Industrial Refrigeration System Market Global Forecast to 2024 by Emerging Global Trends, Product Type, Future Growth, Leading Key Players, Demand Forecast


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Shibuya Data Count

Apr 08, 2021, 07:30 EST


Shibuya-ku, Tokyo, Japan, Japan, Apr 08, 2021, 07:30 /Comserve / -- The global industrial refrigeration system market is expected to grow at a CAGR of 4.78% from 2018 to 2024, to reach USD 24.48 billion by 2024 from USD 18.49 billion in 2018.

Factors such as the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC, are driving the industrial refrigeration system market. However, high initial costs and other operating expenses related to refrigeration systems are expected to hinder market growth.

The report profiles the key players in the industrial refrigeration system market and provides their market share analysis. The prominent players profiled in this report are Johnson Controls (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), The Danfoss Group (Denmark), BITZER Kuhlmaschinenbau GmbH (Germany), Mayekawa Mfg. Co. Ltd. (Japan), Ingersoll Rand Plc (Ireland), Daikin Industries, Ltd. (Japan), Evapco, Inc. (US), Baltimore Aircoil Company (US), Lennox International Inc. (US), and LU-VE Group (Italy).

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

Ammonia-based industrial refrigeration systems held largest market share in 2017
Ammonia refrigerant-based refrigeration systems are currently most widely used across wide industrial applications. Ammonia possesses good thermodynamic properties, high efficiency, and zero ODP and GWP. It is also preferred over other refrigerants owing to its availability and low cost for large industrial operations. Furthermore, ammonia is regarded as a high-pressure and high-capacity refrigerant. However, ammonia is also known to be corrosive and toxic if released in large quantities. It is incompatible with copper, because of which more expensive metals have to be used for making refrigeration system components. There have been a few cases of ammonia leakage leading to fatalities.

Safety concerns are a restraint for the application of this refrigerant. As a result, many key manufacturers in the industrial refrigeration ecosystem are focusing on the use of NH3-CO2 cascade systems. Carnot Refrigeration (Canada) is one of the providers of NH3-CO2 cascade systems for the industrial refrigeration market. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants. These factors are expected to drive the market for CO2-based industrial refrigeration systems at the highest rate during the forecast period.

Market in Asia Pacific to grow at highest CAGR from 2018 to 2024
North America accounted for a major share of the industrial refrigeration system market in 2017. The refrigerated warehouse industry has considerable demand for industrial refrigeration systems across North America. The market in APAC is expected to grow at the highest CAGR during the forecast period. Global market players are experiencing strong demand from countries such as China, India, Japan, and South Korea. Currently, China dominates the industrial refrigeration system industry in APAC on the back of the increasing demand from refrigerated transportation and refrigerated warehouse.

Each year, there is a loss of billions of tons of fresh food products and millions of dollars’ worth export due to the lack of proper cold chain systems in developing markets of China and India. Government initiatives to further strengthen cold chain management systems are expected to be the key driver for the growth of industrial refrigeration systems across these countries.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the industrial refrigeration system marketspace. The breakup of primary participants for the report has been shown below:

  • By Company Type: Tier 1 – 47%, Tier 2 – 35%, and Tier 3 – 18%
  • By Designation: C-level Executives – 30%, Directors – 54%, and Others – 16%
  • By Region: North America – 35%, Europe – 50%, APAC – 10%, and RoW – 5%

Study Coverage

This report categorizes the global industrial refrigeration system market based on equipment, refrigerant type, industry, and region. The report describes key drivers, restraints, challenges, and opportunities pertaining to the industrial refrigeration system market and forecasts the market till 2024.

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

The report would help leaders/new entrants in this market in the following ways:

  • This report segments the industrial refrigeration system market comprehensively and provides the closest market size projection for all subsegments across regions.
  • The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities governing market growth.
  • This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, and strategies such as new product developments, partnerships, and mergers & acquisitions.

TABLE OF CONTENTS

1 INTRODUCTION 15
1.1 STUDY OBJECTIVES 15
1.2 DEFINITION 15
1.3 STUDY SCOPE 16
1.3.1 MARKETS COVERED 16
1.3.2 YEARS CONSIDERED FOR THIS STUDY 16
1.4 CURRENCY 17
1.5 LIMITATIONS 17
1.6 STAKEHOLDERS 17
2 RESEARCH METHODOLOGY 18
2.1 RESEARCH DATA 18
2.1.1 SECONDARY DATA 20
2.1.1.1 Key data from secondary sources 20
2.1.2 PRIMARY DATA 21
2.1.2.1 Key data from primary sources 21
2.1.2.2 Key industry insights 22
2.1.2.3 Breakdown of primaries 22
2.2 MARKET SIZE ESTIMATION 23
2.2.1 BOTTOM-UP APPROACH 23
2.2.2 TOP-DOWN APPROACH 24
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 25
2.4 ASSUMPTIONS FOR RESEARCH STUDY 26
3 EXECUTIVE SUMMARY 27
4 PREMIUM INSIGHTS 32
4.1 LUCRATIVE OPPORTUNITIES FOR INDUSTRIAL REFRIGERATION SYSTEM MARKET GROWTH 32
4.2 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY INDUSTRY 33
4.3 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY INDUSTRY AND REGION 34
4.4 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REGION (2017) 35
4.5 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REFRIGERANT
(2017, 2018, AND 2024) 35

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

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