Industrial Refrigeration System Market to experience an impressive growth of 5.2% during 2020-2025
January 27, 2020
Industrial Refrigeration System Market is likely to witness a CAGR of 5.2% during the forecast period. The global industrial refrigeration system market has almost neared a saturation level with an unwavering growth in the last five years and is expected to witness similar growth during the forecast period. There have been not much technological progressions in the field of industrial refrigeration systems in the recent years, but a gradual shift can be expected from the use of ozone depleting substances, such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) to natural refrigerant-based systems. Growing cold chain infrastructure in the developing economies of Asia-Pacific, Latin America, the Middle East, and Africa is likely to act as a major growth driver for the global industrial refrigeration system market.
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Industrial Refrigeration System Market Segment Insights:
By Equipment Type:
Based on the equipment type, the market is segmented as compressors, condensers, evaporators, controls, vessels, valves, pumps, and auxiliary equipment. The controls segment is expected to witness the highest growth during the forecast period, owing to the growing significance of controlling system and software to improve energy efficiency of the existing and the new refrigeration systems.
By Refrigerant Type:
Based on the refrigerant type, the market is segmented as ammonia, CO2, HFC, and others. The CO2 refrigerant segment is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the higher adoption of CO2 refrigerants in the food and beverage industry, a major application area of industrial refrigeration system. Further, there are ample number of research & developmental activities going on in the developed economies to develop and employ CO2 refrigerants.
By Region:
In terms of regions, North America dominated the industrial refrigeration system market and is expected to retain its dominant position during the forecast period. The USA is the growth engine of the North American market owing to dependable supply chain, significant capital investment, presence of a large number of end-users, and continuous research and development activities to meet the industry challenges. Asia-Pacific is expected to witness the highest growth owing to significant economic development in the region, rising disposable income of consumers, expanding infrastructure, and government support. Developing economies, such as China and India are the growth engines of the Asia-Pacific market.
Key Players:
Some of the major industrial refrigeration system suppliers are Johnson Controls International plc, The Emerson Electric Company, Ingersoll-Rand plc, GEA Group AG, The Danfoss Group, Daikin Industries, Ltd., Bitzer SE, United Technologies Corporation, Mayekawa Mfg. Co. Ltd., Lu-Ve Group, Lennox International Inc., Evapco, Inc., and Baltimore Aircoil Company, Inc.
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