Global Industrial Refrigeration System Market (2021 to 2026) - Rising Demand for Frozen and Processed Food Worldwide Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 12, 2021--
The “Global Industrial Refrigeration System Market with COVID-19 Impact Analysis by Component (Compressor, Condenser, Evaporator), Application (Fruit & Vegetable Processing, Refrigerated Warehouse), Refrigerant Type, and Region - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global industrial refrigeration system market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021-2026.
The growth of the industrial refrigeration system market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries; and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.
Compressor segment is estimated to hold the largest share of the market during the forecast period
The compressor segment of the industrial refrigeration system market is estimated to register the largest market share in 2026, by component. 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, thereby propelling the refrigerant compressor market growth.
Reciprocating and screw compressors are mainly used in industrial refrigeration systems. However, an increase in the demand for screw compressors has been witnessed owing to various benefits such as high reliability, less frequent maintenance, and compactness offered by them.
Also, screw compressors do not have high discharge temperatures. With the increase in the application areas of industrial refrigeration systems, companies are developing new compressors to meet the diverse needs of customers and explore the untapped market, which is expected to drive the market for compressors during the forecast period.
CO2-based refrigeration systems to register higher CAGR during the forecast period
The industrial refrigeration system market for CO2-based refrigeration systems is projected to register the higher CAGR during the forecast period, by refrigerant type. The key factor for the market’s growth is the rising popularity of CO2 cascade refrigeration systems in various applications.
CO2 is abundant and stays in the atmosphere for a longer time. Large CO2-based industrial refrigeration systems are less expensive to build than their glycol counterparts; thus, the initial and life cycle costs of CO2-based industrial refrigeration systems are comparatively low. Moreover, all these advantages, coupled with increasing awareness about the thermodynamic properties of CO2 refrigerants, are expected to propel the market for CO2-based refrigeration systems.
Refrigerated warehouse segment is estimated to hold the largest share of the market during the forecast period
The refrigerated warehouse segment of the industrial refrigeration system market is estimated to register the largest market share in 2026, by application. The ever-growing population and rising demand for frozen and processed food have resulted in an increase in the number of refrigerated warehouses, globally, with improved capacity in the last few years.
According to the Global Cold Chain Alliance (GCCA), the total capacity of refrigerated warehouses worldwide was 616 million cubic meters in 2018. The Indian government is promoting the creation of cold chain facilities through its Scheme for Cold Chain, Value Addition and Preservation Infrastructure, and the Scheme of Mega Food Park.
These initiatives toward strengthening cold storage and warehousing infrastructure facilities in developing countries are expected to support the growing use of industrial refrigeration systems in refrigerated warehouse applications during the forecast period.
APAC is projected to become the fastest geographical market between 2021 and 2026
The market in APAC is expected to grow at the highest CAGR during the forecast period. The market’s growth can be attributed to the growing pharmaceutical industry in the region, coupled with government subsidies for improving the cold chain and preservation infrastructure. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan. Additionally, increasing disposable incomes and the ever-growing population are propelling the demand for processed food products and beverages in the region. As a result, there is an increase in the number of food processing facilities in APAC, which, in turn, is expected to drive the market for industrial refrigeration systems market.
- Rising demand for innovative and compact refrigeration systems
- Increasing government support to strengthen cold chain infrastructure in developing countries
- Growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies
- High installation cost and other expenses
- Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
- Rising demand for frozen and processed food worldwide
- Increasing demand for medicines, drugs, and PPE due to COVID-19 is a key factor fueling growth of cold chain refrigeration systems
- Lack of skilled personnel and safety concerns
- Baltimore Aircoil Company (Amsted Industries)
- Dorin S.P.A
- Emerson Electric Co.
- Evapco, Inc.
- GEA Group Aktiengesellschaft
- GUNtner GmbH & Co. Kg
- Hitema International
- Industrial Frigo
- Ingersoll Rand
- Innovative Refrigeration Systems, Inc.
- Johnson Controls
- Lennox International
- Lu-Ve Group
- MTA S.P.A.
- Parker Hannifin
- Srm Italy
- Star Refrigeration
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INDUSTRY KEYWORD: RETAIL CHEMICALS/PLASTICS OTHER RETAIL HOME GOODS MANUFACTURING SPECIALTY OTHER MANUFACTURING
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PUB: 10/12/2021 12:37 PM/DISC: 10/12/2021 12:37 PM