Increasing preference for natural refrigerant-based refrigeration systems and rising technological advancement are key factors driving market revenue growth
The global industrial refrigeration system market size is expected to reach USD 30.43 Billion in 2028 and register a CAGR of 5.1% over the forecast period, according to the latest report by Reports and Data. Increasing preference for natural refrigerant-based refrigeration systems and rising number of technological advancements in refrigeration systems are key factors expected to drive market revenue growth over the forecast period. In addition, increasing support of governments of various countries across the globe to strengthen infrastructure of cold storage or refrigerated warehouse facilities is expected to drive market revenue growth.
Increasing preference for natural refrigerant-based refrigeration systems to reduce adverse effects of hydrofluorocarbons on the environment is expected to drive growth of this market. Natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons have the potential to reduce water, gas, and energy consumption. These also have zero or near-zero Ozone Depletion Potential (ODP). This has provided an impetus to shift towards the use of environmentally friendly natural refrigerants. These are considered as one of the most effective ways to reduce greenhouse gas emissions. Eco-friendly refrigerants are also considered to be one of the most cost-effective climate mitigation approaches.
Low-charge ammonia system uses natural and environmental-friendly ammonia refrigerants in low volumes and it is increasingly demanded as an alternative to Hydroflourocarbons (HFCS). Low-charge ammonia technology provides performance improvement, along with reduced ammonia inventory to lower risks in an event of gas leak. This is expected to boost revenue growth of this market in the near future. However, risks associated with improper handling of industrial refrigeration systems is expected to restrain market growth to a certain extent over the forecast period.
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Some Key Highlights From the Report:
- In October 2020, BITZER SE announced in Chillventa eSpecial that it will launch BITZER CKHE7 CO2 compressors for large industrial refrigeration systems by the end of 2021. Bitzer developed the 8 cylinder CO2 compressor CKHEZ with displacement ratios of 69.2 and 99.3 m3/hr. It also has various intelligent functions and high cooling capacity.
- Ammonia segment is expected to account for largest revenue share over the forecast period due to increasing adoption of ammonia-based refrigerant systems because of its low-cost. It can also conserve energy and reduce maintainence & service costs.
- Condensers segment is expected to expand at robust revenue CAGR over the forecast period, due to increasing adoption of high-quality and low-energy-based evaporative compressors for reducing energy consumption and environmental impact.
- Food & beverage segment is expected to expand at a significant revenue CAGR during the forecast period, attributable to increasing demand for processed & packaged foods, expansion of the food processing industry, and rising adoption of industrial refrigeration systems in food processing industry.
- Asia Pacific market is expected to register robust revenue CAGR over the forecast period. Rising adoption of industrial refrigeration systems in fruits & vegetables processing industry, increasing investments to develop cold storage infrastructure, and rising government initiatives to expand cold chain facilities are anticipated to augment market revenue growth in this region.
- Major players profiled in the global market report include GEA Group AG, Danfoss Inc., United Technologies Corporation, Johnson Controls International PLC, Insergoll Rand PLC, Daikin Industries Ltd., Lennox International Inc., Guntner GmbH & Co.KG, EVACO, Inc., and BITZER SE.
For the purpose of this report, Reports and Data has segmented the global industrial refrigeration system market based on component, refrigerant, application, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Others (Pumps, Valves, and Auxiliary Equipment)
Refrigerant Outlook (Revenue, USD Billion; 2018-2028)
- Carbon Dioxide (CO2)
- Others(HFCs, HFOs, HCFs, HCFCs)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Refrigerated Warehouse
- Food & Beverage
- Chemical, Petrochemical & Pharmaceutical
- Refrigerated Transportation
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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