The Industrial Refrigeration Systems Global Market Report 2023 by The Business Research Company, provides industrial refrigeration systems market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Industrial Refrigeration Systems Global Market Report 2023, the 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global industrial refrigeration system market size is expected to reach $27.89 billion in 2027 at a CAGR of 6.1%.
Growing demand for frozen and processed food is expected to propel the growth of the industrial refrigeration system market going forward. Frozen food refers to food that has been frozen quickly and is maintained frozen until it is used, whereas, processed food refers to a food item that has gone through several mechanical or chemical processes in order to change or preserve it. Industrial refrigeration systems are used in food processing for cooling large amounts of water used in the process
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The industrial refrigeration systems market is segmented:
1) By Component: Compressors, Rotary Screw Compressors, Centrifugal Compressors, Reciprocating Compressors, Diaphragm Compressors, Evaporators, Condensers, Controls
2) By Refrigerant: Ammonia, Carbon Dioxide
3) By Application: Refrigerated Warehouse, Refrigerated Transportation, Beverage Processing, Dairy and Ice cream Processing
Product innovation is the key trend gaining popularity in the industrial refrigeration system market. Major companies operating in the industrial refrigeration system market are focusing on including new environment-friendly refrigerants for their industrial refrigeration system offerings. For instance, in November 2022, the Chemours Company, a US-based chemical company partnered with Bohn de Mexico, a Mexico-based manufacturer of industrial refrigeration equipment technology and launched low global warming potential (GWP) industrial refrigeration solutions. With its new line of BOHN Ecoflex condensing units, Bohn de Mexico use 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). By utilising the network of authorised distributors that Chemours has established and which already provides traditional fluids, the partnership between BOHN and Chemours will also guarantee the availability of replacement products at the various locations where the systems will be placed.
The industrial refrigeration systems market report table of contents includes:
1. Executive Summary
2. Industrial Refrigeration System Market Characteristics
3. Industrial Refrigeration System Market Trends And Strategies
4. Industrial Refrigeration System Market – Macro Economic Scenario
5. Industrial Refrigeration System Market Size And Growth
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26. Africa Industrial Refrigeration System Market
27. Industrial Refrigeration System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Industrial Refrigeration System Market
29. Industrial Refrigeration System Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Johnson Control
- GEA Group Aktiengesellschaft
- Dan Foss
- DAIKIN Industries Ltd
- EVAPCO Inc
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