Press release
Industrial Refrigeration Equipment Market Outlook, Opportunities, and Strategies 2024-2033: Strategic Perspectives
Industrial Refrigeration Equipment Market
The industrial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $40.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to population growth, expansion of retail and e-commerce, increasing demand for process cooling, cold storage for pharmaceuticals and biotechnology, retrofit and replacement market. Major trends in the forecast period include technological advancements, green refrigerants, iot and smart refrigeration, cold chain optimization, modular and scalable solutions, hybrid refrigeration systems.
Market Overview -
The industrial refrigeration equipment refers to the cold storage equipment that is designed to contain and use refrigerant gas to establish or maintain colder than ambient temperatures in a confined space, used in commercial settings.
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Food And Beverages Industry Growth Drives Expansion Of The Industrial Refrigeration Equipment Market
Growth in food and beverages industry is expected to propel the growth of the industrial refrigeration equipment market going forward. The food and beverages industry refers to all companies involved in processing, packaging, and distributing raw food materials. Industrial refrigeration equipment can be used to pre-cool food products, which slows down their metabolism and increases their usable life. This can result in a significant improvement in shelf life, reducing waste and increasing profitability. For instance, according to the United States Department of Agriculture, a US-based government agency, Food and beverage processing establishments (plants) employed 1.7 million workers in 2021, which is about 15.4% of all US manufacturing employment and just over 1.1% of all US nonfarm employment. Thus, the growth in food and beverages industry will fuel the industrial refrigeration equipment market.
Competitive Landscape -
Major companies operating in the industrial refrigeration equipment market include Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand Inc., Lennox International Inc., Danfoss A/S, GEA Group AG, EVAPCO Inc., BITZER Kühlmaschinenbau GmbH, Mayekawa Mfg. Co. Ltd., Daikin Industries Ltd., Industrial Frigo Srl, Parker Hannifin Corporation, Baltimore Aircoil Company Inc., Guntner GmbH & Co. KG, Star Refrigeration Ltd., Hussmann Corporation, Clauger SA, Rivacold srl, Dorin SPA, Thermal Care Inc., New York Blower Company, Kuhlman Inc., Samifi France SAS, Jean Paumier et Fils Ets, Honeywell International Inc, Zero Zone, KeepRite Refrigeration, Artic Temp Inc., Howe Corporation, Colmac Coil Manufacturing Inc, Frick India Limited, Carrier Commercial Refrigeration, Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Schneider Electric SE
The Rise Of Environmentally-Friendly Refrigerants Fuels Industrial Refrigeration Equipment Market Growth
The trend of adoption of environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming, and have a low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants. For instance, in May 2021, MIRAI INTEX, an Czechia-based engineering company that manufacture ultra-low temperature refrigerators for the pharmaceutical industry launched MIRAI Cold 80 T, which is an eco-friendly ultra-low temperature refrigeration system. MIRAI Cold 80 T uses only air as a refrigerant and does not use oil for lubrication, making it the most environmentally friendly Ultra-Low Temperature (ULT) refrigeration solution. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.
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Key Segments -
The industrial refrigeration equipment market covered in this report is segmented -
1) By Equipment Type: Condenser, Compressor, Evaporator, Controls
2) By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon
3) By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Other End-User Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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