Market Size of Industrial Refrigeration System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Refrigeration System Market Analysis
The industrial refrigeration system market is expected to grow at CAGR of 6% over the forecast period 2021-2026. Increased use of packaged and processed food and beverages in the developing are accelerating the demand of industrial refrigeration systems to prevent the spoilage of fully and semi-processed food and drinks.
- The government of India has been instrumental in the growth and development of the food processing industry which accounts for 32% of the country's total food market. The Ministry of Food Processing Industries (MoFPI) is making all efforts to encourage investments in the business also it has approved proposals for joint ventures (JV), foreign collaborations, industrial licenses, and 100% export-oriented units. As per IBEF 2019 report, Amazon, a global e-commerce giant, is planning to enter the Indian food retailing sector by investing USD 515 million in the next five years.
- The rapid increase in demand for the safe storage of blood, blood derivatives, temperature-sensitive medicines from hospitals, pharmacies, clinics, and diagnostic centers are also fueling the growth of the refrigeration system market across the world.
- Rising research activities for the treatment of chronic and infectious diseases has led to the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices. For instance, in 2019, the UK MRC and the Japan Agency for Medical Research and Development AMED collaborated to conduct research on infectious diseases to provide bi-lateral support to biomedical and health researchers in the UK and Japan.
- COVID-19 outbreak has outspace the hospitals supply and people are dying due to the lack of medical equipments. The United States have 4,35,000 COVID-19 positive cases with more than 14,500 fatality as of 9th April 2020. Refrigerator trucks have been brought into the New York city (USA epicenter) to store bodies of deceased coronavirus patients. The U.S. Federal Emergency Management Agency (FEMA) has announced to send 85 more refrigerated trucks to New York to cope with the increasing number of victims.
Industrial Refrigeration System Industry Segmentation
Industrial refrigeration is the system to supply cooling to remove the heat from a low-temperature medium and transfer it to a high-temperature medium. They are deployed at large freezing and refrigeration plants to be utilized in various industrial applications such as food and beverage processing, cold storage, medical freezers or LNG liquefaction and others.
| Equipment | |
| Compressors | |
| Condensers | |
| Evaporators | |
| Controls | |
| Others |
| Refrigerant | |
| Ammonia | |
| CO2 | |
| HFC |
| Application | |
| Food & Beverages | |
| Chemicals & Pharmaceuticals | |
| Oil & Gas |
| Geography | ||||||
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| Latin America | ||||||
| Middle East & Africa |
Industrial Refrigeration System Market Size Summary
The industrial refrigeration systems market is poised for significant growth, driven by the increasing demand for packaged and processed food and beverages, particularly in developing regions. This demand is further bolstered by government initiatives, such as those in India, which are fostering the growth of the food processing industry through investments and collaborations. The market is also experiencing a surge due to the need for safe storage solutions in the healthcare sector, where temperature-sensitive medicines and medical supplies require reliable refrigeration. The COVID-19 pandemic has highlighted the critical role of refrigeration systems in healthcare, as seen with the use of refrigerated trucks in the U.S. to manage the deceased. Additionally, the oil and gas industry relies heavily on refrigeration systems for processes like natural gas liquefaction, which is essential for storage and transportation.
Technological advancements and strategic expansions by major players are shaping the competitive landscape of the industrial refrigeration systems market. Companies such as Ingersoll Rand, United Technologies Corporation, and Danfoss are leading the market, focusing on expanding their global presence and enhancing their product offerings. Innovations like Danfoss's liquid level switches and strategic mergers, such as Ingersoll Rand's with Gardner Denver, are indicative of the industry's commitment to improving safety and efficiency. The market's growth is also supported by the increasing demand for frozen foods and the expansion of retail giants like Walmart, which require advanced refrigeration solutions for their supply chains. As the market evolves, these factors collectively contribute to a robust growth trajectory, with a focus on meeting the diverse needs of various industries.
Industrial Refrigeration System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising food and beverages processing industry
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1.2.2 Introduction of advanced technologies such as innovative IoT-enabled monitoring solutions
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1.3 Market Restraints
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1.3.1 High cost of development
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1.4 Value Chain / Supply Chain Analysis
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1.5 Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Assessment of Impact of Covid-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 Equipment
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2.1.1 Compressors
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2.1.2 Condensers
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2.1.3 Evaporators
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2.1.4 Controls
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2.1.5 Others
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2.2 Refrigerant
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2.2.1 Ammonia
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2.2.2 CO2
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2.2.3 HFC
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2.3 Application
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2.3.1 Food & Beverages
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2.3.2 Chemicals & Pharmaceuticals
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2.3.3 Oil & Gas
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2.4 Geography
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2.4.1 North America
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2.4.1.1 US
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 France
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2.4.2.3 UK
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2.4.2.4 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 Rest of Asia Pacfic
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Industrial Refrigeration System Market Size FAQs
What is the current Industrial Refrigeration System Market size?
The Industrial Refrigeration System Market is projected to register a CAGR of 6% during the forecast period (2024-2029)
Who are the key players in Industrial Refrigeration System Market?
Ingersoll Rand Plc, United Technologies Corporation, Danfoss, GEA Group Aktiengesellschaft and Johnson Controls International Plc are the major companies operating in the Industrial Refrigeration System Market.
