Industrial Refrigeration Systems Market Size
Industrial Refrigeration Systems Market size is expected to grow at over 5% CAGR during 2023 and 2032. The expanding global population and changing dietary habits have increased the need for reliable & efficient cold storage solutions to preserve perishable goods. With increasing proportion of working professionals, the lifestyle has changed with more hectic schedules. These consumers prefer ready-to-eat and frozen food products. As per the World Bank data, the global labor force reached 3.45 billion in 2021 with an employment growth rate of 2.3%.
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Stringent regulations on food safety pushing the product adoption. The government bodies are implementing strict FMCG policies to ensure that food products meet specific health and safety requirements before they reach consumers. Industrial refrigeration systems help maintain consistent and safe temperatures during food processing, storage, and transportation, thus preventing bacterial growth and preserving product integrity. These factors are pushing the growth of industrial refrigeration systems industry growth.
Industrial Refrigeration Systems Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2022 |
| Forecast Period |
2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR |
5% |
| Historical Data for |
2018 to 2022 |
| No. of Pages |
170 |
| Tables, Charts & Figures |
207 |
| Segments covered |
Component, Refrigerant, Application |
| Growth Drivers |
- High demand for energy efficient industrial refrigeration systems in North America
- Stringent regulations related to refrigerants in Europe
- Consumers preference for ready-to-eat and frozen food products
- Strict FMCG policies for food safety
|
| Pitfalls & Challenges |
- High initial installation cost of industrial refrigeration systems
- Fluctuating prices of refrigerants
|
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Industrial Refrigeration Systems Market Growth Drivers & Restraints
The advancements in technology, such as the development of eco-friendly refrigerants and the integration of Internet of Things (IoT) in refrigeration systems, have significantly improved energy efficiency & operational capabilities, attracting more businesses to invest in advanced industrial refrigeration solutions. Additionally, ongoing operational and maintenance expenses can also pose financial challenges. The hesitance among the businesses to make the initial investment and rather stick to tradition cooling systems will act as a deterrent, restraining the overall market growth.
COVID-19 Impact
During the COVID-19 pandemic, as the countries implemented lockdowns and restrictions to contain the spread of the virus, numerous industries faced disruptions in operations, affecting the demand for industrial refrigeration systems. The foodservice and hospitality sectors experienced a decline in demand due to reduced consumer footfall and restaurant closures, leading to a temporary dip in the product adoption for commercial purposes. However, as the pandemic brought attention to the importance of maintaining food safety and hygiene, the demand for cold storage and pharmaceutical refrigeration systems witnessed a surge from healthcare and pharmaceuticals sector, generating revenues for the market.
Industrial Refrigeration Systems Market Trends
As the world continues to prioritize environmental responsibility, the adoption of eco-friendly refrigerants and energy-efficient systems has become a prominent trend. The integration of smart technologies, such as the Internet of Things (IoT) and data analytics, has enabled remote monitoring, predictive maintenance, and improved system performance. Furthermore, manufacturers are increasingly emphasizing modular and scalable designs, providing customers with flexible & customized solutions to meet their specific cooling needs. As industries continue to innovate and address the challenges posed by climate change, these trends are expected to drive the future development in the industrial refrigeration systems industry.
Industrial Refrigeration Systems Market Analysis
The compressor segment of industrial refrigeration systems market is showcase significant growth through 2032 as they play a vital role in heat transfer and cooling processes. The compressor manufactures are focus on developing products with enhanced energy efficiency, minimal carbon emissions, and reduced maintenance requirements. As industries prioritize sustainable practices and seek higher-performing refrigeration solutions, there will be wider adoption of compressors with unique advantages in terms of capacity, efficiency, and application suitability.
The CO2 refrigerant segment of industrial refrigeration systems industry is gaining traction presently due to its eco-friendly nature. CO2, also known as R-744, is a natural refrigerant with low global warming potential (GWP) and zero ozone depletion potential (ODP). CO2 refrigerant systems offer high energy efficiency and have become particularly popular in commercial refrigeration and industrial cooling applications. The advancements in technology and engineering have made CO2 systems more accessible and viable for various industries, making it a promising refrigerant that aligns with the demands for greener cooling solutions.
Imagine the world without refrigeration. It would be a lot harder to enjoy fresh and frozen foods. That's why the market for refrigeration systems used in the food and beverage industry is growing rapidly, and it's expected to keep growing over the next ten years. There are a few reasons for this growth. First, the global population is increasing, and we're all eating more processed and frozen foods. This means there's a higher demand for refrigeration to keep these foods fresh and safe. Second, the food and beverage industry is becoming more globalized. This means that food is being shipped around the world, and it needs to be kept cold during transport. This is driving up the demand for refrigerated transportation. Finally, there's a growing focus on food safety and sustainability. This means that businesses are looking for refrigeration systems that are efficient and reliable. They also want systems that are environmentally friendly. All of these factors are contributing to the growth of the industrial refrigeration systems market. As the food and beverage industry continues to grow, so too will the need for efficient and reliable refrigeration solutions.
Get ready, North America! Your industrial refrigeration systems are about to boom. Why? Because we've got a rock-solid industrial foundation and a food and drink scene that's off the charts. According to a brainy study by some folks at Northeaster University, a whopping 73% of our food chain in the States is processed to the max. And guess what? We're scarfing down these processed and frozen goodies like nobody's business. Plus, we're all about making sure our grub is safe to eat and doesn't hurt the planet. So, naturally, this has everyone snapping up refrigeration systems that are not only efficient but also kind to the environment. Throw in some fancy new tech, a push to cut down on carbon pollution, and a thirst for the latest and greatest refrigeration solutions, and you've got a recipe for a sizzling regional market.
Industrial Refrigeration Systems Market Share
Major companies operating in the global industrial refrigeration systems market are
- M&M Systems, Inc.
- Johnson Controls
- Ingersoll-Rand
- United Technologies Corporation
- EVAPCO, Inc.
- Bitzer
- Industrial Frigo SRL
- Emersion
- Frick India Limited
- GEA
- Daikin Industries Ltd.
- Dorin
- Howden Group
- Danfoss
- Kirloskar Group
Industrial Refrigeration Systems industry News
- In July 2023, Advansor, a prominent manufacturer of CO2 climate solutions, unveiled two new sustainable refrigeration systemsValuePack Light and Low Superheat. These cutting-edge systems aim to enhance energy efficiency and cater to the specific demands of the food retail market.
- In July 2023, Enel X, an energy demand response specialist, was awarded $3.7 million in funding by the Australian Renewable Energy Agency (ARENA). The funding will be utilized to demonstrate and expand flexible energy demand solutions within the commercial and industrial refrigeration sector.
This industrial refrigeration system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2022 t0 2032 for the following segments
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Market, By Component
- Compressor
- Condenser
- Evaporator
- Controls
- Others
Market, By Refrigerant
Market, By Application
- Food & Beverage
- Chemical & Petrochemical
- Pharmaceutical
- Utility
- Others
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- MEA
- Saudi Arabia
- UAE
- South Africa
