Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Smart and connected systems integrate advanced technologies such as the Internet of Things (IoT), data analytics, and automation to optimize industrial refrigeration equipment's efficiency, performance, and management. Smart systems enable real-time monitoring and control of refrigeration equipment from any location. This capability allows operators and technicians to remotely monitor parameters such as temperature, pressure, and energy consumption. It facilitates quick detection of anomalies and enables proactive maintenance, reducing downtime and improving system reliability.
The Industrial Refrigeration Equipment Market in terms of revenue was estimated to be worth $19.1 billion in 2022 and is poised to reach $36.8 billion by 2030, growing at a CAGR of 8.5% from 2022 to 2030 according to a new report published by The Insight Partners.
The increasing demand for cold chain infrastructure, growing inclination towards eco-friendly refrigerant-based refrigeration systems, and growing pharma industry are the major factors that propel the global market growth.
Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00030033/
Global Industrial Refrigeration Equipment Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 19.1 Billion in 2022 |
| Market Size Value by | USD 36.8 Billion by 2030 |
| Growth Rate | CAGR of 8.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments Covered | Type, Refrigerant Type, and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country Scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report Coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Smart and Connected Refrigeration Systems to Fuel Industrial Refrigeration Equipment Market Growth During Forecast Period:
Connected refrigeration systems collect a huge volume of data that can be analyzed to collect insights into equipment performance and energy usage. Advanced analytics and machine learning algorithms can predict potential faults and suggest maintenance schedules, preventing expensive breakdowns of the equipment and optimizing maintenance routines. Smart systems optimize the energy consumption of industrial refrigeration equipment by adjusting settings based on real-time demand and external factors, including temperature. This reduces energy costs and minimizes environmental impact. A study by the American Council for an Energy-Efficient Economy (ACEEE) suggested that IoT-driven energy efficiency improvements can lead to energy savings of up to 15% across various industrial sectors. Smart refrigeration systems can be integrated into a wide range of building management systems, allowing for centralized control and coordination of various equipment within a facility. This integration ensures seamless communication between different systems, leading to improved overall operational efficiency. Various companies are providing smart and connected refrigeration systems and solutions, such as Facilio.Inc and Danfoss. Therefore, the launch of smart and connected refrigeration systems is expected to fuel the industrial refrigeration equipment market growth during the forecast period.
Industrial Refrigeration Equipment Market: Industry Overview
The industrial refrigeration equipment market is segmented on the basis of type, refrigerant type, and application, and geography. Based on type, the industrial refrigeration equipment market is segmented into evaporative cooling, mechanical, compression refrigeration systems, absorption, and thermoelectric. By refrigerant type, the industrial refrigeration equipment market is segmented into ammonia–R717; carbon dioxide (CO2)–R744; and hydrocarbons–HCs. Based on application, the market is segmented into district cooling, electricity production, chemical and petrochemical, pharmaceutical, food and beverages, data centers, and others. By geography, the industrial refrigeration equipment market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In 2022, Asia Pacific led the global industrial refrigeration equipment market with a substantial revenue share, followed by North America and Europe. The industrial refrigeration equipment market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. In the region, various manufacturers of the industrial refrigeration system are expanding their presence. For instance, in September 2019, Epta S.p.A. announced the acquisition of Sofrico, a market leader in the design, sales, service, and contracting of systems, cabinets, and cold rooms for industrial refrigeration. With this acquisition, Epta S.p.A. is further expanding its operations in Asia Pacific countries, where the company has well-established manufacturing plants, sales offices, service centers, and distribution centers in China, Thailand, Singapore, Malaysia, the Philippines, and Australia. Thus, the rise in such strategic acquisitions by key players contributes to the adoption of industrial refrigeration equipment in the region, contributing to the growth of the industrial refrigeration equipment market.
Order a Copy of the Report https://www.theinsightpartners.com/buy/TIPRE00030033/
Industrial Refrigeration Equipment Market: Competitive Landscape and Key Developments
Samifi France SAS, Johnson Controls International Plc, Jean Paumier et Fils Ets, Danfoss AS, Honeywell International Inc, Copeland LP, Evapco Inc, Mayekawa Australia Pty Ltd, and BITZER Kuhlmaschinenbau GmbH are among the leading market players profiled in the industrial refrigeration equipment market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth.
Industrial Refrigeration Equipment Market - Key Industry Dynamics:
Drivers:
- Increasing Demand for Cold Chain Infrastructure
- Growing Inclination Towards Eco-friendly Refrigerant-based Refrigeration System
- Growing Pharma Industry
Restraints:
- High Initial Investment
- Stricter Regulations Regarding Use of Refrigerants
Opportunities:
- Growing Popularity of CO2 and NH3-based Systems
Future Trends:
- Smart and Connected Refrigeration Systems
Recent Developments:
In April 2022, Honeywell announced that Sinopharm Shanghai Biomedical Co., Ltd.—a subsidiary of China National Pharmaceutical Group Co., Ltd. (Sinopharm)—has adopted Honeywell Solstice N40 (R-448A) refrigerant. The energy-efficient, low global-warming-potential (GWP) solution will be used for cold storage of Sinopharm vaccines used in Shanghai, including the company’s COVID-19 vaccine.
In February 2022, Evapco Inc. acquired Systèmes LMP, Canada, a CO2 refrigeration systems manufacturer. Evapco expects the strategic alliance to support its efforts to meet growing market demand for environmentally sustainable refrigeration systems using natural refrigerants. The acquisition strengthens its chiefly ammonia-based industrial technology offerings through expansion into LMP’s carbon dioxide expertise and product offerings.
Go through further research published by The Insight Partners:
Commercial Refrigeration Market - Global Analysis and Forecast to 2030
Industrial Refrigeration System Market - Global Analysis and Forecast to 2025
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/industrial-refrigeration-equipment-market
