Press release
Growing Demand for Frozen Food Boosts Industrial Refrigeration Systems Market to $30.32 Billion by 2028 with a 6.6% CAGR
Industrial Refrigeration Systems Market Report
Industrial Refrigeration Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $30.32 billion In 2028 At A CAGR Of 6.6%.
The industrial refrigeration systems market size has grown strongly in recent years. It will grow from $21.96 billion in 2023 to $23.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to environmental regulations, energy efficiency concerns, globalization of supply chains, market consolidation, changing consumer preferences.
The industrial refrigeration systems market size is expected to see strong growth in the next few years. It will grow to $30.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rising demand for cold storage, adoption of natural refrigerants, renewable energy integration, strategic partnerships and alliances, regulatory emphasis on energy efficiency. Major trends in the forecast period include green refrigerants adoption, energy efficiency, digitalization and iot integration, customization and modularization, regulatory compliance and safety, focus on cold chain logistics.
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Industrial Refrigeration Systems Market Major Segments
The industrial refrigeration systems market covered in this report is segmented -
1) By Component: Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Diaphragm Compressors, Evaporators, Condensers, Controls
2) By Refrigerant: Ammonia, Carbon Dioxide
3) By Application: Refrigerated Warehouse, Refrigerated Transportation, Beverage Processing, Dairy and Ice cream Processing
Key Driver - Surging Demand For Frozen And Processed Food Boosts Growth In The Industrial Refrigeration System Market
Growing demand for frozen and processed food is expected to propel the growth of the industrial refrigeration system market going forward. Frozen food refers to food that has been frozen quickly and is maintained frozen until it is used, whereas processed food refers to a food item that has gone through several mechanical or chemical processes to change or preserve it. Industrial refrigeration systems are used in food processing for cooling large amounts of water used in the process. For instance, according to the American Frozen Food Institute, a US-based national trade association for the frozen food industry, the sales of frozen food in 2021 increased by 1 percent from 2020. Further, according to the Agricultural and Processed Food Products Export Development Authority (APEDA), processed food product exports increased from $11,671 million in the 2020-21 period to $13,261 million in the 2021-22 period. Therefore, the growing demand for frozen and processed food is driving the industrial refrigeration system market.
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Prominent Trend - Environment-Friendly Innovation In The Market
Product innovation is the key trend gaining popularity in the industrial refrigeration system market. Major companies operating in the industrial refrigeration system market are focusing on including new environment-friendly refrigerants for their industrial refrigeration system offerings. For instance, in November 2022, the Chemours Company, a US-based chemical company partnered with Bohn de Mexico, a Mexico-based manufacturer of industrial refrigeration equipment technology and launched low global warming potential (GWP) industrial refrigeration solutions. With its new line of BOHN Ecoflex condensing units, Bohn de Mexico use the non-ozone depleting (ODP) and low global warming potential (GWP) refrigerants OpteonTM XL20 (R-454 C), OpteonTM XL40 (R-454A), and OpteonTM XL10 (R-1234yf). By utilizing the network of authorized distributors that Chemours has established, and which already provides traditional fluids, the partnership between BOHN and Chemours will also guarantee the availability of replacement products at the various locations where the systems will be placed.
Industrial Refrigeration Systems Market Players
Major companies operating in the industrial refrigeration systems market report are Johnson Controls International PLC, GEA Group Aktiengesellschaft, Danfoss A/S, Daikin Industries Ltd., EVAPCO Inc., Bitzer Kuhlmaschinenbau GmbH, LU-VE GROUP, Güntner GmbH & Co. KG., Star Refrigeration Ltd., Emerson Electric Co., Lennox International Inc., Mayekawa Manufacturing Co. Ltd., Dover Corporation, Ingersoll Rand plc, Linde, M&M Systems Inc., MAN Energy Solutions, Mark Refrigeration Equipment Company, MTI Micro-Tech International Inc., Parker Hannifin Corporation, Polycold Systems Inc., Enviro Tech International Inc., Refrigeration Engineering Corporation, Rivacold S.r.l., SCM Frigo Group S.r.l., Sterling Cryogenics BV., Trane Technologies plc, United Technologies Corporation, Vilter Manufacturing Corporation, Vogt Ice Machine Co., Weiss Umwelttechnik GmbH .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the Industrial Refrigeration System in 2023. The regions covered in the industrial refrigeration systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Refrigeration Systems Market Report Structure
3. Industrial Refrigeration Systems Market Trends And Strategies
4. Industrial Refrigeration Systems Market - Macro Economic Scenario
5. Industrial Refrigeration Systems Market Size And Growth
…..
27. Industrial Refrigeration Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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