According to the report, global demand for industrial refrigeration equipment market was valued at USD 24.0 Billion in 2015 and is expected to generate revenue of USD 36.25 Billion by end of 2021, growing at a CAGR of slightly above 7.0%between 2016 and 2021. Zion Market Research has published a new report titled “Industrial Refrigeration Equipment (Compressors, Evaporators Unit, Industrial Racks, Heat Exchangers and Others) Market for Food Production and Processing, Beverage Production, Chemicals & Pharmaceuticals, Energy (Gas Production), Logistics (Storage – Warehouses) and Petro-Chemicals Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”.
Refrigeration systems, thermal panels, and coil & condensers are the key types of industrial refrigeration. Industrial refrigeration equipment is widely used in food & beverage production, cold storage, warehousing, chemical, and pharmaceutical industry, which requires temperature-controlled handling of raw materials and in-process materials. Moreover, Refrigeration is also used in another application such as industrial freezers, cryogenics, household refrigerators, and air conditioning.
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Growing demand for refrigerant is expected to be the major driver for the global industrial refrigeration equipment market. Changing food habits and improved international trade of food products is expected to support the industrial refrigeration equipment market growth in the near future. However, the fragmented supply chain of food & beverages processing industries in developing countries may hamper the growth of this market during the forecast period. Nonetheless, variable refrigerant flow systems are expected to open new avenues for the market growth over the next few years.
The industrial refrigeration equipment market is segmented on the basis of different products including compressors, evaporators unit, industrial racks, heat exchangers and others. In 2015, the compressor was the largest segment in industrial refrigeration equipment market and accounted for largest share of the total market. Compressor segment followed by industrial racks, Evaporator unit, and heat exchanger was another key outlet for industrial refrigeration equipment market in 2015. Evaporator unit, industrial racks, and compressor jointly accounted for over 62% share of the global industrial refrigeration market in 2015. Industrial racks are expected to witness fastest growing segment in the coming years. The heat exchanger segment is estimated to grow moderate rate during the forecast period owing to the cost advantage.
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Key application segments of industrial refrigeration equipment market include food production and processing, beverage production, chemicals &pharmaceuticals, energy (gas production), logistics (storage – warehouses) and petro-chemicals. Food production and processing sector were leading segment in industrial refrigeration equipment market and it accounted for over 24% market share of the total market in 2015. Food production and processing sector followed by chemicals &pharmaceuticals, beverage production, energy segment is also expected to show strong growth in the coming years.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of the global industrial refrigeration equipment market. Demand for industrial refrigeration equipment was highest in Asia-Pacific. Moreover, Latin America and emerging countries have also shown promising growth during the past few years. Rapid growth of the food processing industry, coupled with the expansion of refrigerated warehouses in developing countries is expected to improve the demand for industrial refrigeration during the forecast period. The European industrial refrigeration equipment market is expected to grow at a sluggish rate in the next few years.
Some of the key players in industrial refrigeration equipment market includes Daikin, Danfoss, GEA Group, Johnson Controls, Trane, Dover, AHT Cooling Systems, Star Refrigeration Ltd., GEA Group AG, Mayekawa Mfg. Co., Ltd., Vilter Manufacturing, LLC, DE RIGO Refrigeration S.R.L.