The industrial refrigeration systems market is expected to reach $41.7 billion by 2023, growing at a CAGR of 7.2% between 2018-2023. 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.
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The global industrial refrigeration systems market is categorized into evaporator units, industrial racks, compressors, heat exchangers, and other industrial refrigeration units. The industrial rack is further categorized into open reciprocating and open screw. Compressors are further classified into open reciprocating, screw open, and others.
Evaporator unit has been the largest industrial refrigeration systems market globally, accounting for 52.1% of the revenues. 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.
North America is the nucleus of manufacturing industries that require process cooling and refrigeration. The energy efficacy of the industrial refrigeration system used in industrial refrigeration is closely monitored by the U.S. Energy Information Administration (EIA). The U.S. is the world’s largest food and beverages processing market. The food and beverage processing sector held the majority share in the industrial refrigeration systems market of North America. 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.
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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