Industrial Refrigeration Market to Make Massive Moves in the Market by 2024

Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.

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The global industrial refrigeration market is expected to reach $14,525.7 million by 2024, registering a CAGR of 5.4% from 2018 to 2024. In 2017, Europe dominated the global market, in terms of revenue, accounting about 34.5% share of the global industry, followed by North America. The industrial refrigeration market is projected to witness significant growth in Europe in the coming years, owing to increased demand for industrial refrigeration systems in refrigerated warehouses and cold storage facilities in the food & beverage industry, as the food & beverage sector exhibits an increase in demand, a strong manufacturing base, and rise in supply network in Europe. In addition, industrial refrigeration systems provide controlled temperature, which prevents the spoilage of semi-processed food products, as well as it retains the freshness and taste of processed food products.

Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. The demand for industrial refrigeration systems has increased in the food & beverage processing and storage industries, as these systems prevent spoilage of perishable semi-processed foods & drinks. In addition, these systems provide controlled temperature conditions for food & beverage products to retain their freshness, taste, and prevent microbial contamination. These factors fuel the demand for refrigeration systems in the market. However, high energy cost for operations and maintenance of industrial refrigeration systems restrict the market growth.

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The refrigerated warehouse segment is anticipated to dominate the industrial refrigeration market during the forecast period, owing to rapid expansion of refrigerated warehouses and increase in demand for industrial refrigeration and related equipment across various developing countries such as India, China, Latin America, and the Middle East. Moreover, the fruits & vegetable processing and dairy & ice cream processing segments are expected to witness moderate growth in the industrial refrigeration market during the study period.

Key Findings of the Industrial Refrigeration Market:
• In 2017, the refrigerated warehouse segment dominated the global industrial refrigeration market, in terms of revenue, and is projected to grow at a CAGR of 6.3% during the forecast period
• The ammonia-based refrigerant segment is projected to grow at a CAGR of 4.9% during the forecast period
• Europe is expected to exhibit the highest CAGR during the forecast period. Countries such as UK, Germany, Russia, France, Italy, and others are expected to drive the industrial refrigeration market in the coming years.

The major players, such as Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation, have adopted new product launch and business expansion as their key strategies to expand their market foothold.

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