NEW YORK, June 13, 2019 (GLOBE NEWSWIRE) -- The global industrial refrigeration market is predicted to grow at 6.6% CAGR during the forecast period with the market size reaching USD 41.5 billion by 2024. The market is driven by the factors such as its increasing utilization by the food & beverage industry, chemical and pharmaceutical industries, advancement in energy efficient product and adoption of natural refrigerants.
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Industrial refrigeration system utilizes cooling and refrigeration systems that enables cooling and eradicates heat from a platform of low temperature. These systems are installed at refrigeration plants for several industrial applications such as cold storage, food & beverage processing and others.
Industrial refrigeration systems are extensively being adopted by several industries for cold storage applications, chemical processing and food & beverages industry where materials are required to be maintained under a minimum temperature. These products are extensively in demand for beverage production, HVAC applications, food processing and process cooling.
Explore key industry insights in 120 tables and 70 figures from the 121 pages of report, “Global Industrial Refrigeration market Analysis and Forecast to 2024 - Industry Insights by Type (Industrial Racks (Open Screw, Open Reciprocating), Industrial Heat Exchangers (Brazed Plate, Shell & Tube, Others), Evaporator Units, Industrial Compressors (Open Screw, Open Reciprocating, Others) and Others), by Application (Oil & Gas, Food & Beverage, Chemicals & Pharmaceuticals, and Others), by Geography (U.S., Canada, Mexico, Germany France, U.K., Italy, Spain, Japan, China, India, Australia, South Korea, Brazil, South Africa, Saudi Arabia, U.A.E.)”
The emerging food and beverage sector in developing economies, increasing emphasis of emerging economies for attaining energy competences and increasing adoption of natural refrigerants is driving the growth of global industrial refrigeration market. Furthermore, the manufacturers dealing in industrial refrigeration systems are laying greater emphasis upon the establishment of eco-friendly offerings that enhances the freezing efficiency.
Acceptance of Montreal protocol in emerging economies to boost market growth
Moreover, mounting international pressure for the acceptance of the Montreal protocol in emerging economies is another factor pertaining towards the growth of the industrial refrigeration market. Technological advancements from F gas to adoption of natural gas in this refrigeration system are enabling extensive energy efficiencies. However, the huge initial set up costs of refrigeration systems along with other operating expenses are anticipated to hamper the growth of the global industrial refrigeration market.
The industrial refrigeration market is segmented into industrial racks, evaporator units, industrial heat exchangers, industrial compressors and others. Among all these segments, evaporator units have been contributing the largest revenue throughout the estimated period and will hold the largest share during the forecast period due to increasing demand from food processing industry. Industrial racks are further sub-segmented into open reciprocating and open screw whereas industrial heat exchangers is segmented into brazed plate, shell & tube, coaxial and others. Also, the industrial compressors are sub-categorised into open reciprocating, screw open and others. Moreover, the industrial racks segment is expected to observe the fastest growth at a CAGR of 7.8% during the forecast period.
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On the basis of application, the industrial refrigeration market is segmented into oil & gas, food & beverage, chemicals & pharmaceuticals and others. Among all these segments, the food & beverage segment is expected to contribute the largest revenue and is also expected to witness a CAGR of 5.8% during the forecast period. Increasing demand for processed food owing to urbanization across the globe is leading to the high demand for industrial refrigeration systems across the globe.
Asia-Pacific to remain the largest market for industrial refrigeration
Geographically, Asia-Pacific is the largest industrial refrigeration market and is also anticipated to grow at the fastest CAGR of 7.9% during the forecast period owing to rapid growth opportunities observed from developing cold-chain storage infrastructure. Moreover, increasing infrastructure development activities, rapid urbanization, large consumer base, and demand for processed food are creating huge demand for industrial refrigeration market.
North America is the second largest market and is expected to witness considerable growth during the forecast period. Among all the countries in the region, the U.S. is the largest consumer in industrial refrigeration market due to extensive demand from food & beverage processing sector and refrigerated warehouses. Moreover, increasing installation platform for CO2 cascade storage systems along with excessive adoption and popularity of CO2 based transport storage systems are bolstering the growth of industrial refrigeration in countries such as the U.S., Mexico, and Canada.
Adoption of eco-friendly refrigerants is the key trend witnessed in the market
Owing to stringent regulatory norms, increasing awareness regarding the harmful effects of refrigerants, and co-operation among major countries across the globe has led to the demand for development and adoption of eco-friendly refrigerants. Key players operating in the industrial refrigeration market are Johnson Controls, GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.
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