The global industrial refrigeration market size was USD 19.60 Billion in 2021 and register a revenue CAGR of 5.3% over the forecast period, according to the latest analysis by Emergen Research. Increasing demand and rise in government investments in cold chain infrastructure and rising demand for industrial refrigeration across various end-use industries, such as FMCG, pharmaceutical, and others, are some of the key factors driving industrial refrigeration market revenue growth.
Rapid growth in the FMCG industry is expected to significantly increase demand for industrial refrigeration in developing countries such as India. Additionally, growth of the e-commerce industry and conducive government policies have further contributed to growing demand for industrial refrigeration. The FMCG market registered a growth rate of 16% in 2021, which is the highest in past nine years, which has led to growing demand for energy-efficient refrigeration systems for preserving FMCG goods as well as cold chains.
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Major companies, such as Danfoss, offer display cases with accurate temperature and operation control and cold rooms for storing high-quality FMCG products. Similarly, increasing demand for cold chain and rise in government investments in cold chain infrastructure are supporting revenue growth of the market to a greater extent. In highly populated countries, such as China, there is a significant demand for food and storage infrastructure, which has led to growing demand for cold storage.
For instance, on 20 January 2021, GLP Group, a Singapore-based company, planned to build 100 cold storage facilities throughout China by the end of 14th Five-Year Plan period. Kangxin (KX) Logistics had opened one of the largest refrigerated warehouses to store food in the People’s Republic of China, which is on a 12,000 square meters’ area.
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The report projects the market is anticipated to grow at a significant rate owing to rapid advancements and technological developments in the sector. The report offers strategic recommendations to businesses and investors to capitalize on the lucrative growth opportunities. The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, R&D advancements, and industrial penetration.
Key players in the market include Emerson Electric Co, Honeywell International Inc., Johnson Controls. Danfoss, Daikin Industries, Ltd., Baltimore Aircoil Company, Mayekawa Mfg. Co., Ltd., EVAPCO, Inc., LU-VE Group, Ingersoll Rand, and Carrier.
Key Highlights from the Report
On 8 April 2022, Daikin Industries, Ltd., a Japan-based company laid the foundation stone for its third USD 120 million air conditioning factory in India in Andhra Pradesh. This factory is expected to start its operation in 2023 and will export air conditioning systems to the Middle East & Africa.
The compressor segment accounted for largest revenue share in 2021 owing to growing demand for energy-efficient compressors used in refrigerators and increasing innovation for developing new compressors with better features. Major manufacturers are working toward developing compressors that can use natural refrigerants such as ammonia.
The drug manufacturing segment revenue is expected to register a rapid growth rate over the forecast period. Increasing incidence of diseases around the world and rapid spread of pandemic COVID 19 have led to increasing demand and production of drugs and vaccines. This requires precise temperature control and cold storage facilities, which can be provided by industrial refrigeration systems
Emergen Research has segmented the global industrial refrigeration market based on component, application, refrigerant type, and region:
Component Outlook (Revenue, USD Billion, 2019–2030)
Application Outlook (Revenue, USD Billion, 2019–2030)
Food & Beverage
Cold Chain Warehouse
Refrigerant Type Outlook (Revenue, USD Billion, 2019–2030)
Regional analysis of the Industrial Refrigeration market includes analysis of the production and consumption ratio, supply and demand dynamics, regional trends and growth drivers, growth prospects, presence of key manufacturers and vendors, and market size and share in key regions such as North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. The report further offers key insights into country wise analysis and major factors driving revenue growth of each regional market.
Detailed Regional Analysis Covers:
Rest of EU
Rest of APAC
Rest of Latin America
Middle East & Africa
Rest of MEA
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Objectives of the Report:
Study of the global Industrial Refrigeration market size by key regions, types, and applications with reference to historical data (2019-2020) and forecast (2022-2030)
Industrial structure analysis of the Industrial Refrigeration market by identification of various sub-segments
Extensive analysis of key market players along with their SWOT analysis
Competitive landscape bench marking
Analysis of Industrial Refrigeration market based on growth trends, futuristic outlook, and contribution to the total growth of the market
Analysis of drivers, constraints, opportunities, challenges, and risks in the global Industrial Refrigeration market
Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances
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