PUBLISHER: Allied Market Research | PRODUCT CODE: 1344281
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344281
According to a new report published by Allied Market Research, titled, "Industrial Refrigeration Market," The industrial refrigeration market was valued at $24.7 billion in 2022, and is estimated to reach $41.7 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032. Industrial refrigeration encompasses all the systems that are used for maintaining a cold and refrigerated environment in the storage and transportation containers to prevent the spoilage of temperature-sensitive products from industries such as food & beverages, pharmaceuticals, chemicals, and others. In addition, the refrigeration systems such as chillers, heat exchangers, and others are also used for keeping industrial machinery cool while it is being operated.
The growth in demand for industrial refrigeration systems is mainly driven by the growth in the food and beverages industry. The refrigeration system is essential for preventing the spoilage of various food and beverage products such as dairy, desserts, ice cream, meat, and other frozen and non-frozen food. Moreover, the rise in the trend of upgrading cold storage infrastructures across emerging economies also drives the growth of the industrial refrigeration market.
Furthermore, the rise in the adoption of energy-efficient and eco-friendly refrigerants is another factor driving the industrial refrigeration market. However, high energy consumption for operation and high investment in the maintenance of industrial refrigeration systems hamper the growth of the industrial refrigeration market. In addition, stringent regulations related to the usage of refrigerants are acting as a restraint to the industrial refrigeration market. On the contrary, the introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for the industrial refrigeration market growth.
Furthermore, due to rising inflation mainly driven by Ukraine-Russia war, the price of oil & gas, as well as the price of raw materials are experiencing increased volatility across the world. This has led to slow-paced growth of the industrial refrigeration market.
The industrial refrigeration market is segmented on the basis of components, refrigerant type, application, type, sales type, and region. Depending upon the component, the market is categorized into compressor, condenser, control, evaporator, and others. On the basis of refrigerant type, it is divided into ammonia, carbon dioxide, hydrofluorocarbons (HFC), hydrochlorofluorocarbons (HCFC), and others. As per application, the market is classified into fresh fruits and vegetables, meat, poultry and fish, dairy and ice cream, beverages, chemicals, pharmaceuticals, petrochemicals, and others. Furthermore, according to type, it is divided into stationary refrigeration and transport refrigeration. Depending on sales type, the market is classified into new sales and aftermarket. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, Singapore, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competitive analysis and profiles of the major players in the industrial refrigeration market are provided in the report. Major companies in the report include Daikin Industries, Ltd., Danfoss A/S, GEA Group AG, Mayekawa Mfg. Co., Ltd., Swegon AB, Dover Corporation, Gordon Brothers Industries Pty. Ltd., EVAPCO, Inc., Munters, Kirby HVAC&R Pty Ltd., LU-VE Group, BITZER Group, Emerson Electric Co., Johnson Controls International plc, Refplus, Trane Technologies plc (Thermo King), ABB Ltd., Baltimore Aircoil Company Inc., CARRIER GLOBAL CORPORATION, Dorin S.p.A., and Rivacold srl.