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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

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    Report

  • 257 Pages
  • September 2021
  • Region: Global
  • Markets and Markets
  • ID: 5451134
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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.


Breakdown of profiles of primary participants:

  • By Company: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
  • By Designation: C-level Executives = 40%, Directors = 35%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 25%
  • By Region: Americas = 45%, Europe = 30%, APAC = 15%, and ROW = 10%

Major players profiled in this report:

The industrial refrigeration system market is dominated by a few established players such as Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), and Mayekawa (Japan).


Research coverage

This report offers detailed insights into the industrial refrigeration system market based on component (compressor, condenser, evaporator, control, vessel, pump, valves, & auxiliary equipment), refrigerant type (ammonia, CO2, others (HFC, HCFC, HFO, HC)), application (fruit and vegetable processing; beverage processing; refrigerated warehouses; chemical, petrochemical, and pharmaceutical; dairy and ice cream processing; meat, poultry, and fish processing; and refrigerated transportation), and region (North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East and Africa (MEA)) and Africa.

The report also provides a comprehensive review of industrial refrigeration system market drivers, restraints, opportunities, and challenges in the market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.


Key Benefits of Buying the Report

The report will help the leaders/new entrants in this industrial refrigeration system market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the industrial refrigeration system market and provides them information on key market drivers, restraints, challenges, and opportunities.


Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Industrial Refrigeration System Market Segmentation
1.4 Inclusions and Exclusions
1.4.1 Years Considered
1.5 Currency
1.6 Limitations
1.7 Summary of Changes
1.8 Stakeholders
2 Research Methodology
2.1 Research Data
Figure 2 Process Flow of Industrial Refrigeration System Market Size Estimation
Figure 3 Industrial Refrigeration System Market: Research Design
2.1.1 Secondary Data
2.1.1.1 List of major secondary sources
2.1.1.2 Secondary sources
2.1.2 Primary Data
2.1.2.1 Key participants in primary processes across value chain of industrial refrigeration system market
2.1.2.2 Breakdown of primaries
2.1.2.3 Key data from primary sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key industry insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for capturing market size by bottom-up analysis (demand side)
Figure 4 Industrial Refrigeration System Market: Bottom-Up Approach
2.2.2 Top-Down Approach
2.2.2.1 Approach for capturing market size by top-down analysis (supply side)
Figure 5 Industrial Refrigeration System Market: Top-Down Approach
2.2.3 Industrial Refrigeration System Market Estimation: Supply-Side Analysis
Figure 6 Market Size Estimation Methodology: Supply-Side Approach
2.3 Market Breakdown and Data Triangulation
Figure 7 Data Triangulation
2.4 Research Assumptions
2.5 Risk Assessment
Table 1 Risk Assessment: Industrial Refrigeration System Market Market
3 Executive Summary
Figure 8 Industrial Refrigeration System Market: Post-COVID-19 Scenario Analysis, 2017-2026 (USD Billion)
3.1 Realistic Scenario
3.2 Optimistic Scenario
3.3 Pessimistic Scenario
Figure 9 Compressors to Hold Largest Share of Industrial Refrigeration System Market During Forecast Period
Figure 10 Carbon Dioxide Refrigerant to Grow at Highest CAGR In Industrial Refrigerant System Market During Forecast Period
Figure 11 Chemical, Petrochemical, and Pharmaceutical Applications to Grow at Highest CAGR During Forecast Period in Industrial Refrigeration System Market
Figure 12 Industrial Refrigeration System Market in Asia Pacific to Grow at Highest CAGR During Forecast Period
4 Premium Insights
4.1 Attractive Opportunities in Industrial Refrigeration System Market
Figure 13 Growth in Online Grocery Shopping and Pharmaceutical Applications Across Regions to Drive Growth of Industrial Refrigeration System Market
4.2 Industrial Refrigeration System Market in APAC, by Application and Country
Figure 14 Refrigerated Warehouses and China Held Largest Market Share in APAC, by Application and Country, Respectively, In 2020
4.3 Industrial Refrigeration System Market, by Component
Figure 15 Compressors to Hold Largest Market Size During Forecast Period
4.4 Industrial Refrigeration System Market, by Refrigerant Type
Figure 16 Ammonia Refrigerant-Based Systems to Hold Largest Market Size During Forecast Period
4.5 Industrial Refrigeration System Market, by Application
Figure 17 Refrigerated Warehouses to Hold Largest Market Size During Forecast Period
4.6 Regional Analysis of Industrial Refrigeration System Market
Figure 18 North America to Be Largest Shareholder in Industrial Refrigeration System Market From 2021 to 2026
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 19 Industrial Refrigeration System Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Rising demand for innovative and compact refrigeration systems
5.2.1.2 Increasing government support to strengthen cold chain infrastructure in developing countries
Figure 20 Refrigerated Warehouse Capacity in Major Countries
5.2.1.3 Growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies
Figure 21 Impact of Drivers On Industrial Refrigeration Systems
5.2.2 Restraints
5.2.2.1 High installation cost and other expenses
Figure 22 Impact of Restraints On Industrial Refrigeration System Market
5.2.3 Opportunities
5.2.3.1 Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
Table 2 Largest Refrigerated Warehouse Providers Along With Their Locations and Capacity (Million Meter Cube), 2018
5.2.3.2 Rising demand for frozen and processed food worldwide
Figure 23 Average Size of Refrigerated Warehouse Capacity in Major Countries
5.2.3.3 Increasing demand for medicines, drugs, and PPE due to COVID-19 is a key factor fueling growth of cold chain refrigeration systems
Figure 24 Global Pharmaceuticals Cold Chain Spending, 2018-2026 (USD Billion)
Figure 25 Impact of Opportunities On Industrial Refrigeration System Market
5.2.4 Challenges
5.2.4.1 Lack of skilled personnel and safety concerns
Figure 26 Impact of Challenges On Industrial Refrigeration System Market
5.3 Value Chain Analysis
Figure 27 Value Chain Analysis of Industrial Refrigeration Systems Ecosystem: R&D And Component Manufacturing Phases Contribute Maximum Value
5.4 Ecosystem/Market Map
Table 3 Industrial Refrigeration System Market: Supply Chain
5.5 Key Technology Trends
5.5.1 Cascade Ammonia Industrial Refrigeration System
5.5.2 Intelligent Purging Industrial Refrigeration System
5.5.3 Wireless Data Loggers
5.5.4 Real-Time Data Monitoring For Refrigerated Transportation
5.6 Pricing Analysis
Table 4 Average Selling Price of Compressors (USD)
Table 5 Average Selling Price of Refrigerants, by Type (USD/Kg)
5.7 List of Key Patents and Innovations
Figure 28 Top 10 Companies With Highest Number of Patent Applications in Last 11 Years
Table 6 Top 10 Patent Owners in Last 11 Years
Figure 29 Number of Patents Granted Per Year From 2010 to 2020
Table 7 Key Patents and Innovations in Industrial Refrigeration System Market, 2019-2021
5.8 Trade Data
Table 8 Imports Data For Compressors For Refrigerating Equipment, Hs Code: 841430 (USD Million)
Figure 30 Compressors For Refrigerating Equipment - Imports Value For Major Countries, 2016-2020
Table 9 Exports Data For Compressors For Refrigerating Equipment, Hs Code: 841430 (USD Million)
Figure 31 Compressors For Refrigerating Equipment - Exports Value For Major Countries, 2016-2020
5.9 Case Studies: Industrial Refrigeration System Market
5.9.1 GEA Group Aktiengesellschaft: Aurivo, (Ireland)
Table 10 GEA Group Aktiengesellschaft: Sens (Sustainable Energy Solutions)
5.9.2 GEA Group Aktiengesellschaft: Kezsky Syrzavod Cheese Factory (Russia)
Table 11 GEA Group Aktiengesellschaft: Microgrid Energy Management System
5.9.3 John Controls: Cranswick Country Foods (UK)
Table 12 John Controls: Sabroe Industrial Refrigeration Screw and Heat Pump Reciprocating Compressors
5.9.4 Emerson Electric Co.: Cimco (Canada)
Table 13 Emerson Electric Co.: Vilter Package
5.10 Porter’S Five Forces Analysis
Figure 32 Porter’S Five Forces Analysis
Table 14 Industrial Refrigeration System Market: Porter’S Five Forces Analysis, 2020
5.10.1 Threat of New Entrants
5.10.2 Bargaining Power of Suppliers
5.10.3 Threat of Substitutes
5.10.4 Bargaining Power of Buyers
5.10.5 Intensity of Competitive Rivalry
5.11 Policies and Regulatory Landscape
5.11.1 Europe
5.11.1.1 Eu F-gas Regulation
5.11.1.2 Montreal Protocol
5.11.1.3 EcoDesign Directive
5.11.2 North America
5.11.2.1 Significant New Alternatives Policy (Snap)
5.11.2.2 American Innovation and Manufacturing (Aim)
5.11.2.3 California Refrigerant Regulations
5.11.3 Asia Pacific
5.11.3.1 Japan
5.11.3.2 Australia
6 Industrial Refrigeration System Market, by Component
6.1 Introduction
Table 15 Industrial Refrigeration System Market, by Component, 2017-2020 (USD Million)
Figure 33 Compressors to Lead Industrial Refrigeration System Market During Forecast Period
Table 16 Industrial Refrigeration System Market, by Component, 2021-2026 (USD Million)
6.2 Compressors
Table 17 Industrial Refrigeration System Market For Compressors, by Type, 2017-2020 (USD Million)
Figure 34 Screw Compressors to Command Industrial Refrigeration System Market During Forecast Period
Table 18 Industrial Refrigeration System Market For Compressors, by Type, 2021-2026 (USD Million)
Table 19 Industrial Refrigeration System Market For Compressors, by Region, 2017-2020 (USD Million)
Table 20 Industrial Refrigeration System Market For Compressors, by Region, 2021-2026 (USD Million)
Table 21 Industrial Refrigeration System Market For Compressors, by Application, 2017-2020 (USD Million)
Table 22 Industrial Refrigeration System Market For Compressors, by Application, 2021-2026 (USD Million)
6.2.1 Reciprocating Compressors
6.2.1.1 Advantages such as low cost and high efficiency of reciprocating compressors to accelerate market growth
Table 23 Industrial Refrigeration Reciprocating Compressor Market, by Type, 2017-2020 (USD Million)
Figure 35 Market For Semi-Hermetic Reciprocating Compressors to Grow at Highest CAGR During Forecast Period
Table 24 Industrial Refrigeration Reciprocating Compressor Market, by Type, 2021-2026 (USD Million)
6.2.1.2 Semi-hermetic type
6.2.1.3 Hermetic type
6.2.1.4 Open type
6.2.2 Screw Compressors
6.2.2.1 Characteristics such as higher capacity output, larger compression ratios, and smoother control to deliver energy savings to propel growth of screw compressors
6.2.2.2 Single-screw compressors
6.2.2.3 Twin-screw compressors
6.3 Condensers
Table 25 Industrial Refrigeration System Market For Condensers, by Type, 2017-2020 (USD Million)
Figure 36 Industrial Refrigeration System Market For Evaporative Condensers to Grow at Higher CAGR During Forecast Period
Table 26 Industrial Refrigeration System Market For Condensers, by Type, 2021-2026 (USD Million)
Table 27 Industrial Refrigeration System Market For Condensers, by Region, 2017-2020 (USD Million)
Table 28 Industrial Refrigeration System Market For Condensers, by Region, 2021-2026 (USD Million)
Table 29 Industrial Refrigeration System Market For Condensers, by Application, 2017-2020 (USD Million)
Table 30 Industrial Refrigeration System Market For Condensers, by Application, 2021-2026 (USD Million)
6.3.1 Air-Cooled Condensers
6.3.1.1 Air-cooled condensers offer easy installation and low/less water consumption
6.3.2 Water-Cooled Condensers
6.3.2.1 Benefits such as higher efficiency and smaller space requirement to propel market growth
6.3.3 Evaporative Condensers
6.3.3.1 Evaporative condensers to continue to dominate industrial refrigeration condenser market during forecast period
6.4 Evaporators
6.4.1 APAC to Grow at Highest CAGR For Evaporators During Forecast Period
6.4.2 by Cooling Type
6.4.2.1 Air-cooled evaporators
6.4.3 by Design Type
6.4.3.1 Bare tube evaporators
6.4.3.2 Plate type evaporators
6.4.3.3 Finned evaporators
6.4.3.4 Shell and tube type evaporators
Table 31 Industrial Refrigeration System Market For Evaporators, by Region, 2017-2020 (USD Million)
Figure 37 APAC to Record Highest CAGR In Industrial Refrigeration System Market For Evaporators During Forecast Period
Table 32 Industrial Refrigeration System Market For Evaporators, by Region, 2021-2026 (USD Million)
Table 33 Industrial Refrigeration System Market For Evaporators, by Application, 2017-2020 (USD Million)
Table 34 Industrial Refrigeration System Market For Evaporators, by Application, 2021-2026 (USD Million)
6.5 Controls
6.5.1 Control Systems Help Remotely Monitor Industrial Refrigeration Systems, Thereby Lowering Operating & Maintenance Costs
6.5.2 Compressor Controls
6.5.3 Condenser Controls
6.5.4 Evaporator Controls
Table 35 Industrial Refrigeration System Market For Controls, by Region, 2017-2020 (USD Million)
Figure 38 North America to Continue to Account For Largest Size of Industrial Refrigeration System Market For Controls During Forecast Period
Table 36 Industrial Refrigeration System Market For Controls, by Region, 2021-2026 (USD Million)
Table 37 Industrial Refrigeration System Market For Controls, by Application, 2017-2020 (USD Million)
Table 38 Industrial Refrigeration System Market For Controls, by Application, 2021-2026 (USD Million)
6.6 Vessels, Pumps, Valves, and Auxiliary Equipment
6.6.1 Refrigerated Warehouse & Food Processing Industry to Create New Market Opportunities For Vessels, Pumps, Valves, and Auxiliary Equipment
Table 39 Industrial Refrigeration System Market For Vessels, Pumps, Valves, & Auxiliary Equipment, by Region, 2017-2020 (USD Million)
Figure 39 APAC to Witness Highest CAGR In Industrial Refrigeration System Market For Vessels, Pumps, Valves, & Auxiliary Equipment During Forecast Period
Table 40 Industrial Refrigeration System Market For Vessels, Pumps, Valves, & Auxiliary Equipment, by Region, 2021-2026 (USD Million)
Table 41 Industrial Refrigeration System Market For Vessels, Pumps, Valves, & Auxiliary Equipment, by Application, 2017-2020 (USD Million)
Table 42 Industrial Refrigeration System Market For Vessels, Pumps, Valves, & Auxiliary Equipment, by Application, 2021-2026 (USD Million)
7 Industrial Refrigeration System Market, by Refrigerant Type
7.1 Introduction
Table 43 Environment-Friendly Alternatives to Hydrofluorocarbons For Industrial Refrigeration
Table 44 Industrial Refrigeration System Market, by Refrigerant Type, 2017-2020 (USD Million)
Figure 40 Market For C02 Refrigerant-Based Systems to Grow at Highest CAGR During Forecast Period
Table 45 Industrial Refrigeration System Market, by Refrigerant Type, 2021-2026 (USD Million)
7.2 Ammonia
7.2.1 Characteristics Such As Cost-Effectiveness and Energy Efficiency to Propel Growth of Ammonia-Based Refrigerants
7.2.2 Ammonia Refrigeration Systems
7.2.3 Low-Charge Ammonia Refrigeration Systems
7.3 CO2
7.3.1 CO2 Refrigerants Are Most Commonly Used For Their Various Advantages
7.3.2 CO2 Refrigeration Systems
7.3.3 CO2 Cascade Refrigeration Systems
7.4 Others
7.4.1 HFC
7.4.2 HCFC
7.4.3 HC
7.4.4 HFO
8 Industrial Refrigeration System Market, by Application
8.1 Introduction
Table 46 Industrial Refrigeration System Market, by Application, 2017-2020 (USD Million)
Figure 41 Refrigerated Warehouse Application to Lead Industrial Refrigeration System Market During Forecast Period
Table 47 Industrial Refrigeration System Market, by Application, 2021-2026 (USD Million)
8.2 Refrigerated Warehouses
8.2.1 Growing Demand For Storage of Perishable Or Seasonal Foods at Strategic Locations to Propel Market Growth
Table 48 Industrial Refrigeration System Market For Refrigerated Warehouse Applications, by Component, 2017-2020 (USD Million)
Table 49 Industrial Refrigeration System Market For Refrigerated Warehouse Applications, by Component, 2021-2026 (USD Million)
Table 50 Industrial Refrigeration System Market For Refrigerated Warehouse Applications, by Region, 2017-2020 (USD Million)
Figure 42 North America Accounted For Largest Size of Industrial Refrigeration System Market For Refrigerated Warehouse Applications
Table 51 Industrial Refrigeration System Market For Refrigerated Warehouse Applications, by Region, 2021-2026 (USD Million)
8.3 Fruit & Vegetable Processing
8.3.1 Strict Government Regulations For Fruit & Vegetable Processing Industry Provide Opportunities For Industrial Refrigeration System Market Players
Table 52 Industrial Refrigeration System Market For Fruit & Vegetable Processing Applications, by Component, 2017-2020 (USD Million)
Table 53 Industrial Refrigeration System Market For Fruit & Vegetable Processing Applications, by Component, 2021-2026 (USD Million)
Table 54 Industrial Refrigeration System Market For Fruit & Vegetable Processing Applications, by Region, 2017-2020 (USD Million)
Figure 43 APAC to Record Highest CAGR In Industrial Refrigeration System Market For Fruit & Vegetable Processing Applications During Forecast Period
Table 55 Industrial Refrigeration System Market For Fruit & Vegetable Processing Applications, by Region, 2021-2026 (USD Million)
8.4 Beverage Processing
8.4.1 Adoption of Ammonia-Based Refrigeration Systems to Accelerate Demand For Industrial Refrigeration Systems in Beverage Applications
Table 56 Industrial Refrigeration System Market For Beverage Processing Applications, by Component, 2017-2020 (USD Million)
Table 57 Industrial Refrigeration System Market For Beverage Processing Applications, by Component, 2021-2026 (USD Million)
Table 58 Industrial Refrigeration System Market For Beverage Processing Applications, by Region, 2017-2020 (USD Million)
Table 59 Industrial Refrigeration System Market For Beverage Processing Applications, by Region, 2021-2026 (USD Million)
8.5 Meat, Poultry, & Fish Processing
8.5.1 Increasing Consumer Demand For Fresh & Protein-Rich Food to Create Market Opportunities
Table 60 Industrial Refrigeration System Market For Meat, Poultry, & Fish Processing Applications, by Component, 2017-2020 (USD Million)
Table 61 Industrial Refrigeration System Market For Meat, Poultry, & Fish Processing Applications, by Component, 2021-2026 (USD Million)
Table 62 Industrial Refrigeration System Market For Meat, Poultry, & Fish Processing Applications, by Region, 2017-2020 (USD Million)
Figure 44 North America Accounted For Largest Share of Industrial Refrigeration System Market For Meat, Poultry, & Fish Processing Applications During Forecast Period
Table 63 Industrial Refrigeration System Market For Meat, Poultry, & Fish Processing Applications, by Region, 2021-2026 (USD Million)
8.6 Dairy & Ice Cream Processing
8.6.1 Rising Demand For Processed Dairy Products Such As Cheese, Yoghurt, and Fermented Milk to Drive Market
Table 64 Industrial Refrigeration System Market For Dairy & Ice Cream Processing Applications, by Component, 2017-2020 (USD Million)
Table 65 Industrial Refrigeration System Market For Dairy & Ice Cream Processing Applications, by Component, 2021-2026 (USD Million)
Table 66 Industrial Refrigeration System Market For Dairy & Ice Cream Processing Applications, by Region, 2017-2020 (USD Million)
Table 67 Industrial Refrigeration System Market For Dairy & Ice Cream Processing Applications, by Region, 2021-2026 (USD Million)
8.7 Chemical, Petrochemical, & Pharmaceutical
8.7.1 Running Clinical Testing and Research in Pharmaceuticals to Halt Outbreak of COVID-19 Pandemic to Augment Market Growth
Table 68 Industrial Refrigeration System Market For Chemical, Petrochemical, & Pharmaceutical Applications, by Component, 2017-2020 (USD Million)
Table 69 Industrial Refrigeration System Market For Chemical, Petrochemical, & Pharmaceutical Applications, by Component, 2021-2026 (USD Million)
Table 70 Industrial Refrigeration System Market For Chemical, Petrochemical, & Pharmaceutical Applications, by Region, 2017-2020 (USD Million)
Figure 45 APAC to Record Highest CAGR In Industrial Refrigeration System Market For Chemical, Petrochemical, & Pharmaceutical Applications During Forecast Period
Table 71 Industrial Refrigeration System Market For Chemical, Petrochemical, & Pharmaceutical Applications, by Region, 2021-2026 (USD Million)
8.8 Refrigerated Transportation
8.8.1 Rising Demand For Fresh & High-Quality Food/Commodities to Drive Growth of Market
Table 72 Industrial Refrigeration System Market For Refrigerated Transportation Applications, by Component, 2017-2020 (USD Million)
Table 73 Industrial Refrigeration System Market For Refrigerated Transportation Applications, by Component, 2021-2026 (USD Million)
Table 74 Industrial Refrigeration System Market For Refrigerated Transportation Applications, by Region, 2017-2020 (USD Million)
Table 75 Industrial Refrigeration System Market For Refrigerated Transportation Applications, by Region, 2021-2026 (USD Million)
8.8.2 Refrigerated Road Transport
8.8.3 Refrigerated Sea Transport
8.8.4 Refrigerated Rail Transport
8.8.5 Refrigerated Air Transport
9 Geographic Analysis
9.1 Introduction
Figure 46 Industrial Refrigeration System Market in India to Record Highest CAGR From 2021 to 2026
Table 76 Industrial Refrigeration System Market, by Region, 2017-2020 (USD Million)
Figure 47 Industrial Refrigeration System Market in APAC to Record Highest Growth Rate During Forecast Period
Table 77 Industrial Refrigeration System Market, by Region, 2021-2026 (USD Million)
Table 78 Industrial Refrigeration System Market For Refrigerated Warehouses Installed Capacity, by Region, 2017-2020 (Million Cubic Meters)
Table 79 Industrial Refrigeration System Market For Refrigerated Warehouses Installed Capacity, by Region, 2021-2026 (Million Cubic Meters)
9.2 North America
Figure 48 Snapshot: Industrial Refrigeration System Market in North America
Table 80 Industrial Refrigeration System Market in North America, by Country, 2017-2020 (USD Million)
Table 81 Industrial Refrigeration System Market in North America, by Country, 2021-2026 (USD Million)
Table 82 Industrial Refrigeration System Market in North America, by Component, 2017-2020 (USD Million)
Table 83 Industrial Refrigeration System Market in North America, by Component, 2021-2026 (USD Million)
Table 84 Industrial Refrigeration System Market in North America, by Application, 2017-2020 (USD Million)
Figure 49 Chemical, Petrochemical, & Pharmaceutical Segment to Record Highest CAGR In Industrial Refrigeration System Market During Forecast Period
Table 85 Industrial Refrigeration System Market in North America, by Application, 2021-2026 (USD Million)
9.2.1 US
9.2.1.1 Growing number of refrigerated warehouses due to growth in online grocery shopping to accelerate market growth in US
Table 86 Top Ten Players in US Refrigerated Warehouse Industry
Table 87 Industrial Refrigeration System Market in US, by Component, 2017-2020 (USD Million)
Table 88 Industrial Refrigeration System Market in US, by Component, 2021-2026 (USD Million)
9.2.2 Canada
9.2.2.1 Increasing demand for frozen food products to drive market growth in Canada
Table 89 Industrial Refrigeration System Market in Canada, by Component, 2017-2020 (USD Million)
Table 90 Industrial Refrigeration System Market in Canada, by Component, 2021-2026 (USD Million)
9.2.3 Mexico
9.2.3.1 Increasing demand for fresh food products to propel demand for industrial refrigeration systems in Mexico
9.3 Europe
Figure 50 Snapshot: Industrial Refrigeration System Market in Europe
Table 91 Industrial Refrigeration System Market in Europe, by Country, 2017-2020 (USD Million)
Table 92 Industrial Refrigeration System Market in Europe, by Country, 2021-2026 (USD Million)
Table 93 Industrial Refrigeration System Market in Europe, by Component, 2017-2020 (USD Million)
Figure 51 Compressors Segment to Hold Largest Share of Industrial Refrigeration System Market in Europe During Forecast Period
Table 94 Industrial Refrigeration System Market in Europe, by Component, 2021-2026 (USD Million)
Table 95 Industrial Refrigeration System Market in Europe, by Application, 2017-2020 (USD Million)
Table 96 Industrial Refrigeration System Market in Europe, by Application, 2021-2026 (USD Million)
9.3.1 UK
9.3.1.1 UK to record highest CAGR in industrial refrigeration system market during 2021-2026
Table 97 Industrial Refrigeration System Market in UK, by Component, 2017-2020 (USD Million)
Table 98 Industrial Refrigeration System Market in UK, by Component, 2021-2026 (USD Million)
9.3.2 Germany
9.3.2.1 Germany to hold largest share of industrial refrigeration system market in Europe during 2021-2026
Table 99 Industrial Refrigeration System Market in Germany, by Component, 2017-2020 (USD Million)
Table 100 Industrial Refrigeration System Market in Germany, by Component, 2021-2026 (USD Million)
9.3.3 France
9.3.3.1 Surging adoption of low-charge ammonia refrigeration systems in food & beverages industry to fuel market growth in France
Table 101 Industrial Refrigeration System Market in France, by Component, 2017-2020 (USD Million)
Table 102 Industrial Refrigeration System Market in France, by Component, 2021-2026 (USD Million)
9.3.4 Italy
9.3.4.1 Presence of key players to propel market growth in Italy
9.3.5 Rest of Europe (RoE)
9.4 Asia Pacific (APAC)
Figure 52 APAC: Snapshot of Industrial Refrigeration System Market
Table 103 Industrial Refrigeration System Market in APAC, by Country, 2017-2020 (USD Million)
Figure 53 Industrial Refrigeration System Market in India to Register Highest CAGR During Forecast Period
Table 104 Industrial Refrigeration System Market in APAC, by Country, 2021-2026 (USD Million)
Table 105 Industrial Refrigeration System Market in APAC, by Component, 2017-2020 (USD Million)
Table 106 Industrial Refrigeration System Market in APAC, by Component, 2021-2026 (USD Million)
Table 107 Industrial Refrigeration System Market in APAC, by Application, 2017-2020 (USD Million)
Table 108 Industrial Refrigeration System Market in APAC, by Application, 2021-2026 (USD Million)
9.4.1 China
9.4.1.1 China dominated APAC industrial refrigeration system market in 2020
Table 109 Industrial Refrigeration System Market in China, by Component, 2017-2020 (USD Million)
Table 110 Industrial Refrigeration System Market in China, by Component, 2021-2026 (USD Million)
9.4.2 India
9.4.2.1 Rising investments and government initiatives for cold chain infrastructure to accelerate market growth
Table 111 Industrial Refrigeration System Market in India, by Component, 2017-2020 (USD Million)
Table 112 Industrial Refrigeration System Market in India, by Component, 2021-2026 (USD Million)
9.4.3 Japan
9.4.3.1 Rising inclination toward implementation of natural refrigerant-based systems to drive market growth in Japan
9.4.4 Rest of APAC (RoAPAC)
9.5 Rest of the World (Row)
Table 113 Industrial Refrigeration System Market in Row, by Region, 2017-2020 (USD Million)
Table 114 Industrial Refrigeration System Market in Row, by Region, 2021-2026 (USD Million)
Table 115 Industrial Refrigeration System Market in Row, by Component, 2017-2020 (USD Million)
Table 116 Industrial Refrigeration System Market in Row, by Component, 2021-2026 (USD Million)
Table 117 Industrial Refrigeration System Market in Row, by Application, 2017-2020 (USD Million)
Figure 54 Refrigerated Warehouses to Hold Largest Share of Industrial Refrigeration System Market in Row During Forecast Period
Table 118 Industrial Refrigeration System Market in Row, by Application, 2021-2026 (USD Million)
9.5.1 South America
9.5.1.1 Brazil to be major contributor to growth of industrial refrigeration system market in South America
9.5.2 Middle East & Africa
9.5.2.1 Growing pharmaceutical industry and increasing consumption of frozen food products and beverages to drive market growth
10 Competitive Landscape
10.1 Overview
Table 119 Overview of Strategies Adopted by Key Industrial Refrigeration System Providers
10.2 Market Share Analysis, 2020
Table 120 Industrial Refrigeration System Market: Degree of Competition
10.3 Revenue Analysis
Figure 55 Revenue Analysis: Top 5 Players
10.4 Company Evaluation Quadrant
10.4.1 Star
10.4.2 Pervasive
10.4.3 Emerging Leader
10.4.4 Participant
Figure 56 Industrial Refrigeration System Market (Global) Competitive Leadership Mapping, 2020
10.5 SME Evaluation Quadrant For Industrial Refrigeration System Market, 2020
10.5.1 Progressive Company
10.5.2 Responsive Company
10.5.3 Dynamic Company
10.5.4 Starting Block
Figure 57 Industrial Refrigeration System Market (Global) Competitive Leadership Mapping, SME Ecosystem, 2020
10.6 Competitive Benchmarking
Table 121 Company Footprint (25 Companies)
Table 122 Company Product Footprint
Table 123 Company Application Footprint
Table 124 Company Region Footprint
10.7 Competitive Situation and Trends
10.7.1 Product Launches and Developments
Table 125 Industrial Refrigeration System Market: Product Launches, March 2018-June 2021
10.7.2 Deals
Table 126 Industrial Refrigeration System Market: Deals, January 2018-June 2021
11 Company Profiles
(Business Overview, Products/solutions/services offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
11.1 Key Players
11.1.1 Johnson Controls
Table 127 Johnson Controls: Business Overview
Figure 58 Johnson Controls: Company Snapshot
Table 128 Johnson Controls: Product/Solutions/Services Offered
Table 129 Johnson Controls: Product Launches
Table 130 Johnson Controls: Deals
Table 131 Johnson Controls: Others
11.1.2 Emerson Electric Co.
Table 132 Emerson: Business Overview
Figure 59 Emerson Electric Co.: Company Snapshot
Table 133 Emerson Electric Co.: Product/Solutions/Services Offered
Table 134 Emerson Electric Co.: Product Launches
Table 135 Emerson Electric Co.: Deals
Table 136 Emerson Electric Co.: Others
11.1.3 Danfoss
Table 137 Danfoss: Business Overview
Figure 60 Danfoss: Company Snapshot
Table 138 Danfoss: Product/Solutions/Services Offered
Table 139 Danfoss: Product Launches
Table 140 Danfoss: Deals
11.1.4 GEA Group Aktiengesellschaft
Table 141 GEA Group Aktiengesellschaft: Business Overview
Figure 61 GEA Group Aktiengesellschaft: Company Snapshot
Table 142 GEA Group Aktiengesellschaft: Product/Solutions/Services Offered
Table 143 GEA Group Aktiengesellschaft: Product Launches
Table 144 GEA Group Aktiengesellschaft: Deals
Table 145 GEA Group Aktiengesellschaft: Others
11.1.5 Mayekawa
Table 146 Mayekawa: Business Overview
Table 147 Mayekawa Mfg. Co., Ltd.: Products/Solutions/Services Offered
Table 148 Mayekawa: Product Launches
Table 149 Mayekawa: Deals
Table 150 Mayekawa: Others
11.1.6 Bitzer
Table 151 Bitzer: Business Overview
Table 152 Bitzer: Products/Solutions/Services Offered
Table 153 Bitzer: Product Launches
Table 154 Bitzer: Deals
Table 155 Bitzer: Others
11.1.7 Baltimore Aircoil Company (Amsted Industries)
Table 156 Baltimore Aircoil Company: Business Overview
Table 157 Baltimore Aircoil Company: Products/Solutions/Services Offered
Table 158 Baltimore Aircoil Company: Product Launches
Table 159 Baltimore Aircoil Company: Deals
11.1.8 Lennox International
Table 160 Lennox International: Business Overview
Figure 62 Lennox International: Company Snapshot
Table 161 Lenox International: Products/Solutions/Services Offered
Table 162 Lennox International: Product Launches
11.1.9 Lu-Ve Group
Table 163 Lu-Ve Group: Business Overview
Figure 63 Lu-Ve Group: Company Snapshot
Table 164 Lu-Ve Group: Products/Solutions/Services Offered
Table 165 Lu-Ve Group: Deals
Table 166 Lu-Ve Group: Others
11.1.10 Daikin
Table 167 Daikin: Business Overview
Figure 64 Daikin: Company Snapshot
Table 168 Daikin: Product/Solutions/Services Offered
Table 169 Daikin: Others
11.2 Other Players
11.2.1 Ingersoll Rand
11.2.2 Hitema International
11.2.3 Srm Italy
11.2.4 Evapco, Inc.
11.2.5 GÜNtner GmbH & Co. Kg
11.2.6 Clauger
11.2.7 Dorin S.P.A
11.2.8 Kobelco
11.2.9 Parker Hannifin
11.2.10 MTA S.P.A.
11.2.11 Frascold
11.2.12 Rivacold
11.2.13 Star Refrigeration
11.2.14 Industrial Frigo
11.2.15 Innovative Refrigeration Systems, Inc.
*Details on Business Overview, Products/solutions/services offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
12 Appendix
12.1 Insights From Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: The Subscription Portal
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details

Companies Mentioned

  • Baltimore Aircoil Company (Amsted Industries)
  • Bitzer
  • Clauger
  • Daikin
  • Danfoss
  • Dorin S.P.A
  • Emerson Electric Co.
  • Evapco, Inc.
  • Frascold
  • GEA Group Aktiengesellschaft
  • GÜNtner GmbH & Co. Kg
  • Hitema International
  • Industrial Frigo
  • Ingersoll Rand
  • Innovative Refrigeration Systems, Inc.
  • Johnson Controls
  • Kobelco
  • Lennox International
  • Lu-Ve Group
  • MTA S.P.A.
  • Mayekawa
  • Parker Hannifin
  • Rivacold
  • Srm Italy
  • Star Refrigeration

Methodology

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Table Information

Report AttributeDetails
No. of Pages257
PublishedSeptember 2021
Forecast Period2021 - 2026
Estimated Market Value ( USD ) in 2021 $ 19.4 Billion
Forecasted Market Value ( USD ) by 2026 $ 25.1 Billion
Compound Annual Growth Rate5.3%
Regions CoveredGlobal
No. of Companies Mentioned25

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