Industrial Refrigeration System Market

Market Leadership - Industrial Refrigeration System Market

The global industrial refrigeration system market is projected to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3%. Growing adoption of natural refrigerant-based systems due to stringent regulatory policies is one of the key factors driving the growth of the industrial refrigeration system market. Also, the rising demand for innovative and compact refrigeration systems, along with the increasing government support to strengthen the cold chain infrastructure in developing countries, is likely to boost the growth of the industrial refrigeration system market.

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) are the major players in the industrial refrigeration system market.

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The industrial refrigeration system market is moderately competitive owing to the presence of several regional and global players. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market are expansions and product launches. Many market players adopted expansion as their primary business strategy. For instance, in August 2019, Mayekawa (Japan) started operations in its Serbia plant. This plant focuses on design, manufacturing, sales, and after-sales services of the compressors for industrial refrigeration. Apart from this, players have also adopted product launch strategies to grow their businesses. For instance, in March 2019, Emerson (US) expanded its Copeland Discuss III compressor line, with new 4DA/4DE and 6DU/6DV/6DZ models. These new models are designed specifically for food retail and foodservice facilities, as well as for scientific plants and laboratories.

Johnson Controls is among the leaders in the manufacturing and distribution of industrial refrigeration systems worldwide. The company offers a diversified range of components of industrial refrigeration systems, such as various types of compressors, condensers, chillers, evaporators, control systems, and replacement parts. The company’s strong technical expertise and brand image help it to gain a clear competitive edge over other market players in major regions. In the last 3 years, the company is focusing only on organic growth strategies to maintain its leading position in the market. For instance, in February 2019, it announced the launch of 2 new YORK YLAA Air-Cooled Scroll Chillers—YORK 041 and 048. 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 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 industrial refrigeration system market.

Emerson engages in the provision of measurement and analytical instrumentation, industrial valves and equipment, process control systems, and tools and appliance solutions for customers in a range of industrial, commercial, and consumer markets. Emerson has been adopting product launches as its key growth strategy to maintain a competitive position in the global industrial refrigeration system market. For instance, 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. It is actively involved in different R&D activities. As a result, the company is a pioneer in providing advanced products for CO2/NH3 cascade refrigeration systems. It gains an advantage for offering products for advanced refrigeration systems and high-growth applications including food processing and storage and transport refrigeration, thereby helping the company to maintain its share in the industrial refrigeration system market.

Related Reports:

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

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