Global Industrial Refrigeration System Market was valued at USD 20.21 Billion in 2023 and is expected to reach USD 26.96 Billion by the year 2030, at a CAGR of 4.2%.
The industrial refrigeration system market is experiencing notable growth due to increased demand for precise temperature control in various industrial sectors. This market expansion is driven by the need to maintain optimal process conditions, especially in industries like food and chemicals. The industrial refrigeration system plays a crucial role in ensuring process consistency and directly impacting the quality of the final products. Refrigeration's significant function extends beyond industry, contributing to the prolonged preservation of food by preventing microbiological development, slowing chemical reactions, and delaying physical transformations. As awareness of sustainable practices grows, the market for industrial refrigeration systems continues to evolve to meet environmental standards.
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Top Key Players of Industrial Refrigeration System Market:
Star Refrigeration (Scotland) Daikin Industries Ltd. (Japan) Emerson Electric Co. (US) Danfoss A/S (Denmark) GEA Group Aktiengesellschaft (Germany) Danfoss (Denmark) Mayekawa (Japan) Daikin (Japan) Ingersoll Rand (Ireland) EVAPCO Inc. (the US) Johnson Controls (Ireland) LU-VE Group (Italy) MTA S.p.A. (Italy) Frascold (Italy) HITEMA INTERNATIONAL (Italy) Güntner GmbH & Co. KG (Germany) KOBELCO (Japan) Innovative Refrigeration Systems (US) Parker Hannifin (US) Lennox International (US) Clauger (France) Rivacold (Italy) Dorin S.p.A. (Italy) Industrial Frigo (Lombardy) BITZER Kuhlmaschinenbau GmbH (Germany) Carnot Refrigeration (Canada) SRM Italy (Italy) Mayekawa Mfg. Co. Ltd. (Japan) Baltimore Aircoil Company (US) and others major key players.
Industrial Refrigeration System Market Segmentation:
By Component
- Compressor
- Condenser
- Evaporator
- Expansion Valves
- Others
In 2022, the compressor segment dominated the global industrial refrigeration market, primarily attributed to its substantial market share. This can be attributed to the high-pressure capabilities of up to 30,000 PSI and the energy efficiency demonstrated by compressors. Compressors serve a vital function by elevating the vapor pressure of refrigerants in a condenser, contributing significantly to temperature control for the storage of products and various preservatives.
By Application
- Food & Beverage
- Petrochemicals & Pharmaceuticals
- Electricity Production
- Refrigerated Warehouse
- Refrigerated Transportation
- Others
By Refrigerant Type
- Ammonia
- Hydrofluorocarbon (HFC)
- Carbon Dioxide
- Others
The ammonia segment held the largest market share of the global industrial refrigeration market by refrigerant type in 2022, due to the increase in the use of natural refrigeration which is less harmful to the environment.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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Market Scope of Industrial Refrigeration System Market:
- The Industrial Refrigeration System market encompasses sectors like food and chemicals, demanding precise temperature control.
- The compressor segment dominated the global market in 2022, primarily due to its superior market share, driven by high-pressure capabilities and energy-efficient performance.
- Compressors are essential in elevating the vapor pressure of refrigerants in a condenser, crucial for maintaining storage temperatures for products and preservatives.
- The role of compressors is crucial in controlling temperatures for storing products and various preservatives.
- The prevailing position of the compressor segment in the market is due to its energy-efficient performance and impressive high-pressure capabilities reaching up to 30,000 PSI.
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