Selbyville, Delaware, June 30, 2021 (GLOBE NEWSWIRE) -- According to the cumulative views of experts, worldwide industrial refrigeration systems market size, worth USD 19.55 billion in 2019, is projected to expand at a CAGR of 4.6% during 2020-2027 and reach a valuation of USD 28.02 billion by the end of the stipulated timeframe.
Proceeding further, the research literature factors in the latest and upcoming trends across the key regional markets, namely, North America, Europe, Asia Pacific, and Latin America. Besides, the industry is also studied from the component and application segmentations. Lastly, the study elucidates the competitive landscape of this business sphere through in-depth profiles of leading companies, followed by a top to bottom analysis of the value chain.
Rising purchase of packaged products and growing consumption of perishable food items are fueling industry growth. Moreover, initiatives and heightened investments by governments towards strengthening cold infrastructure are adding considerable traction to the market development. In fact, in 2020, the Indian government approved 27 new integrated cold chain projects, with an investment worth USD 67.1 million.
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Escalating demand for compact and innovative refrigeration units, along with increasing efforts of industry players for equipment testing will positively sway the global industrial refrigeration systems market dynamics.
Apart from the aforementioned factors, increasing establishments of refrigerated warehouses, and widening network of retail stores in emerging economies such as China and India are favoring the business landscape. However, hefty installation costs and high energy consumption are expected to negatively impact the demand for industrial refrigeration systems in the upcoming years.
Geographical landscape summary:
North America, Latin America, Europe, Asia Pacific, and Europe are the key growth avenues for global industrial refrigeration systems industry. Among these, North America currently holds a coveted position in the market, attributable to the high commercialization and widespread availability of frozen food products in broad range of varieties including skillets and bowl meals.
Meanwhile, Asia Pacific industrial refrigeration systems market value is expected to multiply at a robust pace during the forecast period, largely creditable to the untapped opportunities in the development cold-chain infrastructure across several countries like Japan, India, and China.
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Competitive landscape overview:
Prominent players in global industrial refrigeration systems market sphere are Daikin Industries Ltd., Mayekawa Mfg. Co. Ltd., GEA Group AG, Danfoss A/S, Emerson Electric Co., and Johnson Controls International plc among others. These companies are increasingly focusing on R&D and expanding technical prowess to gain a competitive edge in the industry.
Global Industrial Refrigeration Systems Market Component Sub-Segments (Revenue, USD Billion, 2017-2027)
- Condensers
- Compressors
- Controls
- Evaporators
- Others
Global Industrial Refrigeration Systems Market Application Sub-Segments (Revenue, USD Billion, 2017-2027)
- Food & Beverage
- Refrigerated Warehouse
- Refrigerated Transportation
- Chemical, Petrochemical, & Pharmaceutical
Global Industrial Refrigeration Systems Market Geographical Segmentation (Revenue, USD Billion, 2017-2027)
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- Spain
- France
- Italy
- Rest of Europe
Asia Pacific
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
Rest of the World
Global Industrial Refrigeration Systems Market Company Profiles (Revenue, USD Billion, 2017-2027)
- Bitzer SE
- LU-VE S.p.A.
- Güntner Group
- Evapco Inc.
- Daikin Industries Ltd.
- Mayekawa Mfg. Co. Ltd.
- GEA Group AG
- Danfoss A/S
- Emerson Electric Co.
- Johnson Controls International plc
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Industrial Refrigeration Systems Market, by Region, 2018-2027 (USD Billion)
1.2.2. Industrial Refrigeration Systems Market, by Component, 2018-2027 (USD Billion)
1.2.3. Industrial Refrigeration Systems Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Industrial Refrigeration Systems Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Industrial Refrigeration Systems Market Dynamics
3.1. Industrial Refrigeration Systems Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.1.1. Increasing government investments to strengthen cold chain infrastructure
3.1.1.2. Rising demand for compact and innovative refrigeration systems
3.1.2. Market Challenges
3.1.2.1. High installation cost
3.1.2.2. High energy consumption
3.1.3. Market Opportunities
3.1.3.1. Improvements in the cold chain infrastructure
3.1.3.2. Continuously expanding application areas of natural refrigerant- based refrigeration systems
Chapter 4. Global Industrial Refrigeration Systems Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2017-2027)
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Industrial Refrigeration Systems Market, by Component
5.1. Market Snapshot
5.2. Global Industrial Refrigeration Systems Market by Component, Performance - Potential Analysis
5.3. Global Industrial Refrigeration Systems Market Estimates & Forecasts by Component 2017-2027 (USD Billion)
5.4. Industrial Refrigeration Systems Market, Sub Segment Analysis
5.4.1. Compressors
5.4.2. Condensers
5.4.3. Evaporators
5.4.4. Controls
5.4.5. Others
Chapter 6. Global Industrial Refrigeration Systems Market, by Application
6.1. Market Snapshot
6.2. Global Industrial Refrigeration Systems Market by Application, Performance - Potential Analysis
6.3. Global Industrial Refrigeration Systems Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
6.4. Industrial Refrigeration Systems Market, Sub Segment Analysis
6.4.1. Refrigerated Warehouse
6.4.2. Food & Beverage
6.4.3. Chemical, Petrochemical, & Pharmaceutical
6.4.4. Refrigerated Transportation
Chapter 7. Global Industrial Refrigeration Systems Market, Regional Analysis
Related Report:
Industrial Refrigeration System Market, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Global industrial refrigeration systems market size is projected to witness an exponential growth by 2026, driven by rapid industrial development in emerging economies and extensive product application in numerous industrial processes. Ongoing technological innovations and R&D efforts by manufacturers will positively impact the industry trends over the next few years.
Compressor, evaporator, condenser, and controls are among the major components of refrigeration systems used in industrial settings. The demand for evaporators is likely to grow substantially, with the growing need for reliable and energy-efficient systems. Evaporators have the ability to intensify cooling by absorbing excess heat. As a result, they play a central role in ensuring optimum cooling performance of refrigerators.
Evaporator is the component of a refrigerator that performs the actual cooling. The evaporator is placed inside the refrigeration because its function is to absorb heat into the system. It consists of finned tubes which absorb heat from the air blown via a coil by a fan. The tubes and fins are made of metals with high thermal conductivity in order to ensure maximum heat transfer. Manufacturers are constantly focusing on implementing strategies for enhancing process control and energy consumption during evaporation, boosting evaporator performance and efficiency.
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