Press release
Emerging Growth Patterns Driving Expansion in the Industrial Refrigeration Systems Market
Industrial Refrigeration Systems Market
Projected Market Size and Growth Trajectory for Industrial Refrigeration Systems
The market for industrial refrigeration systems is anticipated to expand notably, reaching a value of $33.01 billion by 2030. This growth is expected to follow a compound annual growth rate (CAGR) of 6.3%. Several factors contribute to this positive outlook, such as stricter environmental regulations, the broadening of cold chain infrastructure, initiatives aimed at energy efficiency, the integration of smart controls, and increasing demand for high-capacity refrigeration systems. Noteworthy trends that will influence market progress include the adoption of integrated refrigeration systems, growing needs for large-scale cold storage facilities, a transition to ammonia and CO2 refrigerants, enhanced automation in refrigeration operations, and expansion in beverage and dairy processing sectors.
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Leading Companies Dominating the Industrial Refrigeration Systems Market
Several prominent firms currently hold significant positions in the industrial refrigeration systems market. These include Johnson Controls International plc, GEA Group Aktiengesellschaft, Daikin Industries, Ltd., EVAPCO, Inc., Bitzer Kühlmaschinenbau GmbH, LU-VE Group, Güntner GmbH And Co. KG, Star Refrigeration Limited, Emerson Electric Co., Mayekawa Manufacturing Co., Ltd., Dover Corporation, Ingersoll Rand plc, MAN Energy Solutions SE, Mark Refrigeration Equipment Company, MTI Micro-Tech International Inc., Polycold Systems Inc., Enviro Tech International Inc., Refrigeration Engineering Corporation, Rivacold S.r.l., SCM Frigo Group S.r.l., Sterling Cryogenics B.V., Trane Technologies plc, Vilter Manufacturing Corporation, Vogt Ice Machine Company, and Weiss Umwelttechnik GmbH.
Strategic Acquisition Enhancing Johnson Controls' Position
In June 2023, Johnson Controls International, a US-based company known for industrial refrigeration equipment, HVAC units, chillers, and compressors, expanded its portfolio by acquiring M&M Carnot for an undisclosed sum. This acquisition significantly broadened Johnson Controls' offerings by incorporating natural refrigerant systems using CO2 and low-charge ammonia for industrial and commercial refrigeration. With this move, the company is well-positioned to meet rising demand for sustainable refrigeration solutions across cold storage, food processing, and supermarket applications. M&M Carnot is recognized for its expertise in delivering CO2-based refrigeration systems, low-charge ammonia packages, and related services across sectors including cold storage, data centers, ice rinks, and food processing.
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Emerging Innovations and Trends in the Industrial Refrigeration Systems Market
A key trend gaining momentum in the industrial refrigeration industry is the rise of Refrigeration-as-a-Service (RaaS), a model where businesses lease refrigeration equipment and services rather than owning and maintaining them outright. This approach offers operational flexibility and cost savings. For instance, in September 2023, Carrier Corporation, a US provider of intelligent climate and energy solutions, launched its RaaS offering aimed at food retailers of all scales. This solution is designed to enhance efficiency, reliability, cost-effectiveness, and overall business resilience.
Performance-Based Refrigeration Services Gaining Traction
Carrier Corporation's RaaS platform also includes a unique performance guarantee, ensuring that customers receive the refrigeration output needed to keep products fresh and safe. The payment model is usa*ge-based, meaning customers only pay for refrigeration services when actively used. This setup helps reduce energy consumption and boosts efficiency, making it an attractive option for businesses looking to optimize refrigeration costs and performance.
Detailed Segment Breakdown of the Industrial Refrigeration Systems Market
The industrial refrigeration systems market is categorized as follows:
1) By Component: including Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Evaporators, Condensers, and Controls
2) By Refrigerant: focusing on Ammonia and Carbon Dioxide
3) By Application: covering Refrigerated Warehouses, Refrigerated Transportation, Beverage Processing, and Dairy and Ice Cream Processing.
Further sub-segmentation includes:
- Compressors segmented by technology, refrigerant type, and capacity
- Rotary Screw Compressors divided into oil-flooded and dry screw types
- Centrifugal Compressors categorized as radial flow or axial flow
- Reciprocating Compressors classified as open-type, hermetic, or semi-hermetic
- Evaporators split into direct expansion, flooded, and shell-and-tube types
- Condensers differentiated as air-cooled, water-cooled, and evaporative
- Controls ranging from electronic and mechanical to pressure and temperature controllers
This comprehensive segmentation offers valuable insights into the specific technologies and applications driving growth in the industrial refrigeration systems market.
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