Industrial Refrigeration Systems Market by Equipment Type (Compressors [Reciprocating, Centrifugal, Screw, Scroll], Condensers [Air-Cooled, Water-Cooled, Evaporative], Evaporators [Bare Tube, Plate, Finned, Shell & Tube], Controls), by Refrigerant Type (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceuticals, Oil & Gas), by Geography (U.S., Canada, Germany, France, U.K., Italy, China, Japan, India, Brazil, Mexico, U.A.E., South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023
NEW YORK, Oct. 18, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, industrial refrigeration systems market is forecasted to attain $33,614.3 Million value by 2023. The market has been witnessing considerable growth, mainly due to factors such as growing food and beverages processing industry and rising cold chain industry, globally.
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Based on equipment type, the industrial refrigeration systems market is categorized into compressors, condensers, evaporators, controls and others (pumps, valves, vessels and auxiliary equipment). The compressor category accounted for highest revenue share in 2017, as compressor is a major part of the initial cost of the equipment. However, the industrial refrigeration controls category is projected to register highest CAGR of 8.3%, during the forecast period, owing to growing significance of controls used for improvement of efficiency and functionality of the whole industrial refrigeration system.
Based on the refrigerant type, the industrial refrigeration systems market is categorized into ammonia, carbon dioxide (CO2), hydrofluorocarbons (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O). The ammonia-based industrial refrigeration units recorded highest market share of about 40.5% in 2017, in terms of volume. Ammonia-based refrigeration units cost 10-20% lesser to build as compared to other refrigeration systems. Also, ammonia as a refrigerant is 3-10% more efficient than fluorocarbon-based refrigerants, resulting in lower operating costs.
Moreover, globally, HFC is being phased out as per the Montreal Protocol, an international treaty designed to protect ozone layer. The rules came into effect in 2007 after being ratified by 196 countries and the European Union.
Browse report overview with 114 tables and 55 figures spread through 162 pages and detailed TOC on "Industrial Refrigeration Systems Market by Equipment Type (Compressors [Reciprocating, Centrifugal, Screw, Scroll], Condensers [Air-Cooled, Water-Cooled, Evaporative], Evaporators [Bare Tube, Plate, Finned, Shell & Tube], Controls), by Refrigerant Type (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceuticals, Oil & Gas), by Geography (U.S., Canada, Germany, France, U.K., Italy, China, Japan, India, Brazil, Mexico, U.A.E., South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/industrial-refrigeration-equipment-market
The market is projected to register fastest growth in APAC, during the forecast period. The strengthening of cold-chain infrastructure in developing countries across the region is one of the major factors pushing the market growth. Subsequently, products such as seafood, meat, vegetables, and ice-cream, all part of perishable foods, accounted for a large share in cold chain revenue, owing to rising urbanization in APAC. Therefore, industrial refrigeration systems market offers an enormous growth opportunity in this region.
Food and beverages processing is one of the largest industries in the world. The processed and ready-to-eat food, and beverages are now consumed in all countries across the world. On an average, the developed countries like the U.S. processes 90% of its produced food. Increasing production and consumption of processed foods in developing countries is propelling the demand for industrial refrigeration systems to keep food products fresh and healthy, which is further supporting the market growth.
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The global industrial refrigeration systems market is highly competitive. The presence of large number of small regional manufacturers of industrial refrigeration systems, who offer customized refrigeration equipment to the industries, leads to high intensity of rivalry.
Some of the major players operating in the global industrial refrigeration systems market include Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss A/S, Industrial Frigo SRL., GEA Group Aktiengesellschaft, BITZER Kühlmaschinenbau GmbH, Star Refrigeration Ltd., Daikin Industries Ltd, Dover Corporation, Hussmann Corporation, Johnson Controls International plc, and Mayekawa Mfg. Co. Ltd.
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