The global industrial refrigeration systems market is expected to reach USD 23.22 Billion by 2022, at a CAGR of 5.24% between 2016 and 2022.
The market is expected to grow substantially owing to factors such as the stringent regulatory standards towards the adoption of environmentally-friendly or natural refrigerants and strengthening of cold-chain infrastructure in developing countries.
The equipment market of industrial refrigeration systems has been segmented into compressors, condensers, evaporators, controls, vessels, pumps, valves, and auxiliary equipment. The compressors market has been further classified into screw and reciprocating compressors. The Condensers market has been segmented into evaporative, and air-cooled and water-cooled. Air-cooled and liquid chillers are different types of evaporators available. Among the overall equipment market of industrial refrigeration systems, the market for controls is expected to grow at a higher rate because of the increasing significance of controls and software in the future, especially in improving the energy efficiency of existing refrigeration systems.
The market for the CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest rate by 2022. Many end users in the food and beverage application are focused on using of CO2 as a preferred refrigerant type, especially as a secondary refrigerant and also in NH3/CO2 cascade systems. Such trend is more prominent among developed countries across North America and Europe region, which is expected to drive the market for CO2 refrigerant type at the highest rate during the forecast period.
In 2015, North America led the industrial refrigeration systems market, followed by Europe and Asia-Pacific. The U.S. held the largest share of the North American industrial refrigeration systems market, owing to the presence of wide end-user base in the U.S., followed by Canada and Mexico.
Some of the major companies in the industrial refrigeration system market include