The global industrial refrigeration system market is expected to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3%.
One of the major driving factors for the industrial refrigeration system market is the increasing demand for innovative and compact refrigeration systems. Also, due to the growing adoption of natural refrigerant-based systems, owing to strict regulatory policies, the demand for industrial refrigeration systems is increasing. Moreover, increasing government support to strengthen the cold chain infrastructure in developing countries is driving the growth of the industrial refrigeration system market. However, the high installation cost and other expenses restrain market growth.Based on component, industrial refrigeration system market for compressors to grow at highest CAGR during forecast periodThe industrial refrigeration system market for compressors is expected to grow at the highest CAGR during the forecast period. Many companies are focusing on cost reduction in the manufacturing of industrial refrigeration compressors. With the increase in the application areas of industrial refrigeration systems, companies are developing new compressors to meet the diverse needs of customers and explore the untapped market, which is expected to increase the demand for compressors during the forecast period.Based on application, refrigerated warehouse application to hold significant share from 2019 to 2025Refrigerated warehouses, also known as cold storage facilities, store food after production and before it is transported and distributed to supermarkets or catering establishments. The ever-growing population and rising demand for frozen and processed food have increased the number of refrigerated warehouses globally with improved capacities in the last few years. The strengthening of cold chain infrastructure in developing countries to meet the rising demand for convenience food, along with government support in various countries to expand refrigerated warehouse capacity, is expected to be the key driver for the industrial refrigeration system market for refrigerated warehouse applications during the forecast period.Market in APAC to grow at significant CAGR during forecast periodThe industrial refrigeration system market in APAC is expected to grow at the highest CAGR during the forecast period. Increasing disposable income and the ever-growing population is propelling the demand for processed food products and beverages in APAC. As a result, there is an increase in the number of food processing facilities in the region, which, in turn, is expected to drive the market for industrial refrigeration systems. Government initiatives to further strengthen cold chain management systems are expected to surge the demand for industrial refrigeration systems across APAC.
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1 Introduction2 Research Methodology3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in Market4.2 Market in APAC, By Component and Application4.3 Market, By Refrigerant Type4.4 Country-Wise Industrial Refrigeration System Market Growth Rate5 Market Overview 5.1 Introduction5.2 Market Dynamics5.2.1 Drivers126.96.36.199 Rising Demand for Innovative and Compact Refrigeration Systems188.8.131.52 Increasing Government Support to Strengthen Cold Chain Infrastructure in Developing Countries184.108.40.206 Growing Adoption of Natural Refrigerant-Based Refrigeration Systems Due to Stringent Regulatory Policies5.2.2 Restraints220.127.116.11 High Installation Cost and Other Expenses5.2.3 Opportunities18.104.22.168 Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3)-Based Cascade Refrigeration Systems22.214.171.124 Rising Demand for Frozen and Processed Food Across the World5.2.4 Challenges126.96.36.199 Lack of Skilled Personnel, Along With High Safety Concerns5.3 Value Chain Analysis5.4 Policies and Regulations6 Industrial Refrigeration System Market, By Component 6.1 Introduction6.2 Compressors6.2.1 Reciprocating Compressors188.8.131.52 Wide Use of Reciprocating Compressors Owing to Their High Efficiency and Low Cost184.108.40.206.1 Semi-Hermetic Type220.127.116.11.2 Hermetic Type18.104.22.168.3 Open Type6.2.2 Screw Compressors22.214.171.124 Screw Compressors to Command Industrial Refrigeration Compressor Market During Forecast Period126.96.36.199.1 Single-Screw Compressors188.8.131.52.2 Twin-Screw Compressors6.3 Condensers6.3.1 Air-Cooled Condensers184.108.40.206 Low Maintenance Cost of Air-Cooled Condensers to Accelerate Their Demand During Forecast Period6.3.2 Water-Cooled Condensers220.127.116.11 Higher Efficiency and Greater Reliability of Water-Cooled Condensers to Propel Market Growth During Forecast Period6.3.3 Evaporative Condensers18.104.22.168 Evaporative Condensers to Continue to Dominate Industrial Refrigeration Condenser Market During Forecast Period6.4 Evaporators6.4.1 Market for Evaporators to Grow at Second-Highest CAGR During Forecast Period22.214.171.124 By Cooling Type126.96.36.199.1 Air-Cooled Evaporators188.8.131.52 By Design Type184.108.40.206.1 Bare Tube Evaporators220.127.116.11.2 Plate Type Evaporators18.104.22.168.3 Finned Evaporators22.214.171.124.4 Shell and Tube Type Evaporators6.5 Controls6.5.1 Controls are Used to Automate Defrost Cycles, Thereby Saving Energy126.96.36.199 Compressor Controls188.8.131.52 Condenser Controls184.108.40.206 Evaporator Controls6.6 Vessels, Pumps, Valves, and Auxiliary Equipment6.6.1 Vessels, Pumps, Valves, and Auxiliary Equipment Drastically Improve Performance of Industrial Refrigeration Systems7 Industrial Refrigeration System Market, By Refrigerant Type 7.1 Introduction7.2 Ammonia7.2.1 Ammonia to Be Preferred Refrigerant in Various Refrigeration Systems Owing to Its Cost-Effectiveness and Energy Efficiency220.127.116.11 Ammonia Refrigeration System18.104.22.168 Low-Charge Ammonia Refrigeration System7.3 CO27.3.1 Various Government Initiatives to Phase Out Environmentally Harmful Refrigerants Provide Opportunities for CO2-Based Refrigeration Systems22.214.171.124 CO2 Refrigeration System126.96.36.199 CO2 Cascade Refrigeration System7.4 Others7.4.1 HFC7.4.2 HCFC7.4.3 HC7.4.4 HFO8 Industrial Refrigeration System Market, By Application 8.1 Introduction8.2 Refrigerated Warehouse8.2.1 Increasing Investments and Growing Number of Refrigerated Warehouses Propel Market Growth8.3 Fruit & Vegetable Processing8.3.1 Strict Government Regulations for Fruit & Vegetable Processing Industry Provide Opportunities for Market Players8.4 Beverage8.4.1 Adoption of Ammonia-Based Refrigeration Systems to Accelerate Demand for Industrial Refrigeration Systems in Beverage Applications8.5 Meat, Poultry, & Fish Processing8.5.1 Increasing Worldwide Consumption of Meat and Poultry Products Creates Market Opportunities8.6 Dairy & Ice Cream Processing8.6.1 Rising Demand for Processed Dairy Products Such as Cheese, Yoghurt, and Fermented Milk to Drive Market8.7 Chemical, Petrochemical, & Pharmaceutical8.7.1 Requirement for Temperature-Controlled Environments to Preserve Chemical and Pharmaceutical Products to Augment Market Growth8.8 Refrigerated Transportation8.8.1 Increasing Demand for Frozen and Fresh Commodities Drives Growth of Market9 Geographic Analysis10 Competitive Landscape 10.1 Overview10.2 Competitive Leadership Mapping10.2.1 Visionary Leaders10.2.2 Dynamic Differentiators10.2.3 Innovators10.2.4 Emerging Companies10.3 Market Share Analysis: Industrial Refrigeration System Market, 201810.3.1 Product Launches10.3.2 Partnerships, Collaborations, and Joint Ventures10.3.3 Expansions10.3.4 Agreements and Contracts10.3.5 Acquisitions11 Company Profiles
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