Industrial Refrigeration Systems Market Size is projected to reach USD 29.07 billion by 2031, growing at a CAGR of 4.4%: Straits Research

According to Straits Research, “The global industrial refrigeration systems market size was valued at USD 19.73 billion in 2022. It is estimated to reach USD 29.07 billion by 2031, growing at a CAGR of 4.4% during the forecast period (2023–2031).”

New York, United States, April 22, 2024 (GLOBE NEWSWIRE) -- Industrial refrigeration refers to equipment and accouterments designed to extract heat from large-scale processes or materials and lower the temperature to a specified level. Three condensers are used in industrial refrigeration: evaporative, water-cooled, and air-cooled. Industrial refrigeration eliminates heat from large-scale processes or materials by lowering the temperature to a predetermined level. Depending on variables such as temperature differential, temperature accuracy, and output volume, various techniques can be utilized for industrial refrigeration.

Frequent users of industrial refrigeration applications include food cold storage facilities, dairy processing facilities, beverage production facilities, ice rinks, and heavier industries. These cooling systems are massive in size. For refrigerators to function, the liquid refrigerant that circulates within them must change into a gas. This chilling is caused by evaporation, which results in the desired outcome. By applying a few drops of alcohol to your epidermis, you can independently verify this procedure. For the refrigerant gas or liquid to travel along the refrigerant circuit, pressure changes must occur in the refrigerant.

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Rising Global Consumption of Processed Food Drives the Global Market

Due to rising disposable incomes, the advent of industrialization, and other demographic shifts, the eating patterns of the global population have changed significantly in recent years. Improvements in food supply chains, economic growth, and the progressive eradication of nutritional shortages have all contributed to substantial changes in eating patterns over the past decade. These factors and the rapidly expanding chilled foods market will increase global demand for commercial refrigeration systems shortly. The demand for cold storage facilities is rising due to a larger working-class population, busier lifestyles, shifting consumer purchasing behaviors, greater availability of various frozen food products across categories, and improved value propositions.

Use of IoT Enabled Refrigeration Solutions for Equipment Monitoring Creates Tremendous Opportunities

The Internet of Things (IoT) is becoming integral to industrial refrigeration, introducing novel features such as enhanced efficiency, real-time monitoring, and maintenance and diagnostics. The IoT-enabled systems enable monitoring of power consumption, internal and external humidity, temperature, and other variables. Determining refrigeration system trends allows users to make informed energy consumption and operation decisions. The emerging trend among end-users to deploy smart devices for improved outcomes and benefits is expected to stimulate the industrial refrigeration market.

Through real-time monitoring, personnel can manage their systems from their smartphones or other smart devices and set alarms when a predetermined temperature is attained, which is vital in an emergency. IoT technology is anticipated to stimulate market demand due to its enhanced efficiency and throughput. With intelligent industrial refrigeration monitoring, for example, systems can operate at full capacity when required and with less energy consumption when less chilling is required, resulting in cost savings.

Regional Analysis

North America is the most significant global Industrial Refrigeration Systems market shareholder and is estimated to exhibit a CAGR of 2.0% over the forecast period. The fact that North America is regarded as one of the most important markets in the world for industrial refrigeration systems may be attributed, in large part, to the contributions made by various types of businesses and industries. These industries deal with food and beverages, pharmaceuticals, chemicals, and cold storage facilities. The strong infrastructure of the region, in addition to its stringent rules concerning food safety and quality, plays a critical role in the large impact that plays in the necessity for industrial refrigeration systems in the region. This is because the robust infrastructure of the region plays a vital role in the substantial influence of the region's requirement for industrial refrigeration systems.

Asia-Pacific is anticipated to exhibit a CAGR of 5.9% over the forecast period. The robust growth of the market for industrial refrigeration systems in the Asia-Pacific area is ascribed to the region's rapid industrialization rate, quick urbanization, and the emergence of the food processing sector. In addition, the rapid rate of urbanization in the region has contributed to expanding the market for industrial refrigeration systems. Countries such as China, India, Japan, and South Korea, as well as the states that comprise Southeast Asia, are significant contributors to the expanding market in this region. South Korea is also one of the states that make up Southeast Asia. Additionally, playing a significant part in this expansion are the countries of Southeast Asia. 

Key Highlights

  • Based on components, the global industrial refrigeration systems market is bifurcated into compressors, condensers, evaporators, controls, etc. The compressors segment dominates the global market and is projected to exhibit a CAGR of 6.7% over the forecast period.
  • Based on capacity, the global industrial refrigeration systems market is segmented into Less than 100 kW, 100-500 kW, 500kW-1000kW, 1000kW-5000kW, and more than 5000 kW. The 1000kW-5000kW segment dominates the global market and is predicted to exhibit a CAGR of 5.1% during the forecast period.
  • Based on application, the global industrial refrigeration systems market is bifurcated into warehouses, food and beverage, chemical petrochemical and pharmaceuticals, and refrigerated transportation. The refrigerated warehouse segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 3.4% over the forecast period.
  • North America is the most significant global Industrial Refrigeration Systems market shareholder and is estimated to exhibit a CAGR of 2.0% over the forecast period.

Competitive Players

The key players in the global industrial refrigeration systems market are Johnson Control, Emerson Electric Co., Dan Foss, DAIKIN Industries Ltd., GEA Group Aktiengesellschaft, MAYEKAWA MFG Co. Ltd.; BITZER; EVAPCO Inc.; Guntner GmbH and Co. KG; and LU-VE S.P.A.

Market News

  • In February 2023, Frigoblock, a leading transport refrigeration manufacturer and a brand of Thermo King, tested and started deliveries of electric multi-temperature vehicles that are energy-efficient and getting prime preference across the industry
  • In September 2022, Ryder acquired San Francisco-based start-up Baton to grow supply chain and transportation solution businesses. This acquisition helped to bring new technologies to the market.

Global Industrial Refrigeration Systems Market: Segmentation

By Component

  • Compressors
  • Condensers
  • Evaporators
  • Controls
  • Others

By Capacity

  • Less than 100 kW
  • 100-500 kW
  • 500kW-1000kW
  • 1000kW-5000kW
  • More than 5000 kW

By Applications

  • Refrigerated Warehouse
  • Food and Beverage
  • Chemical Petrochemical and Pharmaceuticals
  • Refrigerated Transportation

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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About Straits Research Pvt. Ltd.

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