Industrial Refrigeration Market Trends, Growth, Type and Application and Key Players are 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 Danfos

The requirement for prevention of spoilage of semi-processed foods & drinks in the food & beverage processing and storage industries drive the growth in the market. Moreover, the ability to offer controlled temperature for food & beverage products to preserve taste and freshness and prevent microbial contamination supplement the market growth. However, high operational and maintenance costs of industrial refrigeration systems restrain the market growth.

The industrial refrigerators segment secured the highest share of 56.0% in the global market in 2017 and is expected to grow at a CAGR of 4.9% during the forecast period. In terms of application, the refrigerated warehouse segment is expected to contribute the highest market share in the coming years, as rapid expansion and upgrade of cold storage facilities fuel the demand for industrial refrigeration and related equipment in various developing countries such as India, China, Latin America, and the Middle East. There is high demand for ammonia-based refrigeration systems, as these systems prevent the release of ozone depletion substances (ODS) and maximizes the recycling ability of refrigerants. The compressors segment accounted for the highest share of 33.3% in the component market.

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Allied Market Research published a report, titled, “Industrial Refrigeration Market by Offering, Components, Refrigerant Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017–2024.” The research states that the global industrial refrigeration market size would reach $14.52 billion by 2024, from $10.12 billion in 2017, growing at a CAGR of 5.4% from 2018 to 2024. Europe contributed the highest market share in terms of revenue in 2017, contributing to nearly 34.5% share of the global market, followed by North America.

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.

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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.

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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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