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Nov 10, 2017 12:30 PM ET

Industrial Refrigeration Systems Market Size & Share Sees Big Growth by 2024

iCrowdNewswire - Nov 10, 2017

Global Industrial Refrigeration Systems Market: Overview

Refrigeration is the process of removing excess heat from the space and transfer it into the environment. The refrigeration system is used in the refrigerated warehouses to lower the temperature and prevent food products from getting spoiled. Industrial refrigeration system keeps the food products protected and fresh for longer period of time. Industrial refrigeration systems are traditionally used for harmful and synthetic chemical cooling agents such as R22. The ammonia-based industrial refrigeration system is used in numerous applications such as beverage industries, refrigerated warehouses, and fruits and vegetable processing.

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Global Industrial Refrigeration Systems Market: Growth Factors

Refrigerated warehouses are commonly used in industrial refrigeration systems this is expected to hold the dominance in the near future. The growth of the market is mainly due to the presence of environmental friendly substitutes and the imposition of the stringent environmental laws. Developing economies are focusing on strengthening the cold-chain infrastructure thus fueling the industrial refrigeration systems market growth. CO2-based industrial refrigeration systems offer some advantages such as non-flammability, excellent thermodynamic properties, zero-toxicity, and high energy-efficiency which is projected to propel the global market growth. However, huge capital investment associated with other operating expenses is restraining the global market growth.

Global Industrial Refrigeration Systems Market: Segmentation

The industrial refrigeration systems market is segregated based on its application, refrigerant type, and equipment. The application is divided into dairy & ice-cream processing, fruits & vegetable processing, refrigerated transportation, refrigerated warehouses, beverages, poultry, meat, fish processing, and chemicals & pharmaceuticals. Based on the refrigerant type the global market is classified as HFCs, ammonia, CO2, and other refrigerants. The equipment segment is fragmented into controls, compressors, evaporators, condensers, and others.

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Global Industrial Refrigeration Systems Market: Regional Analysis

North America dominates the industrial refrigeration systems market. Refrigerated warehouses application contributes to the highest demand for industrial refrigeration systems in this region. Asia Pacific accounted for the considerable growth in the developing countries such as China and India owing to increasing demand for refrigerated warehouse applications in order to strengthen the cold-chain infrastructure and refrigerated transportation. CO2 is preferred as the secondary refrigerant in the cascade systems thus many food and beverage industrial players in the Europe and North America have shifted towards usage of CO2. The US is the leading region in the industrial refrigeration systems market owing to higher demand for food and beverage processing applications and refrigerated warehouses. In countries such as Mexico, the US, and Canada the installation of the NH3/CO2 cascade refrigeration systems has increased and rapid commercialization of transport refrigeration that is CO2 based is anticipated to propel the industrial refrigeration systems market growth.

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Global Industrial Refrigeration Systems Market: Competitive Players

Major prominent players in the global industrial refrigeration systems market include United Technologies Corporation, Ingersoll-Rand PLC., Daikin Industries, Ltd., Baltimore Aircoil Company, Inc., and Lennox International Inc. Other influencing players in the global market include The Danfoss Group, Johnson Controls, Inc., Bitzer Kuhlmaschinenbau GmbH., Mayekawa Mfg. Co. Ltd., Evapco, Inc., LU-VE S.P.A., Emerson Electric Co., and GEA Group AG.

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