Global Industrial Refrigeration System Market Size By Refrigerant(Chlorofluorocarbons, Hydro-Chlorofluorocarbons), By Application(Agricultural Items like Vegetables and fruits, Meats, Dairy products), By Geographic Scope And Forecast

Industrial Refrigeration System Market Size And Forecast

Industrial Refrigeration System Market size was valued at USD 18.5 Billion in 2021 and is projected to reach USD 25.3 Billion by 2030, growing at a CAGR of 3.3% from 2023 to 2030.

Increasing use of Refrigeration in the FMCG sectors for preserving packaged and processed food along with the increasing propensity of Cold Storage in the Emerging economies are the key market drivers of this sector. The Global Industrial Refrigeration System Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Industrial Refrigeration System Market Definition

Think of it this wayenergy doesn't just pop into existence or vanish. It just changes forms! Heat, for example, is energy on the move, flowing from something hotter to something colder. That's why we use refrigeration – to pull away extra heat. Refrigerators use special chemicals called refrigerants, liquids that turn into vapor and grab heat as they do. The trick is to keep it all in a closed loop. When that heat's gone, things cool down. In a factory, a cooling system is just like thata way to suck heat out of any part of the process or material.

The concept of Food Preservation is to slow the process of deterioration of Quality through decomposing. Generally, bacteria/microbes cause the food to decompose. With the use of Refrigeration, these Bacteria and Microbes are killed by freezing them at very low temperatures. Thus, the food can be preserved for a long period of time.

There are four types of Refrigeration System1. Mechanical Compression Refrigeration System – It is used in air conditioning, commercial, and Industrial Refrigeration.2. Absorption Refrigeration – It is based on the concept of absorption and heat. Here it consists of refrigerants that attract other substances and absorb them.3. Evaporative Cooling – It cools the warmer outside air as flows into the system.4. Thermoelectric Refrigeration – Here it uses a thermocouple and electric current for colling.

Global Industrial Refrigeration System Market Overview

People in Developed and Developing Nations are having an extremely busy lifestyle. Long work hours, hectic job schedules, increased work pressure are making them more exhausted. So, the demand for convenience foods is increasing day by day. Packaged Foods provide that sort of convenience. After the Covid-19 Lockdown, most of the workplaces have moved into Work From Home mode. As a result, there has been a huge spike in the consumption of the ready to eat packaged foods like Biscuits, Noodles, Snacks etc.

Consumers have started to shift from basic foods to the processed foods. Another factor also played in this regard is the growing concern about health and hygiene. The increase in the consumption of the Packaged Foods is causing the FMCG manufacturers to increase the production of the items. So, the need to preserve the packaged foods is also a matter of concern. This is increasing the need for a proper Refrigeration system for preservation. Thus, the growing demand for Packaged Foods is acting as a major driver for this market.

Food spoilage is a big problem, often made worse by a lack of proper Cold Chain Infrastructure. You see it happening more in developing economies. In fact, a Financial Express article says that in India alone, 16% of food gets wasted every year because of inadequate cold storage. The government is trying to fix this with new initiatives, even encouraging private companies to invest. The Ministry of Food Processing Industries of India is offering financial support to build better cold chain infrastructure and cut down on agricultural waste. This is driving up the need for Refrigeration Systems, so government actions are really helping this sector grow. But there are challenges. Large refrigeration systems can be super expensive, and you need a good cost analysis before jumping in. They usually work best for big production operations anyway.

Global Industrial Refrigeration System MarketSegmentation Analysis

The Global Industrial System Market can be Segmented based on the Refrigerant, Application, and Geography.

Industrial Refrigeration System Market, By Refrigerant

• Chlorofluorocarbons• Hydro-Chlorofluorocarbons• Hydrofluorocarbons

Based on Refrigerant, the market is segmented into Chlorofluorocarbons, Hydro-Chlorofluorocarbons, Hydrofluorocarbons. In terms of the market, Hydrofluorocarbons has the highest market share. Hydrofluorocarbons generally do not deplete the Ozone Layer, but they are Greenhouse Gases. They are a combination of several organic compounds consisting of Hydrogen, Fluorine, and Carbons.

Industrial Refrigeration System Market, By Application

• Agricultural Items like Vegetables and fruits• Meats• Dairy products• Chemicals• Pharmaceuticals• Others

Based on Application, the market is segmented into Agricultural Items like Vegetables and fruits, Meats, Dairy products, Chemicals, Pharmaceuticals, and Others. In terms of the market share, Meats and Dairy Products has the highest use of Refrigeration System. Other than these two, Agricultural Products also use such proper refrigeration system. So, the next important sector in terms of their usage is the Agriculture Products.

Industrial Refrigeration System Market, By Geography

• North America• Europe• Asia-Pacific• Rest of the World

On the basis of Geography, the Global Industrial Refrigeration System Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In terms of the usage, Asia Pacific Region has the highest market share. Because of the huge population density and the increasing income level with the growing demand for packaged foods this region has the highest market share. Other than this the Latin American region also has the fastest growth in terms of usage.

Key Players

The “Global Industrial Refrigeration System Market” study report will provide valuable insight with an emphasis on the global market. The major players are Carnot Refrigeration, Star Refrigeration, Johnson Controls, Ingersoll-Rand plc, Bitzer, Daikin, GEA Group AG, Hussmann Corporation, Dover Corporation, United Technologies Corporation.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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