According to the market research report "Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the market is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78%, from its estimated market size of USD 18.49 billion in 2018. The growth is driven by the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC.
Market for CO2-based refrigeration systems to grow at highest CAGR during forecast period
The market for CO2-based industrial refrigeration systems is expected to grow at the highest CAGR during the forecast period owing to their excellent thermodynamic properties, high energy efficiency, and nonflammable characteristics. Many end users across the food & beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.
Browsein-depth TOC on"Industrial Refrigeration System Market"
Refrigerated warehouse industry held largest share of industrial refrigeration system market in 2017
Industrial refrigeration systems are most widely used in the refrigerated warehouse industry, which is expected to dominate the market in the near future, closely followed by the fruit & vegetable processing industry. This vertical is dominated by big and established players such as AmeriCold Logistics, Lineage Logistics Holdings, and Swire Cold Storage. These market players cater to the needs of refrigerated warehousing or cold storage, and temperature-controlled logistics or refrigerated transportation services for a broad range of verticals, including food commodities and pharmaceuticals. Australia, the US, Canada, China, and certain European countries, such as the Netherlands, France, and the UK, are some of the key countries having a strong global refrigerated warehouse industry. The strengthening of cold chain infrastructure in other developing countries to meet the rising demand for convenience food is expected to be the key market driver.
North America held largest market share in 2017
North America held the largest share of the industrial refrigeration system market in 2017, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to strong demand from refrigerated warehouse, and food and beverage processing industries. North America has the presence of key market players that export their refrigeration systems to domestic and international end-user markets. As per the latest information from the US Department of Agriculture, the gross refrigerated storage capacity in the US was 3.6 billion cubic feet on October 1, 2017. California, Washington, Florida, Texas, and Wisconsin are the major contributors (in terms of total refrigerated storage space) in the US. Industrial refrigeration applications in North America are primarily driven by continuously expanding application areas of natural refrigerants, strongly driven by the delisting of high-GWP refrigerants by the US Environmental Protection Agency's Significant New Alternatives Policy (SNAP) Program, increased stringency in energy efficiency by the US Department of Energy, and technological advancements adhering to the usage of low-GWP refrigeration systems.
Major players in this market are Johnson Controls, Inc. (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), Mayekawa Mfg. Co. Ltd. (Japan), BITZER Kuhlmaschinenbau GmbH (Germany), Evapco, Inc. (US), Ingersoll Rand Plc (Ireland), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), LU-VE Group (Italy), Lennox International Inc. (US), and Baltimore Aircoil Company (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: email@example.com