The global Industrial Refrigeration Systems market size is expected to be worth around US$ 26.91 billion by 2028, according to a new report by Vision Research Reports.
The global Industrial Refrigeration Systems market size was valued at US$ 19.56 billion in 2020 and is anticipated to grow at a CAGR of 4.7% during forecast period 2021 to 2028.
Growth Factors
Growing demand for innovative and compact industrial refrigeration equipment and the government initiatives to strengthen cold chain infrastructure is projected to fuel the market growth. Furthermore, the expansion of food retail chains across the globe is likely to spur the demand in the forthcoming years.
Retailers are focusing on developing long-term strategic planning to withstand the increasing intensity of the retail competition and shifts in customer needs. The critical challenge of food processing applications currently is to make sure the freshness of perishable goods by taking into consideration that they have a less adverse impact on the environment. Moreover, the growing production and consumption of processed food in the food processing industry of the developing economies are predominantly driving the market growth.
The market is presently depending on cold storage infrastructure to efficiently and effectively store surplus build-up of food. At the same time, also deliver and store essential medication and pharmaceutical products effectively. In the outbreak of COVID-19 pandemic, increased demand for pharmaceutical and medical products worldwide is projected to boost the overall market growth. Since most pharmaceutical and medical products such as vaccines, blood bags, drugs, and others are enormously temperature-sensitive, they must be preserved in constant temperature places to prevent spoiling. The factors mentioned above are driving the storage refrigeration market growth.
Report Highlights
The compressors product segment led the market and accounted for more than 15.02% revenue share in 2020. On the basis of product, the market is segmented into the compressors, controls, evaporators, condensers, and others. Compressors are mostly used for industrial and commercial refrigeration, and air-conditioning applications such as HVAC, humidifiers, chillers systems, etc. In industrial refrigeration equipment, compressors play an essential role by rising refrigerant vapor pressure in a condenser to ensure appropriate temperature-level for preservation and food storage applications.
Besides, a compressor takes in low-temperature and low-pressure refrigerant from the evaporator and compresses the refrigerant into high-temperature and high-pressure gaseous state. The increasing number of refrigerated warehouses across the world drives the compressor market growth. Several market players are concentrating on cost reduction in the manufacturing of compressors. With the increase in the application industries of industrial refrigeration equipment, market players are developing new compressors to meet the diverse requirements of end-users and explore the untapped market; this, in turn, is further estimated to upsurge the demand for compressors in the forthcoming years.
The food and beverage application segment led the market and accounted for more than 55.02% share of the global revenue in 2020. Based on application, the market can be segmented into the refrigerated warehouse, food and beverage (including fruit and vegetable, meat, poultry, and seafood, and dairy products), chemical, petrochemical, and pharmaceutical, and refrigerated transportation.
The increasing disposable income and growing population have resulted in an augmented demand for frozen and processed food products. This developing demand for convenience products has increased the number of refrigerated warehouses across the globe, with improved capacity in the past few years. Moreover, the growing automation of refrigerated warehouses is further anticipated to enhance the market demand over the projected period.
Ensuring that the seafood, meat, poultry, and dairy products remain fresh and safe for consumption is getting vital not only health-conscious consumers but also for businesses. As a result, the application of the cold chain technology is no longer limited only to getting these products safely from the warehouse to the market. Retaining the quality of these products as well as maintaining cost efficiency and energy efficiency is also getting of paramount importance. These factors are likely to upkeep the increasing use of industrial refrigeration systems in refrigerated warehouse applications over the forecast period. However, the chemical, petrochemical, and pharmaceutical application segment are expected to expand at the highest CAGR of 6.02% from 2020 to 2027.
North America dominated the market and accounted for over 30.02% share of global revenue in 2020. This is due to the aggressive and convenient marketing of frozen food products in the number of varieties, such as bowl meals, skillet and oven meal kits, and restaurant-quality pizza. Food producers are estimated to drive demand over the next seven years. Running clinical testing and research to halt the spread of the outbreak of COVID-19 pandemic across North America is also driving the market growth in the pharmaceutical industry.
Key Players
Danfoss Industries Pvt. Ltd.
Johnson Controls
DAIKIN INDUSTRIES, Ltd.
GEA Group Aktiengesellschaft
Güntner GmbH & Co. KG
BITZER
EVAPCO, Inc.
Market Segmentation
Component Outlook
Compressors
Condensers
Evaporators
Controls
Others
Application Outlook
Refrigerated Warehouse
Food & Beverage (Fruit & Vegetable, Meat, Poultry, & Fish, and Dairy Products)
Chemical, Petrochemical, & Pharmaceutical
Refrigerated Transportation
Regional Outlook
North America
The U.S.
Canada
Europe
Germany
The U.K.
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
The Middle East and Africa
The Industrial Refrigeration Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Industrial Refrigeration Systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Industrial Refrigeration Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Industrial Refrigeration Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Industrial Refrigeration Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Industrial Refrigeration Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Industrial Refrigeration Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Industrial Refrigeration Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Industrial Refrigeration Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Industrial Refrigeration Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Industrial Refrigeration Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Industrial Refrigeration Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Industrial Refrigeration Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Industrial Refrigeration Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Industrial Refrigeration Systems market. These factors have benefited the growth of the global market for Industrial Refrigeration Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Industrial Refrigeration Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Industrial Refrigeration Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers