Increasing Application of Refrigeration Systems in Pharmaceuticals and Food & Beverages Industry to Preserve Product Quality Driving Industrial Refrigeration Systems Market Growth: Reports and Data

Increasing use of refrigeration systems in various end-use industries such as chemical and petrochemicals, pharmaceuticals, food & beverages, and electricity, among others, is a key factor expected to drive market revenue growth

NEW YORK, Jan. 5, 2022 /PRNewswire/ -- Reports and Data has published its latest report titled "Industrial Refrigeration System Market, By Component (Compressors, Condensers, Evaporators, Controls, Others), By Refrigerant (Ammonia, Carbon Dioxide (CO₂), Others), By Application, and By Region Forecast to 2028."

According to the latest report by Reports and Data, the global industrial refrigeration systems market size was USD 20.45 billion in 2020 and is expected to reach USD 30.43 billion in 2028 and register a revenue CAGR of 5.1% during the forecast period, 2021-2028.  

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Drivers, Restraints, and Opportunities

Industrial refrigeration systems refer to equipment and accessories that are used to remove heat from large-scale processes or materials and for lowering temperature to a desired degree. Industrial refrigeration plays a crucial part in various sectors such as food & beverages, petrochemicals, and pharmaceuticals, among others. Industrial refrigeration systems are used to maintain ideal conditions to store products and to achieve maximum yield, maintain quality of products, and to avoid product decay. Increasing use of refrigeration systems across various end-use industries and introduction of more individualized systems to meet regulatory requirements are some key factors expected to drive market revenue growth over the forecast period.

Industrial refrigeration systems are vital in several end-use industries including power generation, marine industry, petrochemical oil & gas, and food & beverages, among others. Based on different parameters such as production scale, temperature difference, and others, different methods are used to apply industrial refrigeration. Industrial refrigeration systems include a wide range of processes – from low temperature freezers to high temperature process chilling. Industrial refrigeration systems also play an important part in any processes where low temperatures should be maintained for cold storage. Industrial refrigeration systems comprises four main components including compressor, condenser, expansion valve, and evaporator. Industrial applications have large loads running for long periods of time and these require significantly more resources in order to improve performance. Other units and equipment such as liquid receivers, suction trap, and low pressure receivers are often used with industrial refrigeration systems. Industrial refrigeration systems are essential to smooth operations of some crucial industrials across the globe and this is another key factor expected to contribute to revenue growth of the market going ahead.

Industrial refrigeration systems are often used across various end-use industries, from food processing to construction. Industrial refrigeration systems are used in manufacturing plants where cooling processes are required for testing of extreme conditions such as testing high and low temperatures or low and high humidity levels. In addition, stringent legislative requirements in chemical and pharmaceutical industries have necessitated integration of industrial refrigeration processes and this is expected to further contribute to revenue growth of the market going ahead. However, high costs of set up and installation of industrial refrigeration system is a key factor expected to restrain market growth to a certain extent going ahead.

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COVID-19 Impact Analysis

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines

Compressors Segment Accounted for Largest Revenue Share in 2020:

Compressors segment accounted for largest revenue share in the global market in 2020 and is expected to register significant revenue growth over the forecast period. Compressors are crucial components of refrigeration systems and increasing advancements in invertor compressors with regards to improvements in their efficiency capability and noise-free operation are expected to contribute to revenue growth of this segment going ahead.

 Ammonia Segment to Dominate Other Refrigerant Segments:

Ammonia segment is expected to dominate other refrigerant segments in terms of revenue share over the forecast period, attributable to increasing use of ammonia in industrial refrigeration systems owing to environment friendly attributes and easy availability of ammonia.

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North America to Account for Largest Revenue Share:

North America is expected to account for largest revenue share over the forecast period, attributable to increasing demand for and adoption of industrial refrigeration segments in food and beverages, pharmaceutical, and chemical industries, stringent regulatory framework to reduce negative environmental impact of refrigerants, and robust presence of key market players in the region.

Asia Pacific Market Revenue to Expand Significantly:

Asia Pacific is expected to register robust revenue CAGR over the forecast period, attributable to increasing progress of food & beverages industries, growing trend of online grocery shopping and growth of e-Commerce industry, increasing government initiatives to promote usage of natural refrigerants, and robust development of cold chain facility.

Major Companies in the Market Include:

• GEA Group AG
• Danfoss Inc.
• United Technologies Corporation
• Johnson Controls International PLC
• Insergoll Rand PLC, Daikin Industries Ltd.
• Lennox International Inc.
• Guntner GmbH & Co.KG
• EVACO, Inc.
• BITZER SE

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Market Segmentation:

For this study, Reports and Data has segmented the global industrial refrigeration system market based on component, refrigerant, application, and region: 

Component Outlook (Revenue, USD Billion; 2018-2028)

• Compressors
• Condensers
• Evaporators
• Controls
• Others (Pumps, Valves, Auxiliary Equipment)

Refrigerant Outlook (Revenue, USD Billion; 2018-2028)

• Ammonia
• Carbon Dioxide (CO₂)
• Others (HFCs, HFOs, HCFs, HCFCs)

Application Outlook (Revenue, USD Billion; 2018-2028)

• Refrigerated Warehouse
• Food & Beverage
• Chemical, Petrochemical & Pharmaceutical
• Refrigerated Transportation
• Others

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Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Benelux
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• U.A.E.
• South Africa
• Israel
• Rest of MEA

Some points on how the report benefits stakeholders:

• The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
• Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
• The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
• The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
• Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
• The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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