The major factors driving the growth of the industrial refrigeration systems market are the expansion of the food and beverage processing sector in emerging economies, the advance of the cold chain industry, and the rise in the demand for refrigeration solutions among pharmaceutical and chemical companies. As a result of all these factors, the industry is expected to grow from $26.8 billion in 2019 to $41.1 billion in 2030, witnessing a CAGR of 5.0% between 2020 and 2030 (forecast period).
Condensers, controls, evaporators, and compressors are the various categories under the equipment type segment. Among these, the compressor category led the industrial refrigeration systems market during the historical period (2014-2019). Being the component that actually provides the cooling, compressors account for anywhere between 25% and 35% of the cost of a complete refrigeration unit designed for industries. In the coming years, the controls category would grow the fastest, as the demand for energy efficiency and operational cost savings is driving the installation of control systems.
The divisions under the refrigerant type segment of the industrial refrigeration systems market are hydrofluorocarbon (HFC), ammonia (NH3), and carbon dioxide (CO2). During the forecast period, the highest CAGR is projected to be witnessed by the CO2 category, as the gas is non-flammable, as well as less toxic. Termed as a natural refrigerant, the gas causes extremely little harm to the environment, if it is accidentally released from the refrigeration system.
The adoption of eco-friendly refrigerants, such as CO2, is one of the key trends in the market presently. Owing to the high rate of ozone depletion, several laws have been implemented around the world to replace conventional refrigerants with natural and environment-friendly variants. For instance, the F-Gas Regulation of the European Union, which came into force in 2015, seeks to do away with the use of high-global-warming-potential (GWP) gases as refrigerants.
The growth of the food and beverage processing industry in emerging economies is a significant reason for the industrial refrigeration systems market growth. With the increasing demand for processed and ready-to-eat products, food processing firms are seeing brisk business in developing countries. For instance, the food and beverage processing industry of India, which is the fifth-largest in the world, is receiving government support under the Make in India initiative. Under its 11th and 12th five-year plans, the central government has sanctioned the development of 40 mega food parks.
Another reason the market for industrial refrigeration systems is expanding is the increasing demand for such systems in the pharmaceutical and chemical sectors. Refrigeration is quite important in the pharma, refining, and petrochemical sectors, as the products here need to be stored at specific temperatures to prevent spoilage. For instance, biologics, drugs, and certain medical devices need to be stored at low temperatures. With the increasing prevalence of various diseases, the demand for drugs is rising, thereby driving the demand for refrigeration solutions in the pharma industry.
During the historical period, Asia-Pacific (APAC) was the largest industrial refrigeration system market, and it will also advance the fastest during the forecast period. This is attributed to the growth of the cold chain, where refrigeration is everything. For long-distance transportation of medical, chemical, and agricultural goods, it is imperative they remain refrigerated. The Indian government announced plans to execute 27 new integrated cold chain projects, worth $67.1 million (INR 743 crore), in September 2020.
Key Topics Covered:
Chapter 1. Research Background 1.1 Research Objectives 1.2 Market Definition 1.3 Research Scope 1.3.1 Market Segmentation by Equipment Type 1.3.2 Market Segmentation by Refrigerant Type 1.3.3 Market Segmentation by Application 1.3.4 Market Segmentation by Region 1.3.5 Analysis Period 1.3.6 Market Data Reporting Unit 1.3.6.1 Value 1.3.6.2 Volume 1.4 Key Stakeholders
Chapter 2. Research Methodology 2.1 Secondary Research 2.2 Primary Research 2.2.1 Breakdown of Primary Research Respondents 2.2.1.1 By Region 2.2.1.2 By Industry Participant 2.2.1.3 By Company Type 2.3 Market Size Estimation 2.4 Data Triangulation 2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction 4.1 Definition of Market Segments 4.1.1 By Equipment Type 4.1.1.1 Compressors 4.1.1.2 Condensers 4.1.1.3 Evaporators 4.1.1.4 Controls 4.1.1.5 Others 4.1.2 By Refrigerant Type 4.1.2.1 Ammonia 4.1.2.2 Co2 4.1.2.3 Hfc 4.1.2.4 Others 4.1.3 By Application 4.1.3.1 Food & Beverages 4.1.3.2 Chemicals & Pharmaceuticals 4.1.3.3 Oil & Gas 4.1.3.4 Others 4.2 Value Chain Analysis 4.3 Market Dynamics 4.3.1 Trends 4.3.1.1 Adoption of Environment-Friendly Refrigerants 4.3.1.2 Rising Concerns Toward Health and Safety 4.3.1.3 Increasing Use of Screw Compressors 4.3.2 Drivers 4.3.2.1 Growing Food and Beverages Processing Industry in Developing Countries 4.3.2.2 Surge in Global Cold Chain Market 4.3.2.3 Increasing Use of Refrigeration in Chemical and Pharmaceutical Industries 4.3.2.4 Impact Analysis of Drivers on Market Forecast 4.3.3 Restraints 4.3.3.1 Fragmented Supply Chain of Food and Beverage Processing Industry 4.3.3.2 High Energy Consumption and Maintenance Cost 4.3.3.3 Impact Analysis of Restraints on Market Forecast 4.3.4 Opportunities 4.3.4.1 Growing Popularity for Carbon Dioxide/Ammonia Cascade Refrigeration Systems 4.4 Impact of COVID-19 on Industrial Refrigeration Systems Market 4.4.1 Current Scenario 4.4.2 COVID-19 Scenario 4.4.3 Future Scenario 4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast 5.1 By Equipment Type 5.1.1 Compressors, by Type 5.1.2 Condensers, by Type 5.1.3 Evaporators, by Type 5.2 By Refrigerant Type 5.3 By Application 5.4 By Region
Chapter 6. North America Market Size and Forecast 6.1 By Equipment Type 6.2 By Refrigerant Type 6.3 By Application 6.4 By Country
Chapter 7. Europe Market Size and Forecast 7.1 By Equipment Type 7.2 By Refrigerant Type 7.3 By Application 7.4 By Country
Chapter 8. APAC Market Size and Forecast 8.1 By Equipment Type 8.2 By Refrigerant Type 8.3 By Application 8.4 By Country
Chapter 9. LATAM Market Size and Forecast 9.1 By Equipment Type 9.2 By Refrigerant Type 9.3 By Application 9.4 By Country
Chapter 10. MEA Market Size and Forecast 10.1 By Equipment Type 10.2 By Refrigerant Type 10.3 By Application 10.4 By Country
Chapter 11. Competitive Landscape 11.1 List of Players and Their Offerings 11.2 Comparison of Key Players 11.3 Market Share Analysis of Key Players 11.4 Recent Activities of Major Players 11.5 Global Strategic Developments of Key Players 11.5.1 Mergers and Acquisitions 11.5.2 Product Launches 11.5.3 Partnerships 11.5.4 Geographic Expansions 11.5.5 Other Developments
Chapter 12. Company Profiles 12.1 Trane Technologies plc 12.1.1 Business Overview 12.1.2 Product and Service Offerings 12.1.3 Key Financial Summary 12.2 Carrier Global Corporation 12.2.1 Business Overview 12.2.2 Product and Service Offerings 12.2.3 Key Financial Summary 12.3 Hussmann Corporation 12.3.1 Business Overview 12.3.2 Product and Service Offerings 12.4 Dover Corporation 12.4.1 Business Overview 12.4.2 Product and Service Offerings 12.4.3 Key Financial Summary 12.5 Daikin Industries Ltd. 12.5.1 Business Overview 12.5.2 Product and Service Offerings 12.5.3 Key Financial Summary 12.6 Johnson Controls International plc 12.6.1 Business Overview 12.6.2 Product and Service Offerings 12.6.3 Key Financial Summary 12.7 Midea Group Co. Ltd. 12.7.1 Business Overview 12.7.2 Product and Service Offerings 12.7.3 Key Financial Summary 12.8 Industrial Frigo Srl. 12.8.1 Business Overview 12.8.2 Product and Service Offerings 12.9 Gea Group Aktiengesellschaft 12.9.1 Business Overview 12.9.2 Product and Service Offerings 12.9.3 Key Financial Summary 12.10 Emerson Electric Co. 12.10.1 Business Overview 12.10.2 Product and Service Offerings 12.10.3 Key Financial Summary 12.11 Bitzer Kuhlmaschinenbau GmbH 12.11.1 Business Overview 12.11.2 Product and Service Offerings 12.12 Danfoss A/S 12.12.1 Business Overview 12.12.2 Product and Service Offerings 12.12.3 Key Financial Summary 12.13 Star Refrigeration Ltd. 12.13.1 Business Overview 12.13.2 Product and Service Offerings 12.14 Mayekawa Mfg. Co. Ltd. 12.14.1 Business Overview 12.14.2 Product and Service Offerings
Chapter 13. Appendix 13.1 Abbreviations 13.2 Sources and References
