Market Growth Insight

Industrial Refrigeration Market Manufacturers, Industry Size, Challenges, Drivers, Countries, and Technology Forecast to 2024

The report aims at providing detailed information regarding the major factors driving the industrial refrigerant market along with strategic and detailed analysis of individual components such as ongoing trends, future anticipation, regional surveys, and forecast for the years 2017–2024 and leading competitors in the industry.


New York, NY -- (SBWIRE) -- 01/31/2020 -- The global refrigeration market is anticipated to reach an estimated 14,525.69 million USD in the year 2024 from a market value of 10,127.57 million USD in the year 2017, growing at a CAGR of 5.4% in the forecast years of 2018 to 2024. Industrial Refrigeration adheres to a process of cooling a space, system or a region and maintaining the temperature below the circulating temperature at all times. In other words industrial refrigeration is touted as artificial cooling with a broad foothold in livestock, agriculture, food and pharmaceutical industry.

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The key players profiled in this report are Daikin Industries, Ltd., Emerson Electric Co.,
Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group,
Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation.

Industrial refrigeration Market Dynamics:
Drivers and restraints:
Food and beverage processing are one of the largest industries in the world and as the production of the latter increases, industrial refrigeration will be vital in the need of transporting the following goods. The growth of industrial refrigeration can also be highly attributed to the growth in fast moving consumer goods (FMCG) industry as well as increasing use of packaged and processed food and beverages. With the arrival of IoT based refrigeration solutions with advanced monitoring capabilities and the rising trend of upgrading cold storages across various unfolding economies is anticipated to further drive the growth of the industrial refrigeration market.

The chemical and pharmaceutical industry had an estimated market share of 23% in the year 2017. Growing application of industrial refrigeration can be attributed to increasing demand for machineries utilized for condensation of gases, dehumidification of gases and preservation of compounds, across diverse industries. However, high cost of fuel, higher energy consumption and required capital for the maintenance may hinder the growth to a certain extent.

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Trends and opportunities:
In 2015, the European Union (EU) restricted the use of certain kinds of F-gases owing to increased Global Warming Potential (GWP). Hence, the developing countries such as Europe and North America adopted the use of Ammonia as a standard refrigerant. A rising trend of environmentally friendly refrigerants was observed which included carbon-dioxide, hydrocarbons and water. Another noteworthy trend was the increased use of screw compressors due to their inability to be affected by discharge at a higher temperature. Lesser maintenance and more reliability pushed the use of screw compressors instead of reciprocating compressors furthermore.

The growth in demand for industrial refrigeration systems in the FMCG industry majorly drives the growth of the market, owing to the increased use of packaged & processed food & beverages in the developing countries and preventing spoilage of semi-processed foods and drinks. Furthermore, increase in trend of upgrading cold storage infrastructures across emerging economies drives the growth of the market. However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of the industrial refrigeration market.

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Rise in use of ammonia based refrigeration solutions gave rise to other natural refrigeration based solutions. With the ongoing trend gave rise to Carbon dioxide being used in tandem with ammonia as refrigerants. Advantages of using a carbon dioxide system is the availability of positive pressure systems which eliminates the need of an air-purging systems, which were found on ammonia based systems as they ran under vacuum pressure. The combined advantages paved the way for ammonia and carbon dioxide refrigerated solutions as a mainstream refrigerated solutions.

Industrial Refrigeration Market Competitive Landscape:
Company profiles and analysis of the leading profiles in the industrial refrigeration market such as Daikin Industries Ltd, Emerson Electric Co, Evapco Inc, GEA Group AG, Johnson Controls Inc, Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg Co LTtd, The Danfoss Group and United Technologies Corporation are included in the report. In the year 2018, GEA Group AG launched screw compressors which will facilitate the requirement of chemical and petrochemical needs.

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Reports holds answers to these questions!
Where does the focus on the key components of the Industrial Refrigeration market lies?
Which regions would have the highest sales?
What is the value of the entire market size and development plans regarding the products in the future?
What is the strategy behind identifying the top grossing vendors in the industrial refrigeration market and map out the growth strategies employed by them?
What are the identified recurring market trends that map out the key target consumers for the industrial refrigeration market?

Table of Content:

2.1. Market definition and scope
2.2. Key findings
2.3. Market Dynamics
2.3.1. Drivers and restraints
2.3.2. Trends and opportunities

3.1. Industrial Refrigeration
3.2. Components

4.1. Compressors
4.2. Condensers
4.3. Evaporators
4.4. Controls
4.5. Others

5.1. Ammonia
5.2. Carbon Dioxide
5.3. HFC
5.4. Others

6.1. Fruits and vegetables
6.2. Beverages
6.3. Refrigerated Warehouse
6.4. Chemicals and pharmaceuticals
6.5. Dairy and ice cream processing
6.6. Meat, Poultry and fish processing
6.7. Refrigerated transportation
6.8. Others

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7. Chapter : Company Profiles

7.1.1. Daikin Industries, Ltd Company Overview Company Snapshot Operating business segments Product portfolio Business performance Key strategic moves and developments

7.1.2. Emerson Electric Co. Company Overview Company Snapshot Operating business segments Product portfolio Business performance Key strategic moves and developments

7.1.3. Evapco Company Overview Company Snapshot Operating business segments Product portfolio Business performance Key strategic moves and developments Key strategic moves and developments


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