Industrial Refrigeration System Market Report

Industrial Refrigeration System Market to Witness the Highest Growth in North America Region

The global industrial refrigeration system market is expected to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3%. The rising demand for innovative and compact refrigeration systems is one of the key factors driving the growth of the market. The increasing government support to strengthen the cold chain infrastructure in developing countries, along with the growing adoption of natural refrigerant-based systems due to stringent regulatory policies, is the other factor driving the market growth.

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Compressors to dominate global industrial refrigeration system market during forecast period

Compressors are expected to hold a majority of the global industrial refrigeration system market share in 2019, and the segment is projected to dominate the market during the forecast period. 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. The increasing focus of companies to develop new compressors to meet the diverse needs of customers is expected to drive its market during the forecast period.

CO2 refrigerant-based systems to witness highest CAGR in industrial refrigeration system market during forecast period

The market for CO2 refrigerant-based systems is expected to grow at the highest CAGR during 2019–2025. CO2 refrigerant has excellent thermodynamic properties and high energy efficiency, making it suitable for industrial refrigeration applications. Also, the initial and life cycle costs of CO2 -based refrigeration systems are lower than that of synthetic refrigerant-based systems. Moreover, the rising popularity of CO2 cascade refrigeration systems in various end-user industries would provide lucrative opportunities to the market for CO2 refrigerant-based systems.

North America to hold largest share of industrial refrigeration system market during forecast period

North America is expected to hold the largest share of the industrial refrigeration system market in 2019, and a similar trend is likely to be observed during the forecast period. Ongoing growth in online grocery shopping across North America, coupled with continuously expanding application areas of natural refrigerant-based refrigeration systems, is expected to drive the industrial refrigeration system market in North America. Also, stringent regulations for the processing and supply of perishable food products, coupled with the rising number of refrigerated warehouses with advanced technologies in the region, are expected to facilitate the expansion in imports and exports of perishable products. This, in turn, is expected to propel the demand for industrial refrigeration systems in North America.

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Major players in the industrial refrigeration system market include Johnson Controls (Ireland), Emerson (US), Danfoss (Denmark), GEA (Germany), Mayekawa (Japan), Ingersoll-Rand (Ireland), Daikin (Japan), BITZER (Germany), United Technologies (US), and Evapco (US).