Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024 According to the new market research report on the " Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024", published by MarketsandMarketsTM,the report aims at estimating the size and growth potential of the industrial refrigeration system market based on equipment, refrigerant type, industry, and geography. The report also aims at providing detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the industrial refrigeration system market and strategically analyzes micromarkets with respect to individual growth trends, prospects, and contribution to the total market.
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Many end users across the food & beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.
Refrigerated warehouse industry held largest share of industrial refrigeration system market in 2017
Industrial refrigeration systems are most widely used in the refrigerated warehouse industry, which is expected to dominate the market in the near future, closely followed by the fruit & vegetable processing industry. This vertical is dominated by big and established players such as AmeriCold Logistics, Lineage Logistics Holdings, and Swire Cold Storage.
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Major players in this market are Johnson Controls, Inc. (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), Mayekawa Mfg. Co. Ltd. (Japan), BITZER Kuhlmaschinenbau GmbH (Germany), Evapco, Inc. (US), Ingersoll Rand Plc (Ireland), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), LU-VE Group (Italy), Lennox International Inc. (US), and Baltimore Aircoil Company (US).
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Latest information from the US Department of Agriculture, the gross refrigerated storage capacity in the US was 3.6 billion cubic feet on October 1, 2017. California, Washington, Florida, Texas, and Wisconsin are the major contributors (in terms of total refrigerated storage space) in the US. Industrial refrigeration applications in North America are primarily driven by continuously expanding application areas of natural refrigerants, strongly driven by the delisting of high-GWP refrigerants by the US Environmental Protection Agency’s Significant New Alternatives Policy (SNAP) Program, increased stringency in energy efficiency by the US Department of Energy, and technological advancements adhering to the usage of low-GWP refrigeration systems.
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