Industrial Refrigeration Systems Market Overview:
Modern industrial processes in the various end-use sectors, such as food and chemical products are controlled by precise processing conditions, and temperature is an important parameter in any process. Industrial refrigeration systems play an important role in maintaining the stability of the overall industrial process and have a direct impact on the quality of the final product. Industrial refrigeration systems consist of three main components: compressors, condensing units and evaporators. The automated systems consist of condenser control, compressor control, oil control, liquid level control and safety systems. Food processing industries are an important part of the global industrial refrigeration market in terms of consumption. In the food industry, it is used for the processing of fruits, vegetables, poultry, fish, meat and dairy products. The temperature in industrial refrigeration systems is mentioned in terms of wet temperature and hot temperature. The temperature of the dry bulb does not consider moisture and other properties of the air, while the temperature of the wet bulb takes these parameters into account.
Industrial Refrigeration System Market Size:
The global industrial refrigeration system market is expected to grow to US$ 33.66 billion by 2025 from US$ 20.02 billion in 2017, growing at a CAGR of 6.8% during the forecast period 2017 to 2025.
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Industrial Refrigeration Systems Market Drivers and restraints:
Extensive applications of industrial refrigeration systems such as food processing, beverage production and chemical production are the main drivers of growth in the global market for industrial refrigeration systems. Industrial refrigeration systems play an important role in maintaining the quality of the final product. It is expected that the growth of the packaged food industry in emerging groups such as the APAC and Latin American developing countries will stimulate the growth of the market for industrial refrigeration systems. It is expected that the increase in investments in infrastructure improvements in the cold chain will boost growth in the global market for industrial refrigeration systems. Environmental regulations for the safe maintenance and use of refrigerants increase the demand for these refrigeration systems.
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Industrial Refrigeration Systems Market Geographic Segmentation:
The global market for industrial refrigeration systems can be divided into seven regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). North America is an important part of the global industrial refrigeration market. It is expected that the demand for refrigeration systems in cold stores will increase during the forecast period in this region. North America is followed by Europe in terms of consumption in the industrial refrigeration market. It is expected that the greater commercialization of refrigeration in transportation and the mature market of meat products and frozen foods in the region contribute significantly to the growth of the industrial refrigeration market in the region. APAC is expected to have a high CAGR during the forecast period due to increased industrialization and urbanization in the region.
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Industrial Refrigeration Systems Market Key Players:
Major prominent players in the global industrial refrigeration systems market include United Technologies Corporation, Ingersoll-Rand PLC., Daikin Industries, Ltd., Baltimore Aircoil Company, Inc., and Lennox International Inc. Other influencing players in the global market include The Danfoss Group, Johnson Controls, Inc., Bitzer Kuhlmaschinenbau GmbH., Mayekawa Mfg. Co. Ltd., Evapco, Inc., LU-VE S.P.A., Emerson Electric Co., and GEA Group AG.
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