According to the new research report published by The Insight Partners, titled “Industrial Refrigeration System Market– Global Analysis and Forecasts to 2025”, the global Industrial Refrigeration System market is expected to reach US$ 33.66 Bn in 2025, registering a CAGR of 6.8% during the forecast period 2018-2025.
The rapid and continued growth in the industrial refrigeration systems has serious economic and environmental consequences. With the increase of refrigeration units in use comes the corresponding increase in energy consumption and environmental impact. The global industrial refrigeration system market is experiencing steady growth with regards to the technological advancements, formulation of standards, and the investments being made by the various companies to gain market leadership positions. The market for Industrial Refrigeration System consists of a large number of players across the globe leading to a fragmented market. Also, there a large number of smaller players present in the market and lower entry barriers into this market have resulted in the influx of small companies venturing into this arena. There are various factors that are contributing to the growing demands for innovative and technologically advanced industrial refrigeration system in different regions of the world.
The future of market for industrial refrigeration system is promising, as the research centers are continually innovating new technologies and researching on replacing traditional refrigerants in order to enhance the technicalities of the machinery and to reduce environmental hazards. As a result, technologically enriched sensors systems are being developed and integrated, which is expected to attract the significant number of industries in the coming years.
The global market for Industrial Refrigeration System has been segmented by refrigerant type into CO2, HFC, and ammonia; by equipment into compressor, condenser, evaporator, and others; by application into food processing, chemicals & pharmaceuticals and refrigerated logistics; and geography.
Key findings of the study:
Geographically, the market is currently dominated by North America. In 2017, North America and Europe together held more than half of the overall Industrial Refrigeration System market.
The increasing availability of the refrigerants and also regulatory hurdles governing the usage of fluids in the refrigerant systems are found to be the major drivers in the North American industrial refrigerant systems market.
Asia Pacific is the fastest growing region in the industrial refrigeration system market and it is expected to grow at a CAGR of 8.0% during the forecast period. The growing economies of the region are leading to the growth in wide variety of sectors, such as manufacturing, technology, and various others. Furthermore, the rise in consumer demand for packaged food and perishable foods, growth of international trade due to trade liberalization, and development of food retail chains lead to the increasing demand of refrigerated logistics. Thus, the government support for infrastructural development fuels the demand in the industrial refrigeration market.
In the application segment, food processing segment led the market with more than two-third market share in the year 2017 and is anticipated to continue its dominance during the forecast period from 2018 to 2025.
The key companies profiled in this report include Emerson Electric Co., United Technologies Corporation, Johnson Controls Inc., Evapco, Inc., Danfoss, Hussmann Corporation, Dover Corporation, Ingersoll-Rand Plc., Carnot Refrigeration, and Innovative Refrigeration Systems, Inc.
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