Industrial Refrigeration System Market By Top Leading Players Carnot Refrigeration, Emerson Electric Co., United Technologies Corporation, Innovative Refrigeration Systems, Inc., Johnson Controls, International Plc., Ingersoll-Rand PLC, Evapco, Inc., GEA

The global industrial refrigeration system market is expected to grow to US$ 33.66 billion by 2025 from US$ 20.02 billion in 2017, growing at a CAGR of 6.8%.

The prominent players operating in the industrial refrigeration system market globally include Carnot Refrigeration, Emerson Electric Co., United Technologies Corporation, Innovative Refrigeration Systems, Inc., Johnson Controls, International Plc., Ingersoll-Rand PLC, Evapco, Inc., GEA Group AG, Hussmann Corporation, and Dover Corporation among others. The importance of refrigerant systems in industries such as food processing and storing, chemicals and pharmaceuticals, oil & gas and transportation industry has gained prominence over the years.

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This has led the manufacturers to continuously innovate and design technologically advanced refrigeration systems which marked a significant influence on the end users. Innovations in the field of refrigerants have witnessed several alternatives and up gradations like HFC to Ammonia and then Ammonia to CO2 and again Ammonia (NH3) and CO2 cascade. These innovations have been positively impacting the industrial refrigeration system market in the last few years.

HFC used to be the most prominent refrigerant, however, owing to the disadvantages like high ODP (Ozone Depletion Potential) and high GWP (Global Warming Potential), highly inflammable characteristics and toxic nature compelled the manufacturers to replace the refrigerant with Ammonia (NH3). The refrigeration system with Ammonia has gained substantial popularity in the market owing to three distinctive advantages such as natural occurrence and thus is an environment-friendly gas, possesses extreme thermodynamic capabilities and require minimum heat transfer areas. The adoptions of ammonia as refrigerants has had a marked impact on the industrial refrigeration system market. The primary refrigerant changes have been influenced by the increasing environmental concerns and thereby regulations laid down by the concerned authorities in the industrial refrigeration system market.

In the current scenario, the players in the industrial refrigeration system market are using carbon dioxide CO2 individually as well as cascading CO2 and NH3 as the refrigerants. The CO2 is easily available and is much cheaper as compared to its counterparts, which helps the manufacturers to reduce the upfront cost of the final product and also increase the operational efficiency of the system. The cascade of CO2 and NH3 possesses much more efficiency in refrigeration, and also saves huge amounts of energy, thereby helping the end user to reduce their operating costs. These trends are being observed among the industrial refrigeration system market players, which is heavily impacting on the growth of the system presently. A new opportunity has been created for other players in the industrial refrigeration system market with the development of such a solution.

The report focuses on an in-depth segmentation of industrial refrigeration system market based on refrigerant type, equipment and application. The geographic segmentation of the industrial refrigeration system market covers major regions including; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The regional market has been further categorized by respective countries. The Ammonia segment in the refrigerant type is anticipated to lead the market and the CO2 as a refrigerant is expected to exhibit exponential growth rate during the forecast period.

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On the basis of equipment, the industrial refrigeration system market has been segmented into compressor, condenser, evaporator, and others. The design of compressor is extremely critical for any manufacturer as it bears the major cost in the entire industrial refrigeration system. Hence, most of the players have laid high emphasis on the compressor designs to reduce their production costs and increase operational efficiencies in the industrial refrigeration system market.

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This release was published on openPR.