MARKET SUMMARY

The global industrial refrigeration systems market was valued at USD 20.39 Billion in 2022 and it is predicted to rise at a compound annual growth rate (CAGR) of 4.75 % from 2023 to 2032. The use of packaged, processed foods and beverages along with the requirement to stop spoiling are driving up demand for industrial refrigeration systems on a global scale. Global warming worries have compelled businesses to prioritize natural refrigerants over hazardous coolants. Due to the low cost of production and environmental neutrality of natural refrigerants, the market for real refrigerant-based equipment has recently outgrown itself. The global adoption of upgraded and improved cold chain systems is anticipated to have an impact on the market during the projected period.

When temperature control of the materials is necessary, industrial refrigeration systems is used in a variety of end-use sectors, including the processing of food and beverages, chemical processing, and cold storage applications. Such goods are in high demand for HVAC, beverage production, process cooling, and food processing.

“Increasing Use of Packaged Foods Globally Fuels the Market”

Industrial operations have been impacted by the pandemic's onset as manufacturing hubs have stopped due to lockdowns and quarantines enacted by governments around the world. However, because to the requirement for massive quantities of vaccinations to be preserved globally to combat the pandemic's scope, the market saw a demand for its products. The Centers for Disease Control and Prevention (CDC) in the United States advise using pharmaceutical or freezers or refrigerators that are especially made for storing vaccinations. The recommended storage temperatures for vaccinations were 2°C to 8°C for refrigerators and -50°C to -15°C for freezers. As a result, the market was kept alive by the necessity to store and distribute effective medicines and vaccines.

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SEGMENT OUTLOOK:

The global industrial refrigeration systems market is segmented based on Component, Capacity, Application, and Refrigerant Type

Based on Components, the industrial refrigeration systems market is segmented into compressors, condensers, evaporators, controls, and others. Due to its major characteristics, including pressure building, use control, and financial capability, the compressor industry is anticipated to see the quickest CAGR between 2023 and 2032. Compressors offer a reliable and effective driving power for more streamlined manufacturing operations. Centrifugal, reciprocating, rotatory screws, and other types of compressors can be used to identify them from one another. Reciprocal compressors had a significant impact on the market in terms of revenue share in 2022. Its advantages, including high-pressure ranges of up to 30000 PSI, energy efficiency, and the availability of oil-free and oil-flooded variations, are the key drivers of its expansion.

According to projections, the compressor category will continue to hold the majority of the market share, just as it did in 2022. The compressor market is expanding as a result of factors like industrialization, automation, and a rise in the demand for oil-free compressors in the HVAC sector due to environmental concerns. The evaporators market is predicted to expand significantly over the next several years as a result of the growing demand for more dependable and energy-efficient systems. Evaporators must boost cooling by soaking up extra heat for a refrigerator to operate at its best.

Based on Capacity, the global industrial refrigeration systems is segmented into less than 100 kW, 100-500 kW, 500kW-1,000kW, 1,000kW-5,000kW, and more than 5,000 kW. In 2022, the 500kW-1000kW capacity segment had the largest revenue share across the globe. As it is used to store and process processed and perishable commodities, the cooling capacity is of vital importance in the food and beverage business. In order to extend shelf life and reduce product waste, the dairy industry need this quality. The ideal temperature range to prevent resource loss and food spoiling is 500kW to 1000kW.

Over the course of the projected period, a considerable rate of growth is anticipated for the 1,000kW-5,000kW segment. The need for storing petrochemicals, vaccines, and other products that can spoil in unmanaged conditions is on the rise, which is the cause of this development. High-scale power plants' internal infrastructure has a temperature range of 50 to 100 degrees Celsius. The demand for refrigeration systems with capacities between 1,000kW and 5,000kW is expected to increase in the future since they mitigate the effects of high temperatures on shop floors.

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Based on Application, the food and beverage segment had a sizable portion of the market in 2022, and it is anticipated that it would continue to rule the market during the forecast period. The key element influencing the segment's growth is the increase in demand for packaged and frozen food around the globe. Due to the growing urban population and their need for packaged food, beverages, and frozen food, it is projected that refrigerated transportation and warehouse will outgrow their capacity. The pandemic has also raised awareness about how people live their lives all across the world. As a result, there is a greater demand for drugs and vaccinations, which has led to an increase in the demand for transportation and refrigerated storage facilities.

Over the projected period of 2023 to 2032, the petrochemical, pharmaceutical, and chemical category is anticipated to register significant growth. This growth rate is brought on by an increase in demand for freeze-drying techniques, medical device sterilization, action heat removal, etc. To regulate the temperatures of petrochemicals, agrochemicals, and organic and inorganic compounds, chemical firms use cutting-edge cooling systems. Additionally, the pharmaceutical business relies on refrigeration techniques to store and maintain the composition of raw materials and finished goods like bioengineered drugs and vaccines. These elements are important drivers behind the use of industrial refrigeration systems.

On the basis of Refrigerant Type, the global market is divided into ammonia, CO2, and others. During the anticipated period, ammonia-based refrigeration systems held the largest market share for industrial refrigeration systems. Ammonia-based refrigeration systems are more energy-efficient than those based on other refrigerants because it has a greater cooling capacity than other refrigerants. Additionally, businesses are concentrating on producing ammonia-compatible industrial refrigeration equipment because HCFC-based refrigeration systems will no longer be produced after January 1, 2020.

REGIONAL OUTLOOK:

Based on geography, the industrial refrigeration systems market is segmented into

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

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North America has dominated the global market and this region is anticipated to continue growing steadily during the projection period. The growth of e-commerce is the primary element influencing the market's development. Because buying groceries online has become a part of daily life, e-commerce has changed how consumers behave when making purchases. Additionally, retailers are required to keep perishables at the HACCP-mandated standard temperatures, which raises the demand for suitable refrigerated storage systems. The market is expanding as a result of clinical trials and research focused at containing the COVID-19 pandemic in North America.

The Asia Pacific region is anticipated to experience the greatest growth. It is related to the rise in cold storage infrastructure requirements in China, Japan, and India. The top producer of fruits and vegetables worldwide is China, followed by India. Harvests from China and India are sent to other nations worldwide. To increase cold storage management and enhance refrigeration and refrigerated warehouse management in their different countries, separate governments have undertaken a number of programs.

BY KEY COMPETITORS AND MARKET SHARE ANALYSIS:

As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position. The competition among the players is based on numerous parameters including quality, innovation, product offerings, price, and, corporate reputation.

Recent Developments:

·         Launched in November 2020, the Güntner Cubic VARIO Air Cooler by Güntner GmbH & Co. KG promises to kill over 99% of airborne germs in just a few hours.

·         Daikin Industries, Ltd. stated in November 2018 that it had acquired the Austrian company AHT Group, which makes exhibits for refrigeration and freezing. Daikin Industries Ltd. will be able to provide full coordination of refrigeration and air conditioning products thanks to the buyout, which will enable AHT group's showcases to be included in their line of products based on their refrigeration and air conditioning equipment.

The following are some of the major market players operating across the globe:

·         Johnson Controls

·         Emerson Electric Co.

·         Danfoss

·         GEA Group Aktiengesellschaft

·         MAYEKAWA MFG. CO., LTD.

·         BITZER Kühlmaschinenbau GmbH

·         DAIKIN INDUSTRIES, Ltd.

·         EVAPCO, Inc.

·         Güntner GmbH & Co. KG

·         LU-VE S.p.A.

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SEGMENTS COVERED IN THE REPORT ARE AS FOLLOWS:

This report projects revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2032. For this study, Quintile Insights has segmented the global industrial refrigeration systems market report based on components, capacity, application, and region:

By Components Insights: Revenue in USD Million (2017 - 2032)

·         Compressors

~ Rotary Screw Compressors

~ Centrifugal Compressors

~ Reciprocating Compressors

~ Other Compressors

·         Condensers

·         Evaporators

·         Controls

·         Others

By Capacity Insights: Revenue in USD Million (2017 - 2032)

·         Less Than 100 kW

·         100-500 kW

·         500kW-1,000kW

·         1,000kW-5,000kW

·         More Than 5,000 kW

By Application Insights: Revenue in USD Million (2017 - 2032)

·         Refrigerated Warehouse

·         Food & Beverage

·         Chemical, Petrochemical, & Pharmaceutical

·         Refrigerated Transportation

By Refrigerant Type Insights: Revenue in USD Million (2017 - 2032)

·         Ammonia

·         CO2

·         Others

Regional Insights: Revenue in USD Million (2017 - 2032)

·         North America (U.S., Canada)

·         Europe (U.K., Germany, France, Italy, and Spain)

·         Asia Pacific (Japan, China, India, Australia, South Korea, and Singapore)

·         Latin America (Brazil, Mexico, Argentina, and Colombia)

·         Middle East & Africa (Saudi Arabia, UAE, and South Africa)