Stratview Research has published a new report titled “Industrial Refrigeration System Market” which is segmented by Equipment Type (Compressors, Condensers, Evaporators, Controls, Vessels, Pumps, Valves, and Auxiliary Equipment), by Refrigerant Type (Ammonia, CO2, HFC, and Others), by Industry Type (Fruit & Vegetable Processing; Beverage; Refrigerated Warehouse; Chemicals, Petrochemicals, and Pharmaceuticals; Dairy and Ice-Cream Processing; Meat, Poultry, and Fish Processing; and Refrigerated Transportation), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market is expected to reach USD 27.08 billion by 2028 from USD 20.27 billion in 2022 at a CAGR of 4.94% during the forecast period of 2023-2028.
Industrial refrigeration system refers to a wide range of refrigeration applications such as freezers or liquefaction, and others.
Industrial refrigeration systems comprise of a number equipment such as compressors, condensers, evaporators, controls, pumps, and others. Fruit & vegetable processing, beverage, refrigerated warehouse, chemicals, dairy, and others are some of the industries where industrial refrigeration system is used.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
By Equipment Type
The market is segmented into compressors, condensers, evaporators, controls, vessels, valves, pumps, and auxiliary equipment.
The Controls Segment is expected to witness the highest growth during the forecast period, owing to the growing significance of control systems and software to improve the energy efficiency of the existing and the new refrigeration systems.
By Refrigerant Type
The market is segmented into ammonia, CO2, HFC, and others.
The CO2 Refrigerant segment is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the higher adoption of CO2 refrigerants in the food and beverage industry, a major application area of industrial refrigeration systems.
Further, there are an ample number of research & developmental activities going on in the developed economies to develop and employ CO2 refrigerants.
Which Region is expected to remain the largest market?
North America dominated the market with a share of >30% in 2022 and is expected to retain its dominant position during the forecast period. The USA is the growth engine of the North American market owing to a dependable supply chain, significant capital investment, the presence of many end-users, and continuous research and development activities to meet the industry’s challenges.
Asia-Pacific is expected to witness the highest growth owing to significant economic development in the region, rising disposable income of consumers, expanding infrastructure, and government support. Developing economies, such as China and India are the growth engines of the Asia-Pacific market.
Who are the Key Players in the Market?
The supply chain of this market comprises raw material suppliers, Industrial Refrigeration System suppliers, part manufacturers, OEMs, and MRO companies.
The key players in the market are-
- Johnson Controls International plc.
- The Emerson Electric Company
- Ingersoll-Rand plc
- GEA Group AG
- The Danfoss Group
- Daikin Industries, Ltd.
- Bitzer SE
- United Technologies Corporation
- Mayekawa Mfg. Co. Ltd.
- Lu-Ve Group
- Lennox International Inc.
- Evapco, Inc.
- and Baltimore Aircoil Company, Inc.
Key questions answered by the report.
- What is the projected CAGR for revenue from the Industrial Refrigeration System Market during the forecast period?
- What would the market be valued at by 2028?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Industrial Refrigeration System Market?
- Which are the major market players?
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