Global Industrial Refrigeration Market Size Study & Forecast, by Component (Compressor, Condenser, Control, Evaporators, Others), by Refrigerant Type (Ammonia, CO2, Others), by Application (Refrigerated Warehouses, Fruit And Vegetable Processing, Beverage Processing, Chemical, Petrochemical, and Pharmaceutical, Dairy And Ice Cream Processing, Meat, Poultry, and Fish Processing, Refrigerated Transportation), and Regional Analysis, 2023-2030

October 2023 | 200 pages | ID: G762D2D6EAB7EN
Bizwit Research & Consulting LLP

Abstracts

Global Industrial Refrigeration Market is valued at approximately USD 20.3 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2023-2030. Industrial refrigeration refers to the specialized field of refrigeration systems and technologies used in commercial and industrial settings for the purpose of cooling and preserving huge amounts of goods, materials, or processes. The surging demand for innovative and compact refrigeration systems, increasing government support for the expansion of cold chain infrastructure, and rising inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies are the key factors that are propelling the market growth across the globe.

In addition, the spurring demand for frozen and processed food worldwide is further exhibiting a positive influence on the market growth during the estimated period. According to Statista, the frozen foods sector in 2019 was estimated to be worth around USD 272.11 billion, which is anticipated to grow and expected to reach USD 366.3 billion by the year 2026. Thus, these aforementioned factors are propelling the growth of the Industrial Refrigeration Market during the estimated period. Moreover, the growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems, as well as increasing industrialization in developing economies present various lucrative opportunities over the forecast years. However, the strict government regulations and the high initial costs and maintenance expenses are hampering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Industrial Refrigeration Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the surging demand for innovative and compact refrigeration systems, flourishing growth of food, beverages, and pharmaceutical industries, along with rising investment in technological developments. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies, as well as the rising number of government-supportive policies to strengthen cold chain infrastructure in developing countries such as India and China are significantly propelling the market demand across the region.

Major market players included in this report are:

Daikin Industries, Ltd.

Danfoss A/S

GEA Group AG

Mayekawa Mfg. Co., Ltd.

Swegon AB

Dover Corporation

Gordon Brothers Industries Pty. Ltd.

EVAPCO, Inc.

Kirby HVAC&R Pty Ltd.

LU-VE Group

Recent Developments in the Market:

• In June 2021, GEA Group Aktiengesellschaft signed an agreement to sell Clauger, a French family-owned business that specializes in industrial refrigeration and air-conditioning systems, its refrigeration contracting businesses in Spain and Italy.
• In June 2021, Johnson Controls introduced the Quantech QWC4 Water-Cooled Screw Chiller, which features variable speed drive technology to save carbon emissions and give flexibility in handling high-lift applications, to its product lineup. By directly regulating refrigerant charges and potential leak spots, the Quantech QWC4 chiller also lessens its negative effects on the environment.

Global Industrial Refrigeration Market Report Scope:

• Historical Data – 2020 - 2021
• Base Year for Estimation – 2022
• Forecast period - 2023-2030
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Segments Covered - Component, Refrigerant Type, Application, Region
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

Compressor

Condenser

Control

Evaporators

Others

By Refrigerant Type:

Ammonia

CO2

Others

By Application:

Refrigerated Warehouses

Fruit And Vegetable Processing

Beverage Processing

Chemical, Petrochemical, and Pharmaceutical

Dairy And Ice Cream Processing

Meat, Poultry, and Fish Processing

Refrigerated Transportation

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa

Contents

CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
  1.2.1. Industrial Refrigeration Market, by Region, 2020-2030 (USD Billion)
  1.2.2. Industrial Refrigeration Market, by Component, 2020-2030 (USD Billion)
  1.2.3. Industrial Refrigeration Market, by Refrigerant Type, 2020-2030 (USD Billion)
  1.2.4. Industrial Refrigeration Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL INDUSTRIAL REFRIGERATION MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Industry Evolution
  2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL INDUSTRIAL REFRIGERATION MARKET DYNAMICS

3.1. Industrial Refrigeration Market Impact Analysis (2020-2030)
  3.1.1. Market Drivers
    3.1.1.1. Expansion of cold chain infrastructure
    3.1.1.2. Rising demand for frozen and processed food worldwide
  3.1.2. Market Challenges
    3.1.2.1. Strict government regulations
    3.1.2.2. High initial costs and maintenance expenses
  3.1.3. Market Opportunities
    3.1.3.1. Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
    3.1.3.2. Increasing industrialization in developing economies

CHAPTER 4. GLOBAL INDUSTRIAL REFRIGERATION MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
  4.3.1. Political
  4.3.2. Economical
  4.3.3. Social
  4.3.4. Technological
  4.3.5. Environmental
  4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL INDUSTRIAL REFRIGERATION MARKET, BY COMPONENT

5.1. Market Snapshot
5.2. Global Industrial Refrigeration Market by Component, Performance - Potential Analysis
5.3. Global Industrial Refrigeration Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
5.4. Industrial Refrigeration Market, Sub Segment Analysis
  5.4.1. Compressor
  5.4.2. Condenser
  5.4.3. Control
  5.4.4. Evaporators
  5.4.5. Others

CHAPTER 6. GLOBAL INDUSTRIAL REFRIGERATION MARKET, BY REFRIGERANT TYPE

6.1. Market Snapshot
6.2. Global Industrial Refrigeration Market by Refrigerant Type, Performance - Potential Analysis
6.3. Global Industrial Refrigeration Market Estimates & Forecasts by Refrigerant Type 2020-2030 (USD Billion)
6.4. Industrial Refrigeration Market, Sub Segment Analysis
  6.4.1. Ammonia
  6.4.2. CO2
  6.4.3. Others

CHAPTER 7. GLOBAL INDUSTRIAL REFRIGERATION MARKET, BY APPLICATION

7.1. Market Snapshot
7.2. Global Industrial Refrigeration Market by Application, Performance - Potential Analysis
7.3. Global Industrial Refrigeration Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Industrial Refrigeration Market, Sub Segment Analysis
  7.4.1. Refrigerated Warehouses
  7.4.2. Fruit And Vegetable Processing
  7.4.3. Beverage Processing
  7.4.4. Chemical, Petrochemical, and Pharmaceutical
  7.4.5. Dairy And Ice Cream Processing
  7.4.6. Meat, Poultry, and Fish Processing
  7.4.7. Refrigerated Transportation

CHAPTER 8. GLOBAL INDUSTRIAL REFRIGERATION MARKET, REGIONAL ANALYSIS

8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Industrial Refrigeration Market, Regional Market Snapshot
8.4. North America Industrial Refrigeration Market
  8.4.1. U.S. Industrial Refrigeration Market
    8.4.1.1. Component breakdown estimates & forecasts, 2020-2030
    8.4.1.2. Refrigerant Type breakdown estimates & forecasts, 2020-2030
    8.4.1.3. Application breakdown estimates & forecasts, 2020-2030
  8.4.2. Canada Industrial Refrigeration Market
8.5. Europe Industrial Refrigeration Market Snapshot
  8.5.1. U.K. Industrial Refrigeration Market
  8.5.2. Germany Industrial Refrigeration Market
  8.5.3. France Industrial Refrigeration Market
  8.5.4. Spain Industrial Refrigeration Market
  8.5.5. Italy Industrial Refrigeration Market
  8.5.6. Rest of Europe Industrial Refrigeration Market
8.6. Asia-Pacific Industrial Refrigeration Market Snapshot
  8.6.1. China Industrial Refrigeration Market
  8.6.2. India Industrial Refrigeration Market
  8.6.3. Japan Industrial Refrigeration Market
  8.6.4. Australia Industrial Refrigeration Market
  8.6.5. South Korea Industrial Refrigeration Market
  8.6.6. Rest of Asia Pacific Industrial Refrigeration Market
8.7. Latin America Industrial Refrigeration Market Snapshot
  8.7.1. Brazil Industrial Refrigeration Market
  8.7.2. Mexico Industrial Refrigeration Market
8.8. Middle East & Africa Industrial Refrigeration Market
  8.8.1. Saudi Arabia Industrial Refrigeration Market
  8.8.2. South Africa Industrial Refrigeration Market
  8.8.3. Rest of Middle East & Africa Industrial Refrigeration Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Key Company SWOT Analysis
  9.1.1. Company
  9.1.2. Company
  9.1.3. Company
9.2. Top Market Strategies
9.3. Company Profiles
  9.3.1. Daikin Industries, Ltd.
    9.3.1.1. Key Information
    9.3.1.2. Overview
    9.3.1.3. Financial (Subject to Data Availability)
    9.3.1.4. Product Summary
    9.3.1.5. Recent Developments
  9.3.2. Danfoss A/S
  9.3.3. GEA Group AG
  9.3.4. Mayekawa Mfg. Co., Ltd.
  9.3.5. Swegon AB
  9.3.6. Dover Corporation
  9.3.7. Gordon Brothers Industries Pty. Ltd.
  9.3.8. EVAPCO, Inc.
  9.3.9. Kirby HVAC&R Pty Ltd.
  9.3.10. LU-VE Group

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption