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Industrial Refrigeration System Market Expected To Reach $24.8 Billion By 2025
The report "Industrial Refrigeration System Market by Component (Compressor, Condenser, Evaporator), Refrigerant Type (Ammonia, CO2), Application (Fruit & Vegetable Processing, Meat & Poultry, Refrigerated Warehouse), and Region - Global Forecast to 2025", is expected to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3%. The growing adoption of natural refrigerant-based systems owing to strict regulatory policies has resulted in the increased demand for industrial refrigeration systems. Other drivers for the industrial refrigeration system market growth include the increasing demand for innovative and compact refrigeration systems and ongoing government support to strengthen the cold chain infrastructure in developing countries.
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Compressors to hold largest share of industrial refrigeration system market during forecast period
Compressors are expected to account for the majority of the industrial refrigeration system market share during 2019–2025. In industrial refrigeration systems, compressors play a vital role by increasing refrigerant vapor pressure in a condenser to ensure suitable temperature for food storage and preservation applications. The rising number of refrigerated warehouses propels the industrial refrigeration compressor market growth.
CO2 refrigerant-based systems to witness highest CAGR in industrial refrigeration system market during forecast period
The market for CO2 refrigerant-based systems is expected to grow at the highest CAGR during 2019–2025. CO2 refrigerant has excellent thermodynamic properties and high energy efficiency, making it suitable for industrial refrigeration applications. Also, the initial and life cycle costs of CO2 -based refrigeration systems are lower than that of synthetic refrigerant-based systems. Moreover, the rising popularity of CO2 cascade refrigeration systems in various end-user industries would provide lucrative opportunities to the market for CO2 refrigerant-based systems.
North America to hold largest share of industrial refrigeration system market during forecast period
North America is expected to hold the largest share of the industrial refrigeration system market in 2019, and a similar trend is likely to be observed during the forecast period. Ongoing growth in online grocery shopping across North America, 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, stringent regulations for the processing and supply of perishable food products, coupled with the rising number of refrigerated warehouses with advanced technologies in the region, are expected to facilitate the expansion in imports and exports of perishable products. This, in turn, is expected to propel the demand for industrial refrigeration systems in North America.
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Major players in the industrial refrigeration system market include Johnson Controls (Ireland), Emerson (US), Danfoss (Denmark), GEA (Germany), Mayekawa (Japan), Ingersoll-Rand (Ireland), Daikin (Japan), BITZER (Germany), United Technologies (US), and Evapco (US).
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