The global industrial refrigeration system market is expected to grow to US$ 33.66 Bn by 2025 from US$ 20.02 Bn in 2017, growing at a CAGR of 6.8% from 2018 to 2025.
The importance of refrigerant systems in industries such as food processing and storing, chemicals and pharmaceuticals, oil & gas and transportation industry 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. These innovations have been positively impacting the industrial refrigeration system market in the last few years. The report focuses on an in-depth segmentation of Industrial Refrigeration System market based by refrigerant type, equipment, application, and geography.
Exhibit: Industrial Refrigeration System Market - Regional Analysis
Food processing sub-segment by end-use is identified as major application industry in North America Industrial Refrigeration System Market
The food processing sub-segment accounted for approximately three fourth of the market in terms of market value and is expected to remain dominant over the forecast period. This includes cooling equipment needed for fruits & vegetables, beverages, dairy, ice- cream, meat (slaughterhouses), poultry & fish processing products. Moreover, this segment is projected to expand with a CAGR of 5.9% over 2018 – 2025 and is anticipated to generate maximum revenue opportunity in the North American Industrial Refrigeration System Market over the forecast period.
Innovative industrial refrigeration solutions with respect to the design and production of compressors to set the trend in the upcoming years
The need to conserve energy while mitigating climate impacts is putting pressure on manufacturers to come up with new ways to improve energy efficiency and reduce damage to the ozone layer. This pressure is driving an uber-trend of sustainability in the refrigeration industry and has led to some truly innovative solutions and breakthrough technologies, especially in the design and production of compressors. As an example, Variable speed compressors are extremely flexible and provide tremendous energy efficiency. They are designed to adapt the cooling capacity according to the refrigeration need and are capable of working in any energy grid worldwide, no matter the voltage and/or frequency. Because a variable speed compressor cools according to need, it consumes 40% less energy than a conventional compressor. Hence, innovative industrial refrigeration solutions with respect to the design and production of compressors to set the trend in Industrial Refrigeration System.
Exhibit: Industrial Refrigeration System Market by Geography
Market initiative was observed as the most adopted strategy in global Industrial Refrigeration System market. Few of the recent strategies by some of the players in Industrial Refrigeration System market landscape are listed below:
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.
Global Industrial Refrigeration System Market Segmentation
By Refrigerant Type