Nov 25, 2020   SOURCE: BusinessWire

Global Industrial Refrigeration Systems Market(2020 to 2030) - by Equipment Type, Refrigerant Type and Application - ResearchAndMarkets.com

The "Industrial Refrigeration Systems Market Research Report: By Equipment Type, Refrigerant Type, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The major factors driving the growth of the industrial refrigeration systems market are the expansion of the food and beverage processing sector in emerging economies, the advance of the cold chain industry, and the rise in the demand for refrigeration solutions among pharmaceutical and chemical companies. As a result of all these factors, the industry is expected to grow from $26.8 billion in 2019 to $41.1 billion in 2030, witnessing a CAGR of 5.0% between 2020 and 2030 (forecast period).

Condensers, controls, evaporators, and compressors are the various categories under the equipment type segment. Among these, the compressor category led the industrial refrigeration systems market during the historical period (2014-2019). Being the component that actually provides the cooling, compressors account for anywhere between 25% and 35% of the cost of a complete refrigeration unit designed for industries. In the coming years, the controls category would grow the fastest, as the demand for energy efficiency and operational cost savings is driving the installation of control systems.

The divisions under the refrigerant type segment of the industrial refrigeration systems market are hydrofluorocarbon (HFC), ammonia (NH3), and carbon dioxide (CO2). During the forecast period, the highest CAGR is projected to be witnessed by the CO2 category, as the gas is non-flammable, as well as less toxic. Termed as a natural refrigerant, the gas causes extremely little harm to the environment, if it is accidentally released from the refrigeration system.

The adoption of eco-friendly refrigerants, such as CO2, is one of the key trends in the market presently. Owing to the high rate of ozone depletion, several laws have been implemented around the world to replace conventional refrigerants with natural and environment-friendly variants. For instance, the F-Gas Regulation of the European Union, which came into force in 2015, seeks to do away with the use of high-global-warming-potential (GWP) gases as refrigerants.

The growth of the food and beverage processing industry in emerging economies is a significant reason for the industrial refrigeration systems market growth. With the increasing demand for processed and ready-to-eat products, food processing firms are seeing brisk business in developing countries. For instance, the food and beverage processing industry of India, which is the fifth-largest in the world, is receiving government support under the Make in India initiative. Under its 11th and 12th five-year plans, the central government has sanctioned the development of 40 mega food parks.

Another reason the market for industrial refrigeration systems is expanding is the increasing demand for such systems in the pharmaceutical and chemical sectors. Refrigeration is quite important in the pharma, refining, and petrochemical sectors, as the products here need to be stored at specific temperatures to prevent spoilage. For instance, biologics, drugs, and certain medical devices need to be stored at low temperatures. With the increasing prevalence of various diseases, the demand for drugs is rising, thereby driving the demand for refrigeration solutions in the pharma industry.

During the historical period, Asia-Pacific (APAC) was the largest industrial refrigeration system market, and it will also advance the fastest during the forecast period. This is attributed to the growth of the cold chain, where refrigeration is everything. For long-distance transportation of medical, chemical, and agricultural goods, it is imperative they remain refrigerated. The Indian government announced plans to execute 27 new integrated cold chain projects, worth $67.1 million (INR 743 crore), in September 2020.

Market Dynamics

Trends

  • Adoption of Environment-Friendly Refrigerants
  • Rising Concerns Toward Health and Safety
  • Increasing Use of Screw Compressors

Drivers

  • Growing Food and Beverages Processing Industry in Developing Countries
  • Surge in Global Cold Chain Market
  • Increasing Use of Refrigeration in Chemical and Pharmaceutical Industries
  • Impact Analysis of Drivers on Market Forecast

Restraints

  • Fragmented Supply Chain of Food and Beverage Processing Industry
  • High Energy Consumption and Maintenance Cost
  • Impact Analysis of Restraints on Market Forecast

Opportunities

  • Growing Popularity for Carbon Dioxide/Ammonia Cascade Refrigeration Systems

Companies Mentioned

  • Bitzer Kuhlmaschinenbau GmbH
  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Danfoss A/S
  • Dover Corporation
  • Emerson Electric Co.
  • Gea Group Aktiengesellschaft
  • Hussmann Corporation
  • Industrial Frigo Srl.
  • Johnson Controls International plc
  • Mayekawa Mfg. Co. Ltd.
  • Midea Group Co. Ltd.
  • Star Refrigeration Ltd.
  • Trane Technologies plc

For more information about this report visit https://www.researchandmarkets.com/r/yj9d9c