Industrial Refrigeration System Market Forecast and Trends Analysis Research Report 2020-2027
The accelerating demand for advanced refrigeration systems and the increasing adoption of natural refrigerant-based systems, are the key drivers boosting the demand of the market over the forecast period.
Dublin, Ireland – July 15, 2020 /MarketersMedia/ —
The significant factors contributing to the growth of the industrial refrigeration system market include the strong demand for advanced and compact refrigeration systems, increasing government support to encourage the adoption of cold chain infrastructure in developing economies, and the accelerating adoption of natural refrigerant-based systems driven by the stringent regulatory policies. The accelerating demand for industrial refrigeration from the food & beverage industry as a result of the growing demand for frozen and processed food in the emerging economies is further enhancing the growth of the industrial refrigeration system market size. Additionally, the increasing awareness related to energy conservation among end-users is motivating the manufacturers to develop an energy-efficient refrigeration system. In addition to this, the increasing popularity of CO2-based and ammonia-based refrigeration systems is further enhancing the growth of the industrial refrigeration system market.
On the basis of the component, the compressor segment is poised to expand in the next six years. This is attributed to the strong demand for refrigerated warehouses across the globe. The compressor is considered as an important component of the industrial refrigeration system, which helps in increasing the vapor pressure in a condenser to make sure the appropriate temperature for food storage and preservation applications. Moreover, the manufacturers are now emphasizing on the development of a new compressor in order to capture the changing demands of consumers across the globe.
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Based on the refrigerant type, the CO2 segment is expected to witness considerable growth over the forecast period owing to the rising adoption of CO2-based refrigerant as a result of its remarkable thermodynamic properties and higher energy efficiency level that makes it more suitable for industrial refrigeration applications. Furthermore, the increasing acceptance of CO2 cascade refrigeration systems across numerous end-user industries is another factor that is enhancing the demand of the segment in the market. On the other hand, the Ammonia segment is projected to experience a higher CAGR during the forecast period. This is due to their high cooling capacity and low energy consumption as compared to the other refrigerant types. These refrigeration systems are less costly as Ammonia is available at a low price in the market, which cut-down the maintenance and service cost. All these factors are encouraging end-users to opt for these systems.
On the basis of the application, the refrigerated warehouse segment is anticipated to maintain its dominance over the forecast period. The growing rate of population and the increasing disposable income, are the two major factors that are propelling the growth of the segment. Additionally, the accelerating demand for convenience products such as ready to eat foods around the world is further surging the demand of the segment. Furthermore, the growing number of government initiatives in emerging economies such as India and China, is opening new doors for the growth of the cold chain facilities. These initiatives are strengthening the demand for cold storage and warehouse infrastructure facilities.
On the basis of the region, the North American region is anticipated to be the fastest growing region in the industrial refrigeration systems market. The emerging trend of online shopping and continuously growing application areas of natural refrigerant-based refrigeration systems is the significant factor that is surging the market growth in this region. Furthermore, the strong demand for fresh food & beverage products and medicine, followed by the increasing government initiatives to diminish HCFCs and adopt natural refrigerants in various applications, is further boosting the growth of the market over the forecast period.
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The key players of the industrial refrigeration system market include Danfoss, GEA Group AG, Mayekawa Mfg. Co., Ltd., Johnson Controls International plc, Bitzer SE, LU-VE s.p.a., United Technologies Corporation, Daikin Industries, Ltd., Emerson Electric Co., Baltimore Aircoil Company, Inc., Evapco, Inc., Güntner GmbH & Co. KG, and Ingersoll-Rand Inc., among others.
The research report on the industrial refrigeration system market provides an in-depth analysis of the market revenue based on component, refrigerant type, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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