Industrial Refrigeration Systems Market is Anticipated to Grow US$ 32.65 Bn By 2030

According to the Vision Research Reports, the Global Industrial Refrigeration Systems market size was valued at USD 22.18 billion in 2020 and is projected to reach US$ 32.65 billion by 2030, growing at a CAGR of 8.9% from 2021 to 2030.

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Growth Factors

 The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.

The increasing demand for industrial refrigeration systems is attributed to the rising use of packaged and processed foods and drinks worldwide and the growing need to prevent them from spoilage. Global warming concerns have shifted manufacturers’ focus from harmful coolants to natural refrigerants. Since natural refrigerants are climate-neutral and inexpensive to produce, the demand for natural refrigerant-based equipment has increased significantly, creating numerous growth opportunities for the market.

Rising concerns around global warming have shifted the focus of industrial refrigeration system manufacturers and users from the thermodynamic properties of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Major industrial refrigeration systems players are focused on designing environment-friendly refrigeration systems owing to various benefits they offer, such as cost-effectiveness, lower power consumption, and low toxicity.

Report Coverage

Report Highlights Details
Market Size US$ 32.65 billion by 2030
Growth Rate CAGR of 8.9% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Component, Capacity, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Johnson Controls; Emerson Electric Co.; Danfoss; GEA Group Aktiengesellschaft; MAYEKAWA MFG. CO., LTD.; BITZER Kühlmaschinenbau GmbH; DAIKIN INDUSTRIES, Ltd.; EVAPCO, Inc.; Güntner GmbH & Co. KG; LU-VE S.p.A.

Report Highlights

The compressors segment is anticipated to witness the fastest CAGR of over 10.0% from 2021 to 2030. The growth of the compressors segment is attributed to features such as cost-effectiveness and heavy-duty design that supports longevity and durability.  These forces work as the backbone of most of the operations, such as the push in stamping, air spent in the performance of the machine, and others. The compressors segment is further segmented into the reciprocating, rotary screw, centrifugal, and others. Reciprocating compressors dominated the market with the highest revenue share in 2020.

The compressors segment accounted for the largest revenue share of the overall market in 2020 and is expected to retain its dominance over the forecast period. Key players are also making significant investments in storage cabinets, display cases, coolers, and heat exchangers, which is driving the growth of the other’s segment.

The 500kW-1,000kW capacity segment accounted for a high revenue share of over 40.0% of the overall market in 2020. This cooling capacity range is widely used by the food & beverage industry for storage and processing, especially for perishable and processed products. It is also used by dairy plants to store items for longer periods without spoilage. This medium-level capacity range of 500kW-1,000kW is considered as an optimal cooling environment in industrial plants for preventing large quantities of edible items from spoiling.

The food and beverage segment accounted for the largest revenue share of over 65.0% of the market in 2020 and is expected to continue dominating the market over the forecast period. The rising consumption of packaged food and expansion of retail food chains globally are expected to drive the growth of this segment. Meanwhile, the refrigerated warehouse segment is expected to experience substantial growth over the forecast period due to the rising population and increasing demand for frozen food.

The chemical, petrochemical, and pharmaceutical segment is anticipated to witness the fastest growth, registering a CAGR of over 10.0% from 2021 to 2030. This growth is attributed to the increased demand for sterilizing tissues, samples, and medical devices. Advanced refrigerators are deployed by the chemical industry to maintain the temperature of inorganic- and organic-industrial chemicals, ceramic products, agrochemicals, rubber, and petrochemicals.

North America accounted for the largest revenue share of over 40.0% in 2020 and is expected to experience steady growth over the forecast period. This growth can be attributed to the rapid expansion of online grocery business operations, which has created a demand for refrigerated storage systems to preserve perishable food materials. In addition, clinical trials, and research to diminish the spread of the COVID-19 pandemic across the region are driving the growth of the market in North America.

Key Players

  • Johnson Controls
  • Emerson Electric Co.
  • Danfoss
  • GEA Group Aktiengesellschaft
  • MAYEKAWA MFG. CO., LTD.
  • BITZER Kühlmaschinenbau GmbH
  • DAIKIN INDUSTRIES, Ltd.
  • EVAPCO, Inc.
  • Güntner GmbH & Co. KG
  • LU-VE S.p.A.

Market Segmentation

  • Component
    • Compressors
      • Rotary Screw Compressors
      • Centrifugal Compressors
      • Reciprocating Compressors
      • Other Compressors
    • Condensers
    • Evaporators
    • Controls
    • Others
  • Capacity
    • Less than 100 kW
    • 100-500 kW
    • 500kW-1,000kW
    • 1,000kW-5,000kW
    • More than 5,000 kW
  • Application
    • Refrigerated Warehouse
    • Food & Beverage
    • Chemical, Petrochemical, & Pharmaceutical
    • Refrigerated Transportation
  • Regional
    • North America
      • U.S
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa

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Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Table of Contents

Chapter 1.  Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.  Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.  Executive Summary

3.1.  Market Snapshot

Chapter 4.  Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.    Raw Material Procurement Analysis

4.3.2.    Sales and Distribution Channel Analysis

4.3.3.    Downstream Buyer Analysis

Chapter 5.  Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.    Market Drivers

5.1.2.    Market Restraints

5.1.3.    Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.    Bargaining power of suppliers

5.2.2.    Bargaining power of buyers

5.2.3.    Threat of substitute

5.2.4.    Threat of new entrants

5.2.5.    Degree of competition

Chapter 6.  Competitive Landscape

6.1.1.    Company Market Share/Positioning Analysis

6.1.2.    Key Strategies Adopted by Players

6.1.3.    Vendor Landscape

6.1.3.1.        List of Suppliers

6.1.3.2.        List of Buyers

Chapter 7.  Global Industrial Refrigeration Systems Market, By Component

7.1.  Industrial Refrigeration Systems Market, by Component, 2021-2030

7.1.1.    Compressors

7.1.1.1.        Market Revenue and Forecast (2017-2030)

7.1.2.    Condensers

7.1.2.1.        Market Revenue and Forecast (2017-2030)

7.1.3.    Evaporators

7.1.3.1.        Market Revenue and Forecast (2017-2030)

7.1.4.    Controls

7.1.4.1.        Market Revenue and Forecast (2017-2030)

7.1.5.    Others

7.1.5.1.        Market Revenue and Forecast (2017-2030)

Chapter 8.  Global Industrial Refrigeration Systems Market, By Capacity

8.1.  Industrial Refrigeration Systems Market, by Capacity, 2021-2030

8.1.1.    Less than 100 kW

8.1.1.1.        Market Revenue and Forecast (2017-2030)

8.1.2.    100-500 kW

8.1.2.1.        Market Revenue and Forecast (2017-2030)

8.1.3.    500kW-1,000kW

8.1.3.1.        Market Revenue and Forecast (2017-2030)

8.1.4.    1,000kW-5,000kW

8.1.4.1.        Market Revenue and Forecast (2017-2030)

8.1.5.    More than 5,000 kW

8.1.5.1.        Market Revenue and Forecast (2017-2030)

Chapter 9.  Global Industrial Refrigeration Systems Market, By Application

9.1.  Industrial Refrigeration Systems Market, by Application, 2021-2030

9.1.1.    Refrigerated Warehouse

9.1.1.1.        Market Revenue and Forecast (2017-2030)

9.1.2.    Food & Beverage

9.1.2.1.        Market Revenue and Forecast (2017-2030)

9.1.3.    Chemical, Petrochemical, & Pharmaceutical

9.1.3.1.        Market Revenue and Forecast (2017-2030)

9.1.4.    Refrigerated Transportation

9.1.4.1.        Market Revenue and Forecast (2017-2030)

Chapter 10.      Global Industrial Refrigeration Systems Market, Regional Estimates and Trend Forecast

10.1.        North America

10.1.1.  Market Revenue and Forecast, by Component (2017-2030)

10.1.2.  Market Revenue and Forecast, by Capacity (2017-2030)

10.1.3.  Market Revenue and Forecast, by Application (2017-2030)

10.1.4.  U.S.

10.1.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.1.4.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.1.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.1.5.  Rest of North America

10.1.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.1.5.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.1.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.        Europe

10.2.1.  Market Revenue and Forecast, by Component (2017-2030)

10.2.2.  Market Revenue and Forecast, by Capacity (2017-2030)

10.2.3.  Market Revenue and Forecast, by Application (2017-2030)

10.2.4.  UK

10.2.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.4.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.2.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.5.  Germany

10.2.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.5.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.2.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.6.  France

10.2.6.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.6.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.2.6.3.      Market Revenue and Forecast, by Application (2017-2030)

10.2.7.  Rest of Europe

10.2.7.1.      Market Revenue and Forecast, by Component (2017-2030)

10.2.7.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.2.7.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.        APAC

10.3.1.  Market Revenue and Forecast, by Component (2017-2030)

10.3.2.  Market Revenue and Forecast, by Capacity (2017-2030)

10.3.3.  Market Revenue and Forecast, by Application (2017-2030)

10.3.4.  India

10.3.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.4.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.3.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.5.  China

10.3.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.5.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.3.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.6.  Japan

10.3.6.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.6.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.3.6.3.      Market Revenue and Forecast, by Application (2017-2030)

10.3.7.  Rest of APAC

10.3.7.1.      Market Revenue and Forecast, by Component (2017-2030)

10.3.7.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.3.7.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.        MEA

10.4.1.  Market Revenue and Forecast, by Component (2017-2030)

10.4.2.  Market Revenue and Forecast, by Capacity (2017-2030)

10.4.3.  Market Revenue and Forecast, by Application (2017-2030)

10.4.4.  GCC

10.4.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.4.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.4.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.5.  North Africa

10.4.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.5.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.4.5.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.6.  South Africa

10.4.6.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.6.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.4.6.3.      Market Revenue and Forecast, by Application (2017-2030)

10.4.7.  Rest of MEA

10.4.7.1.      Market Revenue and Forecast, by Component (2017-2030)

10.4.7.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.4.7.3.      Market Revenue and Forecast, by Application (2017-2030)

10.5.        Latin America

10.5.1.  Market Revenue and Forecast, by Component (2017-2030)

10.5.2.  Market Revenue and Forecast, by Capacity (2017-2030)

10.5.3.  Market Revenue and Forecast, by Application (2017-2030)

10.5.4.  Brazil

10.5.4.1.      Market Revenue and Forecast, by Component (2017-2030)

10.5.4.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.5.4.3.      Market Revenue and Forecast, by Application (2017-2030)

10.5.5.  Rest of LATAM

10.5.5.1.      Market Revenue and Forecast, by Component (2017-2030)

10.5.5.2.      Market Revenue and Forecast, by Capacity (2017-2030)

10.5.5.3.      Market Revenue and Forecast, by Application (2017-2030)

Chapter 11.  Company Profiles

11.1.              Johnson Controls

11.1.1.  Company Overview

11.1.2.  Component Offerings

11.1.3.  Financial Performance

11.1.4.  Recent Initiatives

11.2.              Emerson Electric Co.

11.2.1.  Company Overview

11.2.2.  Component Offerings

11.2.3.  Financial Performance

11.2.4.  Recent Initiatives

11.3.              Danfoss

11.3.1.  Company Overview

11.3.2.  Component Offerings

11.3.3.  Financial Performance

11.3.4.  Recent Initiatives

11.4.              GEA Group Aktiengesellschaft

11.4.1.  Company Overview

11.4.2.  Component Offerings

11.4.3.  Financial Performance

11.4.4.  Recent Initiatives

11.5.              MAYEKAWA MFG. CO., LTD.

11.5.1.  Company Overview

11.5.2.  Component Offerings

11.5.3.  Financial Performance

11.5.4.  Recent Initiatives

11.6.              BITZER Kühlmaschinenbau GmbH

11.6.1.  Company Overview

11.6.2.  Component Offerings

11.6.3.  Financial Performance

11.6.4.  Recent Initiatives

11.7.              DAIKIN INDUSTRIES, Ltd.

11.7.1.  Company Overview

11.7.2.  Component Offerings

11.7.3.  Financial Performance

11.7.4.  Recent Initiatives

11.8.              EVAPCO, Inc.

11.8.1.  Company Overview

11.8.2.  Component Offerings

11.8.3.  Financial Performance

11.8.4.  Recent Initiatives

11.9.              Güntner GmbH & Co. KG

11.9.1.  Company Overview

11.9.2.  Component Offerings

11.9.3.  Financial Performance

11.9.4.  Recent Initiatives

11.10.           LU-VE S.p.A.

11.10.1.               Company Overview

11.10.2.               Component Offerings

11.10.3.               Financial Performance

11.10.4.               Recent Initiatives

Chapter 12.  Research Methodology

12.1.              Primary Research

12.2.              Secondary Research

12.3.              Assumptions

Chapter 13.  Appendix

13.1.              About Us

Glossary of Terms

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