Press release
Industrial Refrigeration Systems Market Significant Demand by 2025 | Top Companies are Emerson Electric Co., United Technologies Corporation, Johnson Controls Inc., Evapo Inc., Danfoss, Hussmann Corporation, Dover Corporation, Ingersoll-Rand Plc., Carnot
Industrial Refrigeration Systems Market
The Industrial Refrigeration System Market is estimated to reach USD 33.66 Billion by 2025 from USD 20.02 Billion in 2017 growing at a CAGR of 6.8% during the forecast period 2017 to 2025.
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Industrial Refrigeration System Market Overview
The future of market for industrial refrigeration systems is promising, as the OEMs and other research centers are continually innovating new technologies and researching on replacing traditional refrigerants in order to enhance the technicalities of the machinery and to reduce environmental hazards. As a result, technologically enriched sensors systems are being developed and integrated, which is expected to attract the significant number of industries in the coming years.
Due to moderate entry barrier to industry, tier 2 companies are entering the market, also well-established companies operating in the market are coming up with new offerings. Major manufacturers of the industrial refrigeration systems are based out of the US. The North American industrial refrigeration systems market has been segmented into three refrigerant types such as CO2, HFC, and Ammonia (NH3). The market is broken down on the basis of equipment as compressors, condensers, evaporators, and others. The industrial refrigeration systems is widely adopted among various end user industries such as in food processing industry, chemicals & pharmaceutical industry, oil & gas industry and refrigerated logistics industry.
The different regions of the world exhibit growth in the growing sales of the industrial refrigeration system owing to various factors. Replacement of the older industrial refrigeration systems are majorly observed in the saturated markets of North America and Europe. Also, the regulatory bodies in these region have played a crucial role in the growing usage of CO2 or Natural Refrigerants as refrigerants in the entire system. Also, a marked rise in the demand for packaged foods by the consumers in the supply chain have triggered demands for good food storage capabilities. The consumers in many countries across the globe are concerned about the changing lifestyle, consumption convenience, and also health awareness. These factors are catalyzing the demand for packaged foods globally. Packaged foods industry has outperformed in the in recent years, owing to the rapid increase in consumption of savoury and dairy products, confectionery products and others products. Another food product that is catalyzing the demand for packaged food is the meat.
The global industrial refrigeration system market has been segmented by refrigerant type into CO2, Ammonia and HFC. The market has further been segmented by equipment into evaporator, condenser, compressor and others. Further, the industrial refrigeration system market has also been segmented on the basis of application into food processing, chemical & pharmaceuticals, oil & gas, and refrigerated logistics.
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Industrial Refrigeration System Market Key Players
The top companies operating in the field of industrial refrigeration systems include Emerson Electric Co., United Technologies Corporation, Johnson Controls Inc., Evapo, Inc., Danfoss, Hussmann Corporation, Dover Corporation, Ingersoll-Rand Plc., Carnot Refrigeration, and Innovative Refrigeration Systems, Inc. Various other companies are also operating in the market and are coming up with new technologies and offerings which is helping the North America market for industrial refrigeration systems to expand over the years in terms of volume as well as revenue.
Industrial Refrigeration System Market Segmentation
Global Industrial Refrigeration System Market - By Refrigerant Type
CO2
HFC
Ammonia (NH3)
Global Industrial Refrigeration System Market - By Equipment
Compressor
Condenser
Evaporator
Others
Global Industrial Refrigeration System Market - By Application
Food Processing
Chemicals & Pharmaceuticals
Oil & Gas
Refrigerated Logistics
Global Industrial Refrigeration System Market - By Geography
North America
Europe
Asia Pacific (APAC)
Middle East and Africa (MEA)
South America (SAM)
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