The Industrial Refrigeration Systems Market Is Estimated To Reach 27.89 billion By 2027 At A CAGR Of 6.1% – Industrial Refrigeration Systems Market Report
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Growing demand for frozen and processed foods is likely to boost the industrial refrigeration system market forward in the coming years.
The global industrial refrigeration system market size is expected to grow from $20.53 billion in 2022 to $21.99 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The global industrial refrigeration system market size is expected to reach $27.89 billion in 2027 at a CAGR of 6.1%.
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Global Industrial Refrigeration Systems Market Segments Include:
- By Component: Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Diaphragm Compressors, Evaporators, Condensers, Controls
- By Refrigerant: Ammonia, Carbon Dioxide
- By Application: Refrigerated Warehouse, Refrigerated Transportation, Beverage Processing, Dairy and Ice cream Processing
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global industrial refrigeration systems market in 2021.
Major Market Players in the industrial refrigeration systems market include Johnson Control, GEA Group Aktiengesellschaft, Dan Foss, DAIKIN Industries Ltd, EVAPCO Inc., Bitzer SE, LU-VE S.P.A, Guntner GmbH & Co. KG.
Product innovation is a major trend that is gaining traction in the industrial refrigeration system industry. Major players in the industrial refrigeration system market are working on incorporating new environmentally friendly refrigerants into their product offerings. For example, in November 2022, Chemours business, a chemical business based in the United States, teamed with Bohn de Mexico, a Mexican manufacturer of industrial refrigeration system technology, to launch low global warming potential (GWP) industrial refrigeration solutions. Bohn de Mexico uses the non-ozone depleting (ODP) and low global warming potential (GWP) refrigerants OpteonTM XL20 (R-454 C), OpteonTM XL40 (R-454A) and OpteonTM XL10 (R-1234yf) in their new line of BOHN Ecoflex condensing units. The cooperation will make use of Chemours’ established network of authorised distributors, which already distributes traditional fluids.
The Industrial Refrigeration Systems Global Market Report 2023 provides a industrial refrigeration systems market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial refrigeration systems market forecast analyzes industrial refrigeration systems market size, industrial refrigeration systems market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Industrial refrigeration systems are equipment and accessories designed to remove heat from large operations or large materials, lowering the temperature to a safe level. They are widely used in cold storage, dairy processing, and beverage manufacturing.
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