Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Industrial Refrigeration Systems market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Industrial Refrigeration Systems Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global industrial refrigeration systems market size was US$ 2,051.1 million in 2021. The global industrial refrigeration systems market is forecast to grow to US$ 3,811.2 million by 2030 by registering a compound annual growth rate (CAGR) of 7.9% during the forecast period 2022-2030.
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COVID-19 Impact Analysis
The COVID-19 disease outbreak has positively influenced the industrial refrigeration systems market. It is due to the significant rise in the requirement for huge quantities of vaccines, which required refrigeration systems. The United States Centers for Disease Control and Prevention (CDC) have published detailed recommendations for vaccine storage, advising the use of pharmaceutical-grade or custom-made freezers or refrigerators. As a result, it positively affected the industrial refrigeration systems market.
Regional Analysis
North America is forecast to hold dominance in the industrial refrigeration systems market due to the rising expansion of online grocery business operations. Apart from that, refrigerated storage systems are widely used in the region to keep perishable food materials fresh and save their nutritional value. Moreover, the growing number of clinical trials and research to slow the spread of the COVID-19 effect in the region is forecast to bring ample growth opportunities for the industrial refrigeration systems market during the study period.
The Asia-Pacific industrial refrigeration systems market will also record potential growth due to the rising demand for cold storage infrastructure in countries like China, India, and Japan. Apart from that, growing initiatives by government bodies to support the expansion of cold storage infrastructure are expected to drive the growth of the industrial refrigeration systems market during the forecast period.
Factors Influencing the Market
The requirement for huge quantities of vaccine preservation in order to stop the virus’s spread will lead to an increase in the deployment of refrigerated transportation systems. Apart from that, the rising pharmaceutical sector and the growing number of clinical trials are expected to bring untapped growth opportunities for the market.
The market may also witness lucrative growth opportunities due to the growing share of global online grocery sales. Moreover, cold chains are expected to play a crucial role in the post-harvest industry by aiding in the reduction of harvest spoilage and catering to the demands of the population. Thus, the use of technologies such as absorption refrigerators and passive/evaporator coolers are expected to escalate in the coming years.
Excessive heat and high temperatures will also upsurge the demand for industrial refrigeration systems. On the flip side, the high cost of refrigeration and negative environmental effects may limit the growth of the industrial refrigeration systems market during the study period.
Competitors in the Market
• Johnson Controls
• Emerson Electric Co.
• Danfoss
• Mayekawa Mfg. Co., Ltd
• Bitzer Kühlmaschinenbau GmbH
• Evapco, Inc
• Güntner GmbH & Co. KG
• LU-VE S.p.A
• Ingersoll Rand plc
• United Technologies Corporation
• GEA Group
• Daikin Industries Ltd
• Dover Corporation
• Baltimore Aircoil
• Lennox International
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Industrial Refrigeration Systems industry experienced notable growth in its workforce. Starting in January, employment within the Industrial Refrigeration Systems sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Industrial Refrigeration Systems output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Industrial Refrigeration Systems output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Industrial Refrigeration Systems market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Industrial Refrigeration Systems market.
Market Segmentation
The global industrial refrigeration systems market segmentation focuses on Component, Capacity, Application, Refrigerant, and Region.
By Component Outlook
• Compressors
· Rotary Screw Compressors
· Centrifugal Compressors
· Reciprocating Compressors
• Other Compressors
· Condensers
· Evaporators
· Controls
· Others
By Capacity Outlook
• Less than 100 kW
• 100-500 kW
• 500kW-1,000 kW
• 1,000kW-5,000 kW
• More than 5,000 kW
By Application Outlook
• Refrigerated Warehouse
• Food & Beverage
• Chemical, Petrochemical, & Pharmaceutical
• Refrigerated Transportation
By Refrigerant Outlook
• Ammonia
• CO2
• HFC
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Industrial Refrigeration Systems Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Industrial Refrigeration Systems Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Industrial Refrigeration Systems Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Industrial Refrigeration Systems Market Size (2023-2032)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Industrial Refrigeration Systems market revenues, extending projections until 2032. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Industrial Refrigeration Systems market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Industrial Refrigeration Systems business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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