(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Industrial Refrigeration System Market by Equipment Type (Compressors, Condensers, Evaporators, Controls, and Others), by Refrigerant Type (Ammonia, Carbon Dioxide, HFC, and Others), by End-User Industry (Food & Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global industrial refrigeration system market was USD 18.58 billion in 2018 and is expected to reach USD 25.63 billion by 2025, at a CAGR of 4.7% between 2019 and 2025.
Industrial refrigeration systems are basically installed at large freezing and refrigeration plants across various industries, such as cold storage, food and beverage processing, chemical, etc. Refrigeration systems are widely applied in warehouses to decrease temperatures and prevent food products from spoiling. The global industrial refrigeration system market is projected to grow notably over the forecast time period, owing to the increasing application of refrigeration systems in various end-user industries. Moreover, the flourishing food and beverage industry across the globe is further propelling the industrial refrigeration system market growth. Furthermore, rapid market growth is also observed due to rapid urbanization and industrialization in emerging countries like China and India. However, the high installation costs of refrigeration systems may restrain the market growth in the years ahead. Conversely, increasing innovation in refrigeration systems to improve their efficiency is likely to enhance the industrial refrigeration system market globally in the future.
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The global industrial refrigeration system market is classified based on the equipment type, refrigerant type, and end-user industry. The equipment type segment includes compressors, condensers, evaporators, controls, and others. In 2018, the compressors segment dominated the global market due to the rising compressors demand in various industries like food and beverage, chemical, etc. By refrigerant type, the market includes ammonia, carbon dioxide, HFC, and others. The carbon dioxide segment is projected to register the highest CAGR in the forecast timeline, owing to the increasing use of carbon dioxide in the food and beverage sector. By end-user industry, the global industrial refrigeration system market includes food and beverage, refrigerated warehouse, chemicals, petrochemicals, pharmaceuticals, refrigerated transportation, and others. The food and beverage segment dominated the industrial refrigeration system market globally in 2018. The growing population has increased the consumption of food products, which has boosted the demand for refrigeration system in the food and beverage industry.
By region, North America was the largest contributing region in the global industrial refrigeration system market in 2018. This can be attributed to the growing applications of industrial refrigeration systems in refrigerated warehouses. The Asia Pacific industrial refrigeration system market is estimated to be the fastest growing regional market in the years ahead, owing to the rising application of refrigeration system in the chemical industry and rising urbanization.
Some major manufacturers of the global industrial refrigeration system market are Johnson Controls, LU-VE, Ingersoll-Rand, The Danfoss Group, Daikin Industries, Baltimore Aircoil Company, Lennox International, United Technologies Corporation, Bitzer Kuhlmaschinenbau, Mayekawa Mfg., Emerson Electric, Evapco, and GEA Group.
This report segments the global industrial refrigeration system market into:
Global Industrial Refrigeration System Market: Equipment Type Analysis
- Compressors
- Condensers
- Evaporators
- Controls
- Others
Global Industrial Refrigeration System Market: Refrigerant Type Analysis
- Ammonia
- Carbon Dioxide
- HFC
- Others
Global Industrial Refrigeration System Market: End-User Industry Analysis
- Food and Beverage
- Refrigerated Warehouse
- Chemical
- Petrochemical
- Pharmaceutical
- Refrigerated Transportation
- Others
Global Industrial Refrigeration System Market: Regional Analysis
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- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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