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(IT-NEWSWIRE.COM, April 16, 2019 ) The industrial refrigeration system market was valued at USD 17.78 billion in 2017 and is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78%. The base year considered for the study is 2017, and the market has been forecast for the period 2018–2024. The report aims at estimating the size and growth potential of the industrial refrigeration system market based on equipment, refrigerant type, industry, and geography. The report also aims at providing detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the industrial refrigeration system market and strategically analyzes micromarkets with respect to individual growth trends, prospects, and contribution to the total market.
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Market for CO2-based refrigeration systems to grow at highest CAGR during forecast period
The market for CO2-based industrial refrigeration systems is expected to grow at the highest CAGR during the forecast period owing to their excellent thermodynamic properties, high energy efficiency, and nonflammable characteristics. Many end users across the food & beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.
Refrigerated warehouse industry held largest share of industrial refrigeration system market in 2017
Industrial refrigeration systems are most widely used in the refrigerated warehouse industry, which is expected to dominate the market in the near future, closely followed by the fruit & vegetable processing industry. This vertical is dominated by big and established players such as AmeriCold Logistics, Lineage Logistics Holdings, and Swire Cold Storage. These market players cater to the needs of refrigerated warehousing or cold storage, and temperature-controlled logistics or refrigerated transportation services for a broad range of verticals, including food commodities and pharmaceuticals. Australia, the US, Canada, China, and certain European countries, such as the Netherlands, France, and the UK, are some of the key countries having a strong global refrigerated warehouse industry. The strengthening of cold chain infrastructure in other developing countries to meet the rising demand for convenience food is expected to be the key market driver.
Browse and in-depth TOC on "industrial refrigeration system market"
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North America held largest market share in 2017
North America held the largest share of the industrial refrigeration system market in 2017, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to strong demand from refrigerated warehouse, and food and beverage processing industries. North America has the presence of key market players that export their refrigeration systems to domestic and international end-user markets. As per the latest information from the US Department of Agriculture, the gross refrigerated storage capacity in the US was 3.6 billion cubic feet on October 1, 2017. California, Washington, Florida, Texas, and Wisconsin are the major contributors (in terms of total refrigerated storage space) in the US. Industrial refrigeration applications in North America are primarily driven by continuously expanding application areas of natural refrigerants, strongly driven by the delisting of high-GWP refrigerants by the US Environmental Protection Agency’s Significant New Alternatives Policy (SNAP) Program, increased stringency in energy efficiency by the US Department of Energy, and technological advancements adhering to the usage of low-GWP refrigeration systems.
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Major players in this market are Johnson Controls, Inc. (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), Mayekawa Mfg. Co. Ltd. (Japan), BITZER Kuhlmaschinenbau GmbH (Germany), Evapco, Inc. (US), Ingersoll Rand Plc (Ireland), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), LU-VE Group (Italy), Lennox International Inc. (US), and Baltimore Aircoil Company (US).
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