has 21 innovation, solutions, and engineering centers worldwide, which help the company develop technologically advanced products for its customers. The company’s Vilter and Copeland series of compressors are the most widely used compressors across the industrial refrigeration ecosystem.

Emerson Electric Co. has been adopting product launches as a key strategy to maintain its competitive position in the global industrial refrigeration system market. For instance, in July 2019, the company announced the launch of the new Box Load Calculator to calculate freezer load and select appropriate condensing units to match the required refrigeration load. Additionally, in February 2019, the company launched a new Vilter line of high-performance compressor lubricants, Vilter717 and Vilter717FG, for rotary screw and reciprocating compressor applications.

GEA Group Aktiengesellschaft offers a diversified product portfolio of compressors, components, chillers, freezers, control systems, and related services for wide end-user applications, especially for food & beverages and milk & dairy processing industries. The company holds around 1,000 patent families comprising approximately 4,700 individual patents in separation technology, refrigeration and freezing technology, liquid and food processing, and material handling technology, including pumps and valves. After the spin-off of its heat exchanger business segment in April 2014 (which later led to the formation of Kelvion Holding GmbH, Germany), GEA focused on expanding the portfolio of its compressors for refrigeration systems. For instance, in October 2018, the company launched a new reciprocating compressor series, the Grasso V HP, for NH3 refrigerant heat pump solutions. The company also focuses on developing environment-friendly and innovative solutions in the refrigeration sector and has won the RAC Cooling Industry Award from the British Refrigeration and Air Conditioning Magazine in 2018.

Danfoss is one of the prominent players in the component supplier ecosystem for the industrial refrigeration industry. The company heavily relies on organic growth strategies such as product launches to maintain its competitive position in the market. For instance, in March 2019, the company launched a new range of semi-welded plate heat exchangers, SW19-59, for safer and energy-efficient operations. Also, in January 2019, the company launched a new series of electric expansion valves named AKVP series having applications in food retail, cabinets, and cold rooms. The company has 23 R&D sites globally to carry out its technological innovation and serve the market needs. With a strong focus on R&D, supported by a diversified product portfolio for almost every industry, the company is expected to be a leading component supplier for industrial refrigeration systems in the near future.

Mayekawa has expanded its business by focusing on freezing and compression technologies since its establishment. The company has been into the production of industrial refrigeration products for more than 90 years. It commenced the production of reciprocating refrigeration compressors way back in the year 1924. For the past few years, the company has focused on expansion as the key strategy to enter new markets and maintain its competitive position in the industrial refrigeration system market. Since 2018, the company has undertaken three expansion activities for entering new markets and increasing its production base. For instance, in August 2019, it started operations in its Serbia plant, which focuses on designing, manufacturing, selling, and after-sales service of compressor packages for industrial refrigeration. The company is further looking to consolidate and reorganize its subsidiaries in Japan and abroad based on industry sectors to meet the increasing needs of customers.

Other major players in the for industrial refrigeration system market are mainly focusing on acquisitions, expansion, and partnerships along with new product launches to achieve continuous and sustainable development.

Related Reports:

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

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Report Code
SE 4684
RI Published ON
9/27/2021
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