LOS ANGELES, May 21, 2021 (GLOBE NEWSWIRE) -- The Global Industrial Refrigeration Systems Market is expected to grow at a CAGR of around 4.5% from 2020 to 2027 and reach the market value of over US$ 25.5 Bn by 2027.
North America holds the dominant market share for the global industrial refrigeration systems market
North America has historically dominated global industrial refrigeration systems and is expected to continue this trend in the coming years. This is due to the aggressive and convenient marketing of a variety of frozen food products, such as bowl meals, skillet and oven meal kits, and restaurant-quality pizza. Demand is expected to be driven by food producers over the next seven years.
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The expansion of the food retail sector in Canada is driving up demand for industrial refrigeration. Consumer preferences for packaged food and beverages are increasing market revenue. In response to the shift in consumer behavior, players in the food and beverage industry are investing in R&D, consumer outreach, and plant and equipment expansion.
Asia Pacific to record highest growth rate in the forecast period
Due to rapid growth opportunities in cold-chain storage infrastructure in countries such as India, Japan, and China, Asia Pacific is expected to be the most appealing regional market. For example, India is the world's second-largest producer of vegetables and fruits. It is a difficult task to manage cold storage and refrigeration for such large quantities of fruits and vegetables. Both industry players and the government adopt and initiate a number of initiatives to increase agricultural output and revenues. Such government support for cold chain management systems is expected to drive demand for industrial refrigeration systems in the Asia Pacific region.
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Growth Factors
Such government support for cold chain management systems is expected to drive demand for industrial refrigeration systems in the Asia Pacific region. The e-commerce industry's positive outlook can be attributed to rapid growth in the industrial refrigeration systems market. Major retail players are expanding their presence in the e-commerce sector, providing impetus to the industry. The rising demand for frozen foods and beverages has prompted e-commerce companies to invest in cutting-edge industrial refrigeration systems.
Government initiatives to strengthen cold chain infrastructure are opening up new market opportunities around the world. Stringent regulations and high costs associated with refrigerants used in these systems are among the industry challenges impeding the widespread adoption of industrial refrigeration systems. The market demand for large industrial refrigerators will be hampered by rapidly rising refrigerant prices.
Segmental Outlook
The global industrial refrigeration systems market is segmented based on component, refrigerant, and application. Component is segmented as compressors, condensers, evaporators, controls, and others. By refrigerant, the market is segregated as ammonia, co2, HFC, and others. Based on application, the market is segmented as food & beverage, chemical & petrochemical, pharmaceutical, utility, and others.
Competitive Landscape
The major players involved in the industrial refrigeration systems market involve Danfoss Industries Pvt. Ltd., Johnson Controls International plc, Daikin Industries, Ltd., GEA Group AG, Güntner GmbH & Co. KG, Bitzer SE, EVAPCO, Inc., and among others.
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Some of the key observations regarding the industrial refrigeration systems industry include:
- In February 2021, Danfoss Industries Pvt. Ltd., announced signing of MoU with the Indian Institute of Science (IISc), Bangalore, reiterating the company’s commitment towards enhancing industry-academia collaborations, and in a bid to enhance skill and knowledge development among the youth of the nation. The collaboration aims to develop a research and training centre focused on promoting the use of natural or CO2-based refrigerants.
- In December 2020, Daikin Industries, Ltd., announced the acquisition of the air handling business of Ahmadabad-based Citizen Industries, a move which will enhance its product positioning into the commercial air-conditioning market, a top company official said. The move would help Daikin to strengthen its presence in the fast-growing commercial air-conditioning market and expects the segment to increase its contribution up to 35% of its turnover from next year.
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