According to the latest report by IMARC Group, titled “Industrial Refrigeration System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global industrial refrigeration system market reached a value of US$ 18.2 Billion in 2021. Industrial refrigeration systems comprise large-scale freezing and refrigeration units that require liquid refrigerants. They assist in cooling and removing heat from a low-temperature medium. As a result, they find extensive application in food processing, cold storage, petrochemical, and liquified natural gas (LNG) liquefaction across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Refrigeration System Market Trends:
Due to hectic schedules and sedentary lifestyles, there is a significant rise in the demand for packaged, processed, and ready-to-eat (RTE) food items around the world. This, in confluence with the burgeoning food and beverage (F&B) industry, represents one of the key factors fueling the market growth. Apart from this, governing agencies of various countries are undertaking initiatives to improve the cold chain infrastructure, which, in turn, is acting as another growth-inducing factor. Moreover, the key players are focusing on utilizing natural refrigerant-based systems to reduce the greenhouse gas (GHG) emissions caused by conventional refrigerants. They are also developing units by employing the latest technologies, such as the Internet of Things (IoT)-enabled monitoring systems. Other factors, including industrialization and the escalating demand for compact and innovative refrigeration systems, are impelling the growth of the market. Looking forward, IMARC Group expects the market to expand at a CAGR of 5.4% during the forecast period (2022-2027).
- Based on the component, the market has been classified into compressor, condenser, evaporator, and other segments.
- On the basis of the refrigerant type, the market has been categorized into ammonia, carbon dioxide, hydrofluorocarbon (HFC), and others.
- Based on the application, the market has been divided into fresh fruits and vegetables; meat, poultry and fish; dairy products; beverages; chemicals; pharmaceuticals; and others.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Baltimore Aircoil, Bitzer, Daikin, Danfoss, Evapco, GEA Group AG, Ingersoll-Rand, Johnson Controls, Lennox International, LU-VE Group, Mayekawa and United Technologies.
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