The industrial refrigeration system market was valued at US$ 20.02 billion in 2017 and is projected to reach US$ 33.66 billion by 2025; it is expected to grow at a CAGR of 6.8% during 2018–2025.

The importance of refrigerant systems in industries such as food processing and storing, chemicals and pharmaceuticals, oil & gas and transportation industry globally has gained prominence over the years. This has led the manufacturers to continuously innovate and design technologically advanced refrigeration systems which marked a significant influence on the end users. Innovations in the field of refrigerants have witnessed several alternatives and up gradations like HFC to Ammonia and then Ammonia to CO2 and again Ammonia (NH3) and CO2 cascade. The HFC used to be the most prominent refrigerant, however, owing to the disadvantages like high ODP (Ozone Depletion Potential) and high GWP (Global Warming Potential), highly inflammable characteristics and toxic nature compelled the manufacturers to replace the refrigerant with Ammonia (NH3). The refrigeration system with Ammonia has gained substantial popularity in the market owing to three distinctive advantages such as natural occurrence and thus is an environment-friendly gas, possesses extreme thermodynamic capabilities and require minimum heat transfer areas which facilitates the manufacturers to use smaller pipelines. In addition, NH3 gas is 15% - 20% more efficient than the traditional HFC refrigerants. However, due to the hygroscopic nature of the gas, it evaporates easily and migrates to the environment which causes hazardous consequences to human as well as machinery in the vicinity due to the toxicity of the gas. Another disadvantage of Ammonia vapors is the inflammable capability when contaminated with lubricating oil from the machinery. In the current scenario, the manufacturers of Industrial Refrigeration System are using carbon dioxide CO2 individually as well as cascading CO2 and NH3 as the refrigerants. The CO2 is easily available and is much cheaper as compared to its counterparts, which helps the manufacturers to reduce the upfront cost of the final product and also increase the operational efficiency of the system. In addition, the cascade of CO2 and NH3 possesses much more efficiency in refrigeration, and also saves huge amounts of energy, thereby helping the end user to reduce their operating costs. These trends are being observed among the global industrial refrigeration system manufacturers, which is heavily impacting on the growth of the system presently.

The future of market for industrial refrigeration system market 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.

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Industrial Refrigeration System Market: Strategic Insights

Industrial Refrigeration System Market

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  CAGR (2017 - 2025)

  6.8%
• Market Size 2017
  US$ 20.02 Billion
• Market Size 2025
  US$ 33.66 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Carnot Refrigeration
• Emerson Electric Co.
• United Technologies Corporation
• Innovative Refrigeration Systems, Inc.
• Johnson Controls, International Plc.
• Ingersoll-Rand PLC
• Evapco, Inc.
• GEA Group AG
• Hussmann Corporation

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Refrigerant Type

• CO2
• HFC
• Ammonia

Equipment

• Compressor
• Condenser
• Evaporator
• Others

Application

• Food Processing
• Chemicals & Pharmaceuticals and Refrigerated Logistics

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Market Insights–Industrial Refrigeration System Market

Rising Demand for Packaged Food Storage Capabilities

The trend of consuming packaged foods has increased significantly in the recent years globally, with special marks in North America, and Asia Pacific regions. The consumption of packaged food or frozen food products have grown 50% over the past decade in the US. The consumers in the North American countries are more concerned about the changing lifestyle, consumption convenience, and also health awareness. These factors are catalyzing the demand for packaged foods globally. Packaged foods industry has outperformed in the North America region in recent years, owing to the rapid increase in consumption of savoury and dairy products, confectionery products and others products. Another food product that is catalyzing the demand for packaged food is the meat. The Food and Drug Administration (FDA), the United States under the act Federal Food, Drug and Cosmetic Act (FFDCA) work closely with these food packaging companies in order to deliver the best quality packages. The FDA also implements several rules to omit the unhygienic or unhealthy substances from packaging. Pertaining to the benefit of permission from the US Government, the procurement of packaged foods have increased in the region. The increase in consumption of packaged foods has also grown in the recent times attributing to the substantial increase in retail stores and departmental stores in the region. Owing to the increasing trend of packaged food consumption, several companies are emerging along with well-established companies in the region. The growth of food packaging companies in the region has simultaneously led the region to witness the growth of industrial refrigerators. This is due to the fact that, these industrial refrigerators are capable of maintaining temperatures that vary widely. In addition to temperature variation, these industrial refrigerators use Ammonia and CO2 in their volatile form or cascade form as the cooling agent or refrigerants, which is energy efficient and combination enhances the safety of the food production as well as food packaging and storing areas. Moreover, these packaged foods are also stored in cold storages for longer times with an objective to maintain the freshness of the packaging, which also demands industrial refrigerators in order to maintain the desired temperature for respective food items. Thus, the packaged processing and packaging, as well as storage capabilities, are the major factors triggering the growth of the market for industrial refrigerators in the current scenario.

Refrigerant Type Segment Insights

Based on refrigerant type, the industrial refrigeration system market is segmented into CO2, HFC, and ammonia. Global warming and the changing environmental conditions and the allied governing body regulations play a significant role in the functioning of the industrial refrigeration system market. The refrigerant choice has witnessed gradual changes in the adoptions over the years owing to various compliance demands across the world. Ammonia, and Hydrocarbons were the first choice refrigerant used in this industry until few years back.

 

Equipment Segment Insights

Based on equipment, the industrial refrigeration system market is bifurcated into compressor, condenser, evaporator, and others. The industrial refrigeration system market is consisting of vital components that are critical for their smooth functioning. Compressors, Condensers, Evaporators, and other smaller components comprise of the industrial refrigeration system.

Application Segment Insights

Based on application, the industrial refrigeration system market is bifurcated into food processing, chemicals & pharmaceuticals and refrigerated logistics. The food processing industries contributed the maximum revenue shares in 2017 in the region, pertaining to the rapid surging demand for frozen foods, chilled-ready meats, confectioneries, breweries, and liquid milk processing among the North American mass. The US is one of the largest consumers of packaged foods and frozen food followed by developed countries in the Europe. Also, other regions of the world such as Middle East, and the developing economies of APAC exhibit changing patterns in the demand of packaged food and food products.

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

2018: GEA Group signed a EUR 150 million loan agreement running until 2025 with the European Investment Bank (EIB) to finance its research, development and innovation spending.

2018: Carnot Refrigeration entered into a distribution agreement with Emergent Cold Technologies. Under this agreement Emergent Cold will deliver Carnot Refrigeration's CO2 systems to its customers present in several US regions.

2017: EVAPCO, Inc. announced its plan to expand its manufacturing facility in Taneytown by investing US$ 15 Mn.

Industrial Refrigeration System Market Report Scope

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Industrial Refrigeration System Market – By Refrigerant Type

• CO2
• HFC
• Ammonia (NH3)

Industrial Refrigeration System Market – By Equipment

• Compressor
• Condenser
• Evaporator
• Others

Industrial Refrigeration System Market – By Application

• Food Processing
• Chemicals & Pharmaceuticals
• Oil & Gas
• Refrigerated Logistics

Industrial Refrigeration System Market – by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • India
  • South Korea
  • Japan
  • Rest of APAC

• Middle East & Africa (MEA)

  • South Africa
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM  

Industrial Refrigeration System Market – Companies Profiles

• Carnot Refrigeration
• Emerson Electric Co.
• United Technologies Corporation
• Innovative Refrigeration Systems, Inc.
• Johnson Controls, International Plc.
• Ingersoll-Rand PLC
• Evapco, Inc.
• GEA Group AG
• Hussmann Corporation
• Dover Corporation