New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global industrial refrigeration market size is projected to expand at ~8.30% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 55.76 billion by the end of 2035, up from a revenue of ~USD 21.42 billion in the year 2022.The growth of the market is set to be dominated by the growing production of electricity. Over the previous 50 years, the amount of electricity consumed worldwide has increased steadily, and in 2022, it will be about 25,499 terawatt hours. Hence, the utilization of industrial refrigeration is also growing.
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The combustion of various fuels is frequently the basis for the production of electricity. Inlet air needs to be in specific conditions in order to achieve a greater efficiency. The excess heat in the incoming air causes its density to drop, which lowers the amount of electricity produced. Therefore, the market demand is growing. Additionally, electric generators and distribution facilities, for instance, produce heat while in use as components of production and distribution networks. The engine block, exhaust system, and other hot engine parts of a portable generator may attain temperatures of up to about 199 to 250 degrees Fahrenheit (close to 92 to 121 degrees Celsius) when it is running normally. Refrigeration systems are required to reduce the need for maintenance.
Surging Food Waste to Boost the Growth of the Global Industrial Refrigeration Market
The large quantity of food gets waste even before reaching to customer. The FAO forecasts that the food that is wasted and lost annually could feed 1.26 billion people who are hungry. In the food and beverage sector, maintaining the cold chain is essential for protecting products and preventing potential microbiological contamination. Each product requires certain ideal storage and preservation conditions. One of the most crucial factors to ensure food safety throughout the preparation process is temperature. Refrigeration systems are required to maintain items at low temperatures and extend the acceptable consumption period for products including fish, poultry, meat, dairy, and fruits. To complete the biological and chemical reactions that occur during the process and to maintain the optimal conditions of the product once the process is complete, other types of F&B industries—like a brewery—need multiple refrigeration systems.
Industrial Refrigeration Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Number of Data Centers to Influence the Market Growth in North America
The industrial refrigeration market in North America is anticipated to garner the largest share of about 35% over the coming years. This growth is set to be dominated by a growing number of data centers. There are more than 2,499 data centers in the US. Clusters of servers needed to process and disseminate data are kept in data centers. The servers naturally generate heat when they are operating, and if the heat is not dissipated, the temperature will increase. Unfortunately, this might have a negative impact on how well the servers work. Therefore, the market demand is increasing.
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Growing Urban Population to Evaluate the Market Expansion in Asia Pacific
The market in Asia Pacific for industrial refrigeration is estimated to hold the significant share of about 24% over the coming years. The major factor for its expansion is growing urban population. Asia is inhabited for more than 2.2 billion people, or 54% of the world's metropolitan population. In Asia, an additional 1.2 billion people will live in urban areas by 2050, a growth of 50%. As a consequence, the demand for food is growing which is further boosting the market growth in this region.
Industrial Refrigeration, Segmentation by Refrigerant Type
- Ammonia
- Carbon Dioxide
- Hydrofluorocarbon
- Others
The ammonia segment is projected to garner the largest revenue by the end of 2035. The major element to influence the growth of the segment is growing availability of ammonia. About 149 million metric tons of ammonia were projected to be produced globally in 2022. In addition, ammonia uses little energy and costs little to create. As it evaporates, it has a tendency to absorb a significant quantity of heat. A refrigerant must possess that property in order to be useful, and it also allows for thinner and more compact pipes and other components.
Industrial Refrigeration, Segmentation by Application
- Refrigerated Warehouse
- Food & Beverages
- Chemical & Petrochemical
- Pharmaceutical
- Refrigerated Transportation
The food & beverages segment is predicted to hold the largest share of about 34% over the coming years. The growth of the segment is set to be dominated by growing demand for ready to eat food. In 2021, about 4 in 10 adults in the UK consumed chilled ready meals at least once per week, accounting for close to 85% of all adult consumption.
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A few of the well-known industry leaders in industrial refrigeration market that are profiled by Research Nester are Johnson Controls, Emerson Electric Co., GEA Group Aktiengesellschaft, Danfoss A/S, Mayekawa Group of Companies, Daikin Industries, Ltd., BITZER Kuhlmaschinenbau GmbH, EVAPCO Inc., Guntner GmbH & Co. KG, LU-VE S.p.A, and others.
Recent Development in the Industrial Refrigeration Market
- Energy AS is a supplier of high-temperature energy management solutions with a specialization in heat pumps for industrial processes and district heating. The acquisition enables the business to provide fresh, cutting-edge sustainability solutions.
- Emerson Electric Co. has chosen to gift its distinctive and environmentally friendly refrigeration architecture, which was created at its Helix Innovation Centre in Dayton, Ohio, to the market's Gem City. By doing this, consumers will receive food that is both safe and of the highest calibre.
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