Industrial Refrigeration Systems Market Size Is Estimated to Reach $22.65 Billion by 2028 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.

The global industrial refrigeration systems market size is estimated to reach USD 22.65 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.

Rising concerns around global warming have shifted the focus of industrial refrigeration system manufacturers and users from the thermodynamic properties of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Major industrial refrigeration systems players are focused on designing environment-friendly refrigeration systems owing to various benefits they offer, such as cost-effectiveness, lower power consumption, and low toxicity. For instance, in October 2019, EVAPCO, Inc., a prominent industrial refrigeration systems manufacturer, expanded its product line of low-charge packaged ammonia chiller systems by adding the Large-Single (LS) and Large Dual (LD) models. The products feature a Small-Single (SS) capacity of 250 Tons of Refrigeration (TR) at a supply glycol of 22°F.

The rising concerns regarding the use of refrigerants with a high global warming potential are expected to encourage developments in alternative industrial refrigeration systems. Magnetic refrigeration is another emerging technology that does not use a refrigerant but a heating or cooling liquid, is often water-based and has higher energy efficiency.

The shutdown of manufacturing and transportation facilities and food production units to prevent the spread of Covid-19 has resulted in a decline in the sales of industrial refrigeration systems. However, the increased deployment of cold chains to store and preserve vaccines and refrigerated transportation systems for facilitating its reach in large quantities is anticipated to continue supporting the market growth.

 

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Industrial Refrigeration Systems Market Report Highlights

The food and beverage segment accounted for the highest revenue share of over 55.0% of the overall market in 2020. The segment growth can be attributed to the rising disposable income and increased demand for packaged and processed food by consumers
The compressors segment is anticipated to witness the highest CAGR of around 5.0% over the forecast period. The growth can be attributed to the availability of natural refrigerants, which help compressors in increasing the cooling capacity and reduce the contribution to global warming
The Asia Pacific market is expected to witness the fastest growth, accounting for a CAGR of over 5.0% from 2021 to 2028. The rising adoption of cold chain infrastructure is expected to drive market growth in the region

 

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Industrial Refrigeration Systems Market Segmentation

Grand View Research has segmented the global industrial refrigeration systems market based on component, capacity, application, and region:

Industrial Refrigeration Systems Component Outlook (Revenue, USD Billion, 2018 – 2028)

Compressors
Rotary Screw Compressors
Centrifugal Compressors
Reciprocating Compressors
Other Compressors
Condensers
Evaporators
Controls
Others

 

Industrial Refrigeration Systems Capacity Outlook (Revenue, USD Billion, 2018 – 2028)

Less than 100 kW
100-500 kW
500kW-1,000kW
1,000kW-5,000kW
More than 5,000 kW

 

Industrial Refrigeration Systems Application Outlook (Revenue, USD Billion, 2018 – 2028)

Refrigerated Warehouse
Food & Beverage
Chemical, Petrochemical, & Pharmaceutical
Refrigerated Transportation

 

Industrial Refrigeration Systems Regional Outlook (Revenue, USD Billion, 2018 – 2028)

North America
U.S
Canada
Europe
Germany
U.K.
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa

 

List of Key Players in the Industrial Refrigeration Systems Market

Johnson Controls
Emerson Electric Co.
Danfoss
GEA Group Aktiengesellschaft
MAYEKAWA MFG. CO., LTD.
BITZER Kühlmaschinenbau GmbH
DAIKIN INDUSTRIES, Ltd.
EVAPCO, Inc.
Güntner GmbH & Co. KG
LU-VE S.p.A.

 

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Browse More Related Report:

Commercial Refrigeration Equipment Market Size, Share & Trends Analysis Report By Product, By Application, By System Type (Self-contained, Remotely Operated), By Capacity, By Region, And Segment Forecasts, 2021 – 2028

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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