Key Market Dynamics in Industrial Refrigeration
The global industrial refrigeration market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021–2026. The growth of the industrial refrigeration market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries, and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.
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Industrial refrigeration are used to cool, freeze, and
maintain appropriate temperature levels across warehouses or storage
facilities, food processing units, chemical and pharmaceutical industries, and
logistics and other distribution area applications. These systems are made of
various components, including compressors; condensers; evaporators; controls;
and vessels, pumps, valves, and auxiliary equipment.
Compressors held the largest share of industrial
refrigeration system market during forecast period
Compressors held the largest market share (~41%) of the
industrial refrigeration system market in 2020. In industrial refrigeration
systems, compressors play a vital role by increasing refrigerant vapor pressure
in a condenser to ensure suitable temperature for food storage and preservation
applications, thereby propelling the refrigerant compressor market growth. Reciprocating
and screw compressors are mainly used in industrial refrigeration systems.
However, an increase in the demand for screw compressors has been witnessed
owing to various benefits such as high reliability, less frequent maintenance,
and compactness offered by them.
Ammonia-based refrigeration systems held the largest
share of industrial refrigeration system market during forecast period
Ammonia has a greater cooling capacity than other
refrigerants; hence, ammonia-based refrigeration systems are more
energy-efficient than those based on other refrigerants. Furthermore, companies
are focusing on manufacturing industrial refrigeration equipment compatible
with ammonia as HCFC-based refrigeration systems are no longer being
manufactured after January 1, 2020.
North America held the largest share of industrial
refrigeration system market during forecast period
North America held the largest share (~36%) of the global
industrial refrigeration system market in 2020. The key factor responsible for
the growth of the market is various government initiatives such as providing
subsidies and implementation of various policies (such as Significant New
Alternatives Policy (SNAP)& American Innovation and Manufacturing (AIM)
act) to encourage food processing companies to adopt natural refrigerant-based
systems. Also, ongoing growth in online grocery shopping across the region,
coupled with continuously expanding application areas of natural
refrigerant-based refrigeration systems, is expected to drive the industrial
refrigeration system market in North America.
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Key Market Players
The industrial refrigerationsystem market is dominated by a
few globally established players such as Johnson Controls (Ireland), Emerson
Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark),
and Mayekawa (Japan).
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