The global Industrial Refrigeration Systems Market size is estimated to reach USD 22.65 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.
Rising concerns around global warming have shifted the
focus of industrial refrigeration system manufacturers and users from the
thermodynamic properties of refrigerants to their Ozone Depletion Potential
(ODP) and Global Warming Potential (GWP). Major industrial refrigeration
systems players are focused on designing environment-friendly refrigeration
systems owing to various benefits they offer, such as cost-effectiveness, lower
power consumption, and low toxicity. For instance, in October 2019, EVAPCO,
Inc., a prominent industrial refrigeration systems manufacturer, expanded its
product line of low-charge packaged ammonia chiller systems by adding the
Large-Single (LS) and Large Dual (LD) models. The products feature a
Small-Single (SS) capacity of 250 Tons of Refrigeration (TR) at a supply glycol
of 22°F.
The rising concerns regarding the use of refrigerants
with a high global warming potential are expected to encourage developments in
alternative industrial refrigeration systems. Magnetic refrigeration is another
emerging technology that does not use a refrigerant but a heating or cooling
liquid, is often water-based and has higher energy efficiency.
The shutdown of manufacturing and transportation
facilities and food production units to prevent the spread of Covid-19 has
resulted in a decline in the sales of industrial refrigeration systems.
However, the increased deployment of cold chains to store and preserve vaccines
and refrigerated transportation systems for facilitating its reach in large
quantities is anticipated to continue supporting the market growth.
Related Press Release@ Industrial Refrigeration Systems Market Report
Industrial Refrigeration Systems
Market Report Highlights
- The food and beverage segment accounted for the highest revenue
share of over 55.0% of the overall market in 2020. The segment growth can
be attributed to the rising disposable income and increased demand for
packaged and processed food by consumers
- The compressors segment is anticipated to witness the highest CAGR
of around 5.0% over the forecast period. The growth can be attributed to
the availability of natural refrigerants, which help compressors in
increasing the cooling capacity and reduce the contribution to global
warming
- The Asia Pacific market is expected to witness the fastest growth,
accounting for a CAGR of over 5.0% from 2021 to 2028. The rising adoption
of cold chain infrastructure is expected to drive market growth in the
region
List of Key Players in the Industrial Refrigeration Systems Market
·
Johnson Controls
·
Emerson Electric Co.
·
Danfoss
·
GEA Group Aktiengesellschaft
·
MAYEKAWA MFG. CO., LTD.
·
BITZER Kühlmaschinenbau GmbH
·
DAIKIN INDUSTRIES, Ltd.
·
EVAPCO, Inc.
·
Güntner GmbH & Co. KG
·
LU-VE S.p.A.
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Grand View Research, Inc. is a U.S. based market research
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in San Francisco. The company provides syndicated research reports, customized
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relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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