Industrial Refrigeration Market to Reach $28.04 Bn, Globally, by 2027 at 5.5% CAGR

- Rise in consumption of FMCG products and increase in adoption of energy-efficient & eco-friendly refrigerants fuel the growth of the global industrial refrigeration market.

PORTLAND, Ore., April 14, 2021 /PRNewswire/ -- Allied Market Research published a report titled, "Industrial Refrigeration Market by Offering (Industrial Refrigerator and Component), Component (Compressor, Condenser, Evaporator, Control, and Others), Refrigerant Type (Ammonia, Carbon Dioxide, Hydrofluorocarbon (HFC), and Others), Application (Fresh Fruits & Vegetables; Meat, Poultry, & Fish; Dairy & Ice Cream; Beverages; Chemicals; Pharmaceuticals; and Others), and Type (Stationary Refrigeration and Transport Refrigeration): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global industrial refrigeration industry was estimated at $21.40 billion in 2019, and is expected to hit $28.04 billion by 2027, registering a CAGR of 5.5% from 2020 to 2027.

Drivers, restraints, and opportunities-

Rise in consumption of FMCG products, upgrading cold storage infrastructure across emerging economies, and increase in adoption of energy-efficient & eco-friendly refrigerants fuel the growth of the global industrial refrigeration market. On the other hand, high energy costs for operation and maintenance of industrial refrigeration units and stringent regulations related to usage of refrigerants impede the growth to a certain extent. However, use of IoT-enabled refrigeration solutions for equipment monitoring is anticipated to create multiple opportunities in the future.

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Covid-19 scenario-

• During the first phase of the lockdown, the construction and transportation activities were hampered to a significant extent. This, in turn, led to a sharp decline in manufacturing of refrigeration systems, which impacted the global industrial refrigeration market negatively.
• However, government bodies across the world are easing up on the current dictums and the market is anticipated to retrieve soon. 

The industrial refrigerators segment to maintain the lion's share by 2027-

Based on offering, the industrial refrigerators segment contributed to more than half of the global industrial refrigeration market revenue in 2019, and is anticipated to retain its dominance by the end of 2027, owing to its large scale installation in manufacturing plants. The components segment, on the other hand, would register the fastest CAGR of 5.8% during the forecast period, due to the need for regular maintenance and replacement of components in the refrigeration systems.

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The HFCs segment to retain its dominance during the forecast period-

Based on refrigerant, the HFCs segment held the major share in 2019, generating more than half of the global industrial refrigeration market. Its rapid usage in refrigeration systems fuels the segment growth. Simultaneously, the carbon dioxide segment would grow at the fastest CAGR of 6.7% from 2020 to 2027. This is attributed to its increasing demand due to its non-toxic and non-flammable properties.

Asia-Pacific, followed by North America, to dominate in terms of revenue-

Based on geography, Asia-Pacific, followed by North America, garnered the highest share in 2019, holding more than two-fifths of the global industrial refrigeration market, owing to rise in demand for FMCG and ready to eat food products and extensive consumption of pharmaceutical drugs. Simultaneously, the market across LAMEA would showcase the fastest CAGR of 6.4% throughout the forecast period, due to rapid urbanization and industrialization in the countries in this province.

Frontrunners in the industry-

• Emerson Electric Co.
• Carrier
• Evapco, Inc.
• Johnson Controls, Inc.
• Ingersoll Rand Plc
• LU-VE Group
• Daikin Industries, Ltd.
• Mayekawa Mfg. Co. Ltd.
• GEA Group AG
• The Danfoss Group

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