Press release
Industrial Refrigeration Market to Surpass USD 30.14 billion by 2030, Fueled by Eco-Friendly Innovations
Industrial Refrigeration Market
According to the SNS Insider report, the Industrial Refrigeration Market market is set to achieve a substantial valuation of USD 30.14 billion by 2030, showcasing a robust Compound Annual Growth Rate (CAGR) of 5.2% from 2023 to 2030. This growth is attributed to factors such as increased demand for compact and innovative refrigeration systems, government support enhancing cold chain infrastructure in developing countries, and the rising trend towards eco-friendly refrigeration systems driven by stringent regulatory policies.
Industrial refrigeration involves the utilization of cooling systems to transfer heat from low to high temperatures, widely applied in various sectors such as food and beverage processing. This report encompasses a comprehensive analysis of market dynamics, key players, and regional trends. The market is driven by factors like demand for eco-friendly systems, compact refrigeration, and global initiatives for efficient cold chain logistics.
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Key Players Covered in this market report are:
Daikin Industries
Emerson Electric
GEA Group
Ingersoll Rand
Carrier
Danfoss
Evapco
Johnson Controls
LU-VE Group and Mayekawa
Market Analysis:
- The Surge in Eco-Friendly Refrigeration Systems
The industry is witnessing a shift towards environmentally friendly refrigerant-based systems due to stringent regulations. Companies are investing in research to improve system efficiency, reduce operating costs, and comply with these regulations. The demand for modern, compact refrigeration systems is rising globally, particularly in the frozen and processed food sectors. Additionally, the prevalence of cascade refrigeration systems, particularly those based on carbon dioxide and ammonia (CO2/NH3), is on the rise.
Segment Analysis Paragraph:
- Dominance of Controls Component
In the component segment, controls are anticipated to register the highest CAGR during the forecast period. Controls play a pivotal role in enhancing efficiency, offering automatic temperature control, and enabling demand-based adjustments. The investment in research and development to enhance industrial system efficiency further propels the controls market.
- CO2-Based Refrigeration Systems Lead in Refrigerant Type
Carbon dioxide-based refrigeration systems are poised to exhibit a high CAGR, driven by their cost-effectiveness and eco-friendly properties. CO2 cascade refrigeration systems find widespread acceptance due to their lower construction costs and environmentally friendly nature.
- 500kW-1000kW Capacity Segment Dominates
The 500kW-1000kW capacity segment holds a significant revenue share, especially in the food and beverage industry, ensuring appropriate temperatures to prevent spoilage and waste. The 1,000kW-5,000kW segment is expected to grow due to the demand for petrochemical preservation and applications in extreme environments.
- Petrochemical, Chemical, and Pharmaceutical Applications Lead in Usage
The industrial refrigeration market is expected to witness high growth in petrochemical and pharmaceutical applications due to the need for heat removal in various processes. Refrigeration plays a crucial role in maintaining product integrity in these industries.
Industrial Refrigeration Market Segmentation as Follows:
BY TYPE
Transport Refrigeration
Stationary Refrigeration
BY COMPONENT
Evaporator
Compressor
Control
Condenser
Other
BY REFRIGERANT TYPE
Hydroflurocarbon (HFC)
Ammonia
Carbon Dioxide
Other
BY CAPACITY
5,000 kW
BY APPLICATION:
Refrigerated Warehouses
Refrigerated Transportation
Fruit And Vegetable
Dairy And Ice Cream
Meat, Poultry, and Fish Processing
Beverage
Petrochemical
Chemical
Pharmaceutical
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Regional Development:
- APAC Emerges as a Hotspot for Industrial Refrigeration Growth
The Asia-Pacific (APAC) region is projected to experience the fastest growth in the industrial refrigeration market. This growth can be attributed to the burgeoning pharmaceutical industry, government support for cold chain infrastructure, and the increasing refrigerated storage capacity in countries like India, China, and Japan. APAC's commitment to environmental sustainability through programs like the Montreal Protocol further boosts the prospects for natural refrigeration-based systems.
Key Takeaways:
The Industrial Refrigeration Market is poised to surpass USD 30.14 billion by 2030, driven by increasing demand for eco-friendly and efficient refrigeration systems.
Controls, CO2-based refrigeration, 500kW-1000kW capacity, and applications in petrochemical and pharmaceutical industries are the dominant segments.
Asia-Pacific is anticipated to be the fastest-growing market, propelled by the expanding pharmaceutical sector and government initiatives for sustainable refrigeration.
Recent Developments:
- A US component manufacturer introduces an Adiabatic VBankCooler for versatile industrial refrigeration applications, supporting liquid cooling, air-cooled condensation, and CO2 refrigeration.
- In June 21, 2023, Johnson Controls acquires M&M Carnot, a leading provider of natural refrigeration solutions, reinforcing their commitment to sustainability and surpassing environmental regulations.
Table of Content - Analysis of Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Industrial Refrigeration Market Segmentation, By Type
9. Industrial Refrigeration Market Segmentation, By Component
10. Industrial Refrigeration Market Segmentation, By Refrigerant Type
11. Industrial Refrigeration Market Segmentation, By Capacity
12. Industrial Refrigeration Market Segmentation, By Application
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
About Us:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.
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