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Global Industrial Refrigeration Systems
Market to Reach $41.7 Billion by 2023

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Global Industrial Refrigeration Systems Market

According to a new market research report “Global Industrial Refrigeration Systems
Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry
Insights by Type (Evaporator Units, Industrial Racks, Compressors, Heat Exchangers, and
Other Industrial Refrigeration Units), by Application (Food & Beverage, Chemicals &
Pharmaceuticals, Oil & Gas, and Others)”, published by P&S Market Research, the
global industrial refrigeration systems market is projected to reach $41.7 billion by
2023, growing at a CAGR of 7.2% during 2017 - 2023.
Browse Report Description at: https://www.psmarketresearch.com/market-

analysis/industrial-refrigeration-equipment-market

Global Industrial Refrigeration Systems Market

Global industrial refrigeration systems market
worth $25.7 billion in 2016
The study reveals that the global industrial refrigeration systems market is
likely to grow from $25.7 billion in 2016, to reach 1.5 folds between 2016
and 2023. The increasing demand for cold chain has been necessitating the
need for industrial refrigeration globally.

Global Industrial Refrigeration Systems Market

Insights on market segments
Based on our analysis, evaporator unit has been the largest industrial refrigeration
systems market globally, accounting for 52.1% of the revenues in 2016. The market
for industrial racks is expected to witness fastest growth during the forecast period,
compared to other types of industrial refrigeration system. Screw open compressors
has been the major technology in IR compressor market, whereas brazed plate
continues to be the key technology in the IR heat exchangers market. Industrial
racks have been generating higher revenue in the IR industrial racks market. Food &
beverage was the largest application for industrial refrigeration systems, however,
the market in chemicals & pharmaceuticals is likely to be the fastest growing
application area during the forecast period.

Global Industrial Refrigeration Systems Market

Food & beverage to contribute largest revenue to
the global market by 2023
In the food & beverage industry, industrial refrigeration is required in processing,
storing and delivering of meat & poultry, production and storage of milk products,
seafood cooling, and fermentation, and germination of the beverages. As meat and
poultry production continue to increase, to meet the growing global demand,
refrigeration and temperature control are vital aspects throughout the entire food
and beverage delivery process. The dairy being one of the more intricate and
diverse sector, it requires refrigeration in the production and storage of wide range
of products including milk, cheese and butter. Apart from this, seafood and major
fishing ports completely rely on industrial refrigeration to ship their product across
globe, without any damage of product loss.

Global Industrial Refrigeration Systems Market

Surge in global cold chain capacity escalates the
global industrial refrigeration systems market growth
The key drivers for the global industrial refrigeration systems market include
increasing adoption of natural refrigerant and improvement in energy efficiency,
growing food processing industry in the developing countries and surge in global
cold chain capacity.
According to the Cold Chain Alliance, the cold chain market is expected to witness
high growth above 12.1% during the next five years. The global refrigerated ware
house capacity has increased by 20% in 2014, as compared to the total refrigerated
warehouse capacity in 2012. According to the international trade association (ITA),
the total refrigerated warehouse capacity increased to reach 552 million cubic
meters in 2014, as compared to 92 million cubic meters in 2012. Unexpectedly,
India (131 million cubic meters) surpassed the cold chain capacity of the U.S. (115
million cubic meters) in 2014, and became the largest cold chain market by capacity.
China (76 million cubic meters) was the third largest cold chain market by capacity,
in 2014. The cold chain logistics expenditure across various regions has also been
increasing.

Global Industrial Refrigeration Systems Market

Asia-Pacific will remain the largest market
throughout the forecast period
Asia-Pacific is expected to account for over 50% of the global industrial refrigeration
systems market by 2023. The market is also expected to witness highest growth in
this region, during the forecast period. The U.S. stands as the largest market
globally, whereas the market in India has been growing at the highest pace.

Global Industrial Refrigeration Systems Market

Surging adoption of natural refrigerant observed as
the key growth driver
The phase out of ‘F’ gases, as refrigerant for industrial refrigeration, especially in the
developing countries has been leading to the replacement of existing industrial
refrigeration setup, with ammonia based refrigeration system. This in consequently
driving the growth of the global industrial refrigeration systems market. The
growing food processing industries in the developing countries is another major
driver in the industrial refrigeration systems market.

Global Industrial Refrigeration Systems Market

Moderate degree of competition
The global industrial refrigeration systems market is moderately competitive. The
presence of large number of small regional manufacturers of industrial refrigeration
systems, who offer customized commercial refrigeration equipment, leads to high
intensity of rivalry. However, owing to the low exit barrier for the existing players,
the intensity of rivalry is low. Some of the major players in the global industrial
refrigeration systems market include Johnson Controls GEA Group, Industrial Frigo,
Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star
Refrigeration, Hussmann Corporation, and Dover Corporation.


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