Dublin, Sept. 09, 2021 (GLOBE NEWSWIRE) -- The "Industrial Refrigeration Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global industrial refrigeration equipment market as it emerges from the COVID-19 shut down.
The global industrial refrigeration equipment market is expected to grow from $37.9 billion in 2020 to $38.84 billion in 2021 at a compound annual growth rate (CAGR) of 2.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $50.37 billion in 2025 at a CAGR of 6.7%.
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Where is the largest and fastest growing market for the industrial refrigeration equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Industrial Refrigeration Equipmen market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider industrial refrigeration equipment market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The industrial refrigeration equipment market section of the report gives context. It compares the industrial refrigeration equipment market with other segments of the industrial refrigeration equipment market by size and growth, historic and forecast.
Major players in the industrial refrigeration equipment market are Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand plc, Lennox International Inc., Danfoss A/S, GEA Group AG, EVAPCO, Inc., BITZER Kuhlmaschinenbau GmbH, and Mayekawa Mfg. Co. Ltd.
The industrial refrigeration equipment market consists of sales of industrial refrigeration equipment by entities (organizations, sole traders and partnerships) that produce industrial refrigeration equipment such as chillers, refrigeration compressors, condensers, cooling towers, and others, which are used in food, distillery, dairy and other industries. Only goods and services traded between entities or sold to end consumers are included.
The trend of adoption of environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming and have low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants. For instance, in 2019, M&M Refrigeration and Carnot Refrigeration entered into a partnership to create eco-friendly refrigeration solutions. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.
The industrial refrigeration equipment market covered in this report is segmented by equipment type into condenser; compressor; evaporator; controls. It is also segmented by end-user industry into food and beverage; refrigerated warehouse; chemical; petrochemical; pharmaceutical; refrigerated transportation; others and by refrigerant type into ammonia; carbon dioxide; hydrofluorocarbon.
In 2020, Gardner Denver Holdings, Inc., a US-based global provider of industrial products such as compressors, blowers, and vacuum pumps, merged with Ingersoll Rand Industrial segment for an undisclosed amount. The newly combined company, named Ingersoll Rand Inc. is expected to be placed as one of the major global players in mission-critical flow creation and industrial technologies. Ingersoll Rand will produce mission-critical flow creation systems that include air compressors, pumps, blowers, Club Car brand of electric vehicles and systems for fluid management, loading and material handling. Ingersoll Rand is a US-based innovative company that provides mission-critical industrial, energy, specialty vehicle and medical products and services.
The growth of the food and beverage processing industry especially in developing countries is expected to drive the industrial refrigeration equipment market. Globally, food and beverage processing is considered to be one of the largest industries. On average, 90% of the produced food is processed in developed countries such as the USA. High demand for processed and convenience meat products was witnessed in the last decade due to the changing and busy lifestyles of consumers. For the last five years, ranked fifth in the world in terms of production, consumption and exports, India's food-processing sector is growing 8% annually. For instance, by 2024, according to a joint study by ASSOCHAM India and Grant Thornton UK, India's food processing sector is estimated to have the potential to attract $33 billion in investments and the total food production in India is estimated to double by 2024. To keep processed food products fresh and healthy, industrial refrigeration systems are required and the increasing consumption of processed foods is propelling the demand for industrial refrigeration systems and further supporting the market growth.
Strict regulations imposed on the use of global warming potential (GWP) refrigerants due to global concerns are expected to restrain the growth of the refrigeration equipment market. Major greenhouse gases that are responsible for environmental concerns such as global warming are chlorofluorocarbon and hydrochlorofluorocarbons. Stringent regulations are being imposed by developing countries to overcome global environmental concerns. For instance, by 2030, according to the Montreal Protocol, full consumption phase-out of refrigerant with higher GWP to promote environmental health, is aimed in non-Article 5 countries. The Montreal Protocol has set limits for the HCFC consumption (or cap) at 10% cap in 2015, 0.5% cap in 2020 and full consumption phase-out in 2030. According to the EU F-Gases Regulation, from January 2020, the use of fluorinated greenhouse gases for servicing and maintaining refrigeration equipment with a charge size of 40 tons of CO2 equivalent [CO2e] or more, which are with global warming potential of 2,500 or more shall be prohibited. Under this, the permission for use of virgin HFCs with a GWP >2,500 for topping up and/or maintaining existing systems over onboard EU flagged ships is prohibited. Thus, strict regulations imposed over the use of GWP refrigerants due to global concerns are acting as a restraint for the market growth.
Key Topics Covered:
1. Executive Summary
2. Industrial Refrigeration Equipment Market Characteristics
3. Industrial Refrigeration Equipment Market Trends and Strategies
4. Impact of COVID-19 on Industrial Refrigeration Equipment
5. Industrial Refrigeration Equipment Market Size and Growth
5.1. Global Industrial Refrigeration Equipment Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Industrial Refrigeration Equipment Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Industrial Refrigeration Equipment Market Segmentation
7. Industrial Refrigeration Equipment Market Regional and Country Analysis
7.1. Global Industrial Refrigeration Equipment Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Industrial Refrigeration Equipment Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
8. Asia-Pacific Industrial Refrigeration Equipment Market
9. China Industrial Refrigeration Equipment Market
10. India Industrial Refrigeration Equipment Market
11. Japan Industrial Refrigeration Equipment Market
12. Australia Industrial Refrigeration Equipment Market
13. Indonesia Industrial Refrigeration Equipment Market
14. South Korea Industrial Refrigeration Equipment Market
15. Western Europe Industrial Refrigeration Equipment Market
16. UK Industrial Refrigeration Equipment Market
17. Germany Industrial Refrigeration Equipment Market
18. France Industrial Refrigeration Equipment Market
19. Eastern Europe Industrial Refrigeration Equipment Market
20. Russia Industrial Refrigeration Equipment Market
21. North America Industrial Refrigeration Equipment Market
22. USA Industrial Refrigeration Equipment Market
23. South America Industrial Refrigeration Equipment Market
24. Brazil Industrial Refrigeration Equipment Market
25. Middle East Industrial Refrigeration Equipment Market
26. Africa Industrial Refrigeration Equipment Market
27. Industrial Refrigeration Equipment Market Competitive Landscape and Company Profiles
27.1. Industrial Refrigeration Equipment Market Competitive Landscape
27.2. Industrial Refrigeration Equipment Market Company Profiles
27.2.1. Johnson Controls Inc.
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Emerson Electric Co.
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. United Technologies Corporation
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Ingersoll-Rand plc
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Lennox International Inc.
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
29. Key Mergers and Acquisitions in the Industrial Refrigeration Equipment Market
29. Industrial Refrigeration Equipment Market Future Outlook and Potential Analysis
30. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/5lg1ok
