Industrial Refrigeration Systems Market Expected to Witness a Sustainable Growth over 2030: Grand View Research Inc.

 Industrial Refrigeration Systems Market Growth & Trends

The global industrial refrigeration systems market size is estimated to reach USD 27.66 billion by 2030, registering a CAGR of 4.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for fast-moving consumer goods and retail food is expected to contribute to expanding the industrial refrigeration system market as there is a need for efficient storage of perishable edible items. Furthermore, governments' initiatives to support and strengthen cold chain infrastructures in developing nations and an increasing trend towards eco-friendly refrigeration systems due to inflexible regulatory policies are influencing factors driving the market growth.

Global warming and climate change have alarmed nations to take the necessary step to curb the crisis. As a result, industrial refrigeration system manufacturing companies have expressed concerns regarding the potential of global warming and ozone depletion of their refrigerants. As a result, companies are focusing on technologies to offer improved cost-effectiveness, lesser toxic refrigerants, lower energy consumption, and less toxic materials. For instance, Danfoss, a prominent manufacturer of industrial refrigeration systems, introduced Coolselector 2 to help them design and optimize their air conditioning and refrigeration systems. System designers, engineers, and consultants can use the software to make optimum use of energy and HVACR systems. The benefits of using CO2 refrigeration systems are recognized worldwide as CO2 has a GWP (Global Warming Potential) of 1. The new update allows you to calculate components from the standpoint of an application for trans critical high-pressure side systems.

As concerns over refrigerants that contribute to global warming increase, alternative industrialized refrigerators are likely to develop. Emerging technology is magnetic refrigeration, which does not use a refrigerant, but liquid heating or cooling and is often water-based. Magnetic refrigeration also tends to be more efficient than conventional refrigeration. Additionally, nanotechnology is being widely tested and tried to optimize refrigeration system performance. The technology integrates the use of nanofluids that have excellent thermodynamic properties. However, more research is required in this field.

The COVID-19 pandemic caused transportation and manufacturing facilities and food production units to shut down. As a result, the sales of these refrigeration systems witnessed significant losses due to lower sales volume. However, vaccines and pharmaceuticals are contributing to the growth of the industrial refrigeration system as there is a global need to establish cold chains to preserve and supply the items in large quantities.

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Industrial Refrigeration Systems Market Report Highlights

• Approximately 57.9% of the market's revenue was generated by the food and beverage segment in 2021. Consumer demand for packaged and processed food is on the rise, which can be attributed to the segment's growth
• Over the next few years, the compressors market is predicted to grow at the highest CAGR of approximately 6.7%. One of the reasons for this growth is the availability of natural refrigerants, which can help compressors increase cooling capacity and reduce global warming
• Asia Pacific is predicted to grow fastest, with a compound annual growth rate (CAGR) of over 5.9% between 2022 and 2030. The cold chain market in the Asia Pacific is expected to grow in response to an increase in cold chain infrastructure adoption

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Industrial Refrigeration Systems Market Segmentation

Grand View Research has segmented the global industrial refrigeration systems market based on component, capacity, application, and region.

Industrial Refrigeration Systems Component Outlook (Revenue, USD Million, 2018 - 2030)

• Compressors
  • Rotary Screw Compressors
  • Centrifugal Compressors
  • Reciprocating Compressors
  • Other Compressors
• Condensers
• Evaporators
• Controls
• Others

Industrial Refrigeration Systems Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Less than 100 kW
• 100-500 kW
• 500kW-1,000kW
• 1,000kW-5,000kW
• More than 5,000 kW

Industrial Refrigeration Systems Application Outlook (Revenue, USD Million, 2018 - 2030)

• Refrigerated Warehouse
• Food & Beverage
• Chemical, Petrochemical, & Pharmaceutical
• Refrigerated Transportation

Industrial Refrigeration Systems Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
• Asia-Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)

List of key players of Industrial Refrigeration Systems market

• 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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.