Asia-Pacific Industrial Refrigeration Systems Market by Equipment Type, by Refrigerant Type, by Application, by Country -Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

New York, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Industrial Refrigeration Systems Market by Equipment Type, by Refrigerant Type, by Application, by Country -Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" - https://www.reportlinker.com/p05731286/?utm_source=GNW

APAC industrial refrigeration systems market forecasted to reach $10,696.1 Million by 2023, the market has been witnessing considerable growth, mainly due to factors such as growing food and beverage processing industry and increasing cold chain market.

Based on equipment type, the APAC industrial refrigeration systems market is categorized into compressors, condensers, evaporators, controls and others (pumps, valves, vessels and auxiliary equipment). The compressor category generated highest market revenue share of over 35% in 2017, as the compressors hold the largest share in the initial cost of the equipment. However, owing to increasing significance of controls in the coming years, which enables improvement of efficiency and functionality of the whole industrial refrigeration system, the controls category is projected to grow fastest, during the forecast period.

Based on the refrigerant type, the APAC industrial refrigeration systems market has been categorized into ammonia, carbon dioxide (CO2), hydrofluorocarbons (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O). The ammonia-based industrial refrigeration units recorded the highest market share of about 40% in 2017. As the region edges closer to phasing out of HFC, owing to its high ozone depletion potential (ODP) and a global warming potential (GWP), several companies are currently considering ammonia as a viable alternative, which is relatively cheaper as well as highly efficient.

The industrial refrigeration systems market in India is projected to record the fastest growth in the APAC region. India is the largest producer of milk, second largest producer of fruits and vegetables, and third largest fish producer globally. Dairy being one of the most intricate and diverse sectors, it requires refrigeration in the production and storage of products such as milk, cheese and butter. Furthermore, the food processing industry is getting considerable government support, for instance, during the 11th and 12th five-year plan, the government of India sanctioned 40 mega food park projects. The growing food processing industry in countries like India would support the market growth in the coming years.

Growing food and beverage processing industry in developing countries such as India and China, is one of the key drivers supporting APAC industrial refrigeration systems market growth. The processed and ready-to-eat food is now being consumed in majority of APAC countries. The food processing rate in developing countries is however quite low. China processes 40% of its food produce. While, India’s food processing industry ranks fifth in the world in terms of exports of processed foods. Moreover, considerable government support with ambitious ‘Make in India’ initiative is further supporting the food processing industry in the country.

Also, cold chain infrastructure garnered a lot of attention owing to the growing meat and pharmaceutical industries. Cold chain is a series of refrigerated storage, production and distribution activities, along with the associated logistics and equipment, to maintain a desired low temperature range. It is used to preserve seafood, agricultural products, frozen food, and pharmaceutical drugs. These products require a low temperature range for transportation and distribution from production to consumer end. The demand for meat, seafood and bio-pharmaceuticals are supporting growth of cold chain industry, which in turn is boosting the demand for industrial refrigeration systems in APAC.

There has been a surging demand for CO2/ammonia cascade refrigeration, as this system avoids the weaknesses of each refrigerant and make use of their strengths. One of the advantages of the cascade system is that in a facility with heavy freezer load requirements, CO2 has better efficiency than ammonia. Another advantage of this system is that all portions of the system are under positive pressure, which negates the need for an air purging sub-system found on ammonia installations with freezers and refrigeration pressures that run under vacuum pressure. The rising demand for cascade system is expected to pose lucrative opportunity for market players.

The APAC industrial refrigeration systems market is highly competitive. The market is consolidated with top five companies accounting for over 60% of the total market in 2017.

Some of the major players in the APAC industrial refrigeration systems market include Johnson Controls International PLC, GEA Group Aktiengesellschaft, Industrial Frigo SRL, Emerson Electric Co., Bitzer Kühlmaschinenbau GmbH, Danfoss A/S, Daikin Industries Ltd, Mayekawa Mfg. Co. Ltd, Dover Corporation, United Technologies Corporation, and Ingersoll-Rand plc.
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