Pune, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Market Size
The Industrial Refrigeration Market size was valued at USD 21.46 Billion in 2023 and expected to reach USD 33.86 Billion by 2032 with a growing CAGR of 5.2% over the forecast period 2024-2032.
Revolutionizing Industrial Refrigeration Systems with Innovative Cold Storage Solutions
Industrial refrigeration systems are vital across various sectors, including pharmaceuticals and food and beverage. The surge in e-commerce grocery sales is driving demand for efficient cold storage solutions, essential for minimizing spoilage and maintaining product quality. However, developing nations face challenges due to limited budgets and access to advanced technology. To combat these issues, companies are focusing on innovation, such as Emerson Electric’s milestone of 200 billion Copeland compressors, which enhance efficiency and reduce global warming potential. Additionally, eco-friendly technologies like Active Magnetic Regenerative refrigeration and AI-driven solutions are paving the way for a more sustainable industrial refrigeration market.
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Leading Market Players Listed in this Research Report are:
-Daikin Industries
-Emerson Electric
-GEA Group
-Ingersoll Rand
-Carrier
-Danfoss
-Evapco
-Johnson Controls
-LU-VE Group and Mayekawa
-BITZER
-Mitsubishi Heavy Industries
-Panasonic
-Thermo King
-Carlyle Compressors
-Baltimore Air Coil
-Frascold
-Kuhnke
-Sanden
-Toshiba Carrier
Industrial Refrigeration Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 21.46 billion |
| Market Size by 2032 | USD 33.86 billion |
| CAGR | CAGR of 5.2% From 2024 to 2032 |
| Key Drivers | • Navigating environmental laws to promote sustainable refrigeration solutions. • The Role of Industrial Refrigeration in Data Center Efficiency: Impact on Cooling in the Digital Age |
| Key Segments | • By Component (Evaporator, Compressor, Control, Condenser, Other) • By Refrigerant Type (Hydrofluorocarbon (HFC), Ammonia, Carbon Dioxide, Other) • By Capacity (<100>5,000 Kw) • By Application (Fruit And Vegetable, Dairy And Ice Cream, Meat, Poultry, And Fish Processing, Beverage, Petrochemical, Chemical, Pharmaceutical) |
The Growth In The Industrial Refrigeration Market Is Being Fueled By Next-Generation Refrigerants
The industrial refrigeration sector is quickly changing because of new refrigerants like hydrofluoroolefins (HFOs), which have lower global warming potential and are safe to use as they are not toxic and non-flammable. HFOs have stopped more than 200 billion metric tons of greenhouse gas emissions, which is equal to the impact of 42 billion cars, and have also decreased energy usage by as much as 10%. The increase in data center cooling and heat pumps adoption indicates continued expansion, with a projected 5% boost in the HVACR workforce by 2029 underscoring the positive economic and environmental outcomes of this transition.
Ammonia And 500kw-1,000kw Capacity Dominate The Industrial Refrigeration Market
Based on Refrigerant Type, Ammonia leads the industrial refrigeration market, capturing 38% of revenue in 2023 due to its superior cooling capacity and energy efficiency. The global ban on hydrochlorofluorocarbons (HCFCs) has accelerated the shift towards ammonia-compatible systems, driving companies to innovate with enhanced safety features and IoT-enabled monitoring systems that predict maintenance needs. This commitment to sustainability and operational efficiency reinforces ammonia's status as a preferred refrigerant, paving the way for advancements in eco-friendly refrigeration technologies across various industries.
Based on Capacity, The 500kW-1,000kW capacity segment dominates the industrial refrigeration market, holding 36% share in 2023. This range is favored across industries like food and beverage, pharmaceuticals, and chemicals due to its energy efficiency and performance. Technological advancements, such as IoT-enabled systems and variable-speed compressors, drive further growth, emphasizing the sector's vital role in enhancing sustainability and operational efficiency.
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Factors Fueling Growth In The Industrial Refrigeration Market At A Regional Level
North America leads the industrial refrigeration market with a 34% revenue share in 2023, fueled by the rise of e-commerce. This surge demands advanced refrigeration systems for efficient cold chain logistics, prompting investments in IoT-enabled and energy-efficient solutions. As cold storage capabilities expand, innovative products like modular units are emerging to meet the evolving needs of the food distribution sector.
Asia-Pacific ranks as the second fastest-growing region in the industrial refrigeration market in 2023, fueled by significant investments in cold chain facilities in China, India, and Japan. China’s push for enhanced cold storage supports both local and international trade, while India focuses on effective refrigeration for agricultural exports. Japan’s expanding trade in temperature-sensitive goods further drives demand. Innovations like energy-efficient ammonia systems and modular units are emerging to meet the evolving needs of the e-commerce sector.
Recent Development
- May 22, 2024: Isuzu Commercial Truck of America is developing an all-electric NRR EV truck featuring the Thermo King e300 transport refrigeration unit, showcasing innovations in EV powertrains at the Advanced Clean Transportation Expo in Las Vegas this week.
- April 9, 2024: Evapco introduces its Ejet system, combining liquid recirculation performance with direct expansion (DX) design and technology for low-charge ammonia systems, calling it "the best of both worlds."
- In November of 2023, DAIKIN Industries Ltd. launched a new line of transport refrigeration products that are fully electric or plug-in hybrid, with the goal of decreasing emissions from traditional internal combustion engines.
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Key Takeaways
- Acquire a thorough comprehension of present patterns, factors fueling growth, and obstacles in the industrial refrigeration sector.
- Explore new technologies like IoT-enabled systems and environmentally friendly refrigerants to improve efficiency and sustainability.
- Assess the tactics of major competitors, such as introducing new products and positioning in the market, in order to guide strategic decision-making.
- Recognize possible areas for investment, especially in cold chain logistics and refrigeration technologies, to take advantage of market expansion.
Key Points from Table Of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization Analysis by Region
5.2 Feedstock Prices Analysis by Region
5.3 Regulatory Impact: Effects of regulations on production and usage.
5.4 Environmental Metrics Analysis by Region
5.5 Innovation and R&D
6. Competitive Landscape
7. Industrial Refrigeration Market Segmentation, by Component
8. Industrial Refrigeration Market Segmentation, by Refrigerant Type
9. Industrial Refrigeration Market Segmentation, by Refrigerant Type
10. Industrial Refrigeration Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
12.1 Daikin Industries
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.2 Emerson Electric
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.3 GEA Group
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.4 Ingersoll Rand
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.5 Carrier
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
13. Use Cases and Best Practices
14. Conclusion
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