Industrial Refrigeration System Market with COVID-19 Impact Analysis by Component, Application, Refrigerant Type and Region - Global Forecast to 2026

DUBLIN, Oct. 12, 2021 /PRNewswire/ -- The "Global 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" report has been added to ResearchAndMarkets.com's offering.

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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary
3.1 Realistic Scenario
3.2 Optimistic Scenario
3.3 Pessimistic Scenario

4 Premium Insights
4.1 Attractive Opportunities in Industrial Refrigeration System Market
4.2 Industrial Refrigeration System Market in APAC, by Application and Country
4.3 Industrial Refrigeration System Market, by Component
4.4 Industrial Refrigeration System Market, by Refrigerant Type
4.5 Industrial Refrigeration System Market, by Application
4.6 Regional Analysis of Industrial Refrigeration System Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
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
5.2.1.3 Growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies
5.2.2 Restraints
5.2.2.1 High installation cost and other expenses
5.2.3 Opportunities
5.2.3.1 Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
5.2.3.2 Rising demand for frozen and processed food worldwide
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
5.2.4 Challenges
5.2.4.1 Lack of skilled personnel and safety concerns
5.3 Value Chain Analysis
5.4 Ecosystem/Market Map
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
5.7 List of Key Patents and Innovations
5.8 Trade Data
5.9 Case Studies: Industrial Refrigeration System Market
5.9.1 GEA Group Aktiengesellschaft: Aurivo, (Ireland)
5.9.2 GEA Group Aktiengesellschaft: Kezsky Syrzavod Cheese Factory (Russia)
5.9.3 John Controls: Cranswick Country Foods (UK)
5.9.4 Emerson Electric Co.: Cimco (Canada)
5.10 Porter's Five Forces Analysis
5.11 Policies and Regulatory Landscape

6 Industrial Refrigeration System Market, by Component
6.1 Introduction
6.2 Compressors
6.2.1 Reciprocating Compressors
6.2.1.1 Advantages such as low cost and high efficiency of reciprocating compressors to accelerate market growth
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
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
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
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

7 Industrial Refrigeration System Market, by Refrigerant Type
7.1 Introduction
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
8.2 Refrigerated Warehouses
8.2.1 Growing Demand For Storage of Perishable Or Seasonal Foods at Strategic Locations to Propel Market Growth
8.3 Fruit & Vegetable Processing
8.3.1 Strict Government Regulations For Fruit & Vegetable Processing Industry Provide Opportunities For Industrial Refrigeration System Market Players
8.4 Beverage Processing
8.4.1 Adoption of Ammonia-Based Refrigeration Systems to Accelerate Demand For Industrial Refrigeration Systems in Beverage Applications
8.5 Meat, Poultry, & Fish Processing
8.5.1 Increasing Consumer Demand For Fresh & Protein-Rich Food to Create Market Opportunities
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
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
8.8 Refrigerated Transportation
8.8.1 Rising Demand For Fresh & High-Quality Food/Commodities to Drive Growth of Market
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

10 Competitive Landscape
10.1 Overview
10.2 Market Share Analysis, 2020
10.3 Revenue Analysis
10.4 Company Evaluation Quadrant
10.4.1 Star
10.4.2 Pervasive
10.4.3 Emerging Leader
10.4.4 Participant
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
10.6 Competitive Benchmarking
10.7 Competitive Situation and Trends
10.7.1 Product Launches and Developments
10.7.2 Deals

11 Company Profiles
11.1 Key Players
11.1.1 Johnson Controls
11.1.2 Emerson Electric Co.
11.1.3 Danfoss
11.1.4 GEA Group Aktiengesellschaft
11.1.5 Mayekawa
11.1.6 Bitzer
11.1.7 Baltimore Aircoil Company (Amsted Industries)
11.1.8 Lennox International
11.1.9 Lu-Ve Group
11.1.10 Daikin
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 GUNtner 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.

12 Appendix

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