Chicago, June 22, 2022 (GLOBE NEWSWIRE) -- According to a research report by MarketsandMarkets™, the "Industrial Refrigeration System Market by Component (Compressor, Condenser, Evaporator), Application (Fruit & Vegetable Processing, Refrigerated Warehouse), Refrigerant Type, and Region - Global Forecast to 2026", is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021–2026. The growth of the industrial refrigeration system market is driven by factors such as growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies, increasing government support to strengthen cold chain infrastructure in developing countries, and the rising demand for innovative and compact refrigeration systems.
Industrial refrigeration systems play a critical role in removing heat from large-scale processes or products and lowering their temperature or maintaining it at a desired level. These systems are usually deployed in dairy processing plants, cold storage facilities, and food and beverage processing firms to control the growth of harmful bacteria. With increasing government support to strengthen the cold chain infrastructure in developing countries, there are considerable opportunities soon for players operating in the industrial refrigeration system market.
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The controls segment to register higher CAGR during forecast period
The controls segment of the industrial refrigeration system market is estimated to register higher CAGR during forecast period. The use of controls in an industrial refrigeration system ensures increased efficiency, helps automate temperature controls, and makes requirement-based adjustments. Also, control systems can be used to automate defrost cycles at different times, resulting in significant energy savings. Furthermore, companies are heavily investing in R&D activities to enhance the efficiency of industrial systems and reduce operational costs, which is expected to drive the market for controls during the forecast period. Controls are important components of industrial refrigeration systems and play a vital role in ensuring the efficient operation of these systems. Moreover, ongoing growth in online grocery shopping across the world, coupled with continuously expanding application areas of natural refrigerant-based refrigeration systems, is expected to drive the industrial refrigeration system market for controls.
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The ammonia segment to hold the largest market share during forecast period
Ammonia-based refrigeration systems are likely to continue to lead the industrial refrigeration system market during the forecast period. These systems are less expensive as ammonia is readily available at a low cost, thereby reducing maintenance and service costs compared to Freon refrigeration systems. Furthermore, companies focused on manufacturing industrial refrigeration equipment compatible with ammonia as HCFC-based refrigerant manufacture has been stopped from January 1, 2020. Also, ammonia has an ODP and GWP rating of zero, which imply that it is safe for the environment. Additionally, ammonia has a greater cooling capacity than other refrigerants; hence, ammonia-based refrigeration systems are more energy-efficient than those based on other refrigerants. Moreover, the rising trend of low-charge ammonia refrigeration systems will provide growth opportunities for ammonia-based refrigeration systems during the forecast period. Ammonia, an inorganic refrigerant, is widely used in food processing plants, such as dairies, ice cream plants, frozen food production plants, cold storage warehouses, and fish, poultry, and meat processing facilities. It offers advantages such as low cost, high efficiency (low power consumption), and zero OPD and GWP ratings. Also, ammonia is among the oldest of all the refrigerants and the only refrigerant outside the halocarbons group still being used to a great extent.
The chemical, petrochemical, & pharmaceutical to register higher CAGR during the forecast period
The chemical, petrochemical, and pharmaceutical applications of the industrial refrigeration system market are projected to record the highest CAGR during the forecast period. Key factors for the growth of this segment can be attributed to the increasing R&D initiatives pertaining to the manufacturing of new drugs that require industrial refrigeration equipment for storing samples. Additionally, running clinical testing and research to halt the outbreak of the COVID-19 pandemic across North America and APAC are also driving the market growth. Processes in chemicals and petrochemicals industries, particularly handling and processing substances such as oil, gas, and other chemical compounds, are extremely challenging. In chemical applications, highly advanced refrigeration technology is essential to ensure cooling. The pharmaceutical industry relies on refrigerated or temperature-controlled systems to preserve and maintain the integrity of products. Air- and water-cooled chillers are extensively used in the pharmaceutical industry during the manufacturing process to preserve medicines, vaccines, and other biopharmaceutical products. Therefore, increasing demand for industrial cold storage facilities to store medicines and vaccines is driving the market’s growth.
Key players in the industrial refrigeration system market include
- Johnson Controls (Ireland),
- Emerson Electric Co. (US),
- GEA Group Aktiengesellschaft (Germany),
- Danfoss (Denmark),
- Mayekawa (Japan),
- Daikin (Japan),
- Ingersoll Rand (Ireland),
- EVAPCO, Inc. (US),
- Baltimore Aircoil Company (US),
- BITZER (Germany),
- LU-VE Group (Italy),
- MTA S.p.A. (Italy),
- Frascold (Italy),
- HITEMA INTERNATIONAL (Italy),
- Güntner GmbH & Co. KG (Germany),
- Innovative Refrigeration Systems (US).
The North America segment to hold the largest market share during forecast period
North America held the largest share of the global industrial refrigeration system market in 2020. The key factor responsible for the growth of the market is various government initiatives such as providing subsidies and implementation of various policies (such as Significant New Alternatives Policy (SNAP) and American Innovation and Manufacturing (AIM) act) to encourage food processing companies to adopt natural refrigerant-based systems. Also, ongoing growth in online grocery shopping across the region, coupled with continuously expanding application areas of natural refrigerant-based refrigeration systems, is expected to drive the industrial refrigeration system market in North America. Also, the rising demand for frozen and processed food resulted in the growth and development of many food processing facilities and refrigerated warehouses. All these factors are likely to surge the demand for industrial refrigeration systems in the region. The industrial refrigeration system market in North America is exhibiting strong growth. A key factor driving the demand for industrial refrigeration systems in North America is an increase in the number of refrigerated warehouses. Moreover, the Food and Drug Administration (FDA) organization in the US has laid down strict regulations pertaining to the food processing industry, which has pushed food producers to invest in building refrigerated warehouses to maintain the quality of food products.
Magnetic Refrigeration Market by Product ((Refrigeration Systems (Beverage Cooler, Cabinet Display, Refrigerator), Air Conditioning Systems)), Application (Domestic, Commercial, Transportation, and Industrial), and Geography - Global Forecast to 2027
