The industrial refrigeration system market was valued at US$ 20.02 billion in 2017 and is projected to reach US$ 33.66 billion by 2025; it is expected to grow at a CAGR of 6.8% during 2018–2025.
The importance of refrigerant systems in industries such as food processing and storing, chemicals and pharmaceuticals, oil & gas and transportation industry globally has gained prominence over the years. This has led the manufacturers to continuously innovate and design technologically advanced refrigeration systems which marked a significant influence on the end users. Innovations in the field of refrigerants have witnessed several alternatives and up gradations like HFC to Ammonia and then Ammonia to CO2 and again Ammonia (NH3) and CO2 cascade. The HFC used to be the most prominent refrigerant, however, owing to the disadvantages like high ODP (Ozone Depletion Potential) and high GWP (Global Warming Potential), highly inflammable characteristics and toxic nature compelled the manufacturers to replace the refrigerant with Ammonia (NH3). The refrigeration system with Ammonia has gained substantial popularity in the market owing to three distinctive advantages such as natural occurrence and thus is an environment-friendly gas, possesses extreme thermodynamic capabilities and require minimum heat transfer areas which facilitates the manufacturers to use smaller pipelines. In addition, NH3 gas is 15% - 20% more efficient than the traditional HFC refrigerants. However, due to the hygroscopic nature of the gas, it evaporates easily and migrates to the environment which causes hazardous consequences to human as well as machinery in the vicinity due to the toxicity of the gas. Another disadvantage of Ammonia vapors is the inflammable capability when contaminated with lubricating oil from the machinery. In the current scenario, the manufacturers of Industrial Refrigeration System are using carbon dioxide CO2 individually as well as cascading CO2 and NH3 as the refrigerants. The CO2 is easily available and is much cheaper as compared to its counterparts, which helps the manufacturers to reduce the upfront cost of the final product and also increase the operational efficiency of the system. In addition, the cascade of CO2 and NH3 possesses much more efficiency in refrigeration, and also saves huge amounts of energy, thereby helping the end user to reduce their operating costs. These trends are being observed among the global industrial refrigeration system manufacturers, which is heavily impacting on the growth of the system presently.
The future of market for industrial refrigeration system market is promising, as the research centers are continually innovating new technologies and researching on replacing traditional refrigerants in order to enhance the technicalities of the machinery and to reduce environmental hazards. As a result, technologically enriched sensors systems are being developed and integrated, which is expected to attract the significant number of industries in the coming years.
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Industrial Refrigeration System Market: Strategic Insights
Market Size Value in US$ 20.02 Billion in 2017 Market Size Value by US$ 33.66 Billion by 2025 Growth rate CAGR of 6.8% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Industrial Refrigeration System Market: Strategic Insights
| Market Size Value in | US$ 20.02 Billion in 2017 |
| Market Size Value by | US$ 33.66 Billion by 2025 |
| Growth rate | CAGR of 6.8% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Market Insights–Industrial Refrigeration System Market
Rising Demand for Packaged Food Storage Capabilities
The trend of consuming packaged foods has increased significantly in the recent years globally, with special marks in North America, and Asia Pacific regions. The consumption of packaged food or frozen food products have grown 50% over the past decade in the US. The consumers in the North American countries are more concerned about the changing lifestyle, consumption convenience, and also health awareness. These factors are catalyzing the demand for packaged foods globally. Packaged foods industry has outperformed in the North America region in recent years, owing to the rapid increase in consumption of savoury and dairy products, confectionery products and others products. Another food product that is catalyzing the demand for packaged food is the meat. The Food and Drug Administration (FDA), the United States under the act Federal Food, Drug and Cosmetic Act (FFDCA) work closely with these food packaging companies in order to deliver the best quality packages. The FDA also implements several rules to omit the unhygienic or unhealthy substances from packaging. Pertaining to the benefit of permission from the US Government, the procurement of packaged foods have increased in the region. The increase in consumption of packaged foods has also grown in the recent times attributing to the substantial increase in retail stores and departmental stores in the region. Owing to the increasing trend of packaged food consumption, several companies are emerging along with well-established companies in the region. The growth of food packaging companies in the region has simultaneously led the region to witness the growth of industrial refrigerators. This is due to the fact that, these industrial refrigerators are capable of maintaining temperatures that vary widely. In addition to temperature variation, these industrial refrigerators use Ammonia and CO2 in their volatile form or cascade form as the cooling agent or refrigerants, which is energy efficient and combination enhances the safety of the food production as well as food packaging and storing areas. Moreover, these packaged foods are also stored in cold storages for longer times with an objective to maintain the freshness of the packaging, which also demands industrial refrigerators in order to maintain the desired temperature for respective food items. Thus, the packaged processing and packaging, as well as storage capabilities, are the major factors triggering the growth of the market for industrial refrigerators in the current scenario.
Refrigerant Type Segment Insights
Based on refrigerant type, the industrial refrigeration system market is segmented into CO2, HFC, and ammonia. Global warming and the changing environmental conditions and the allied governing body regulations play a significant role in the functioning of the industrial refrigeration system market. The refrigerant choice has witnessed gradual changes in the adoptions over the years owing to various compliance demands across the world. Ammonia, and Hydrocarbons were the first choice refrigerant used in this industry until few years back.
Equipment Segment Insights
Based on equipment, the industrial refrigeration system market is bifurcated into compressor, condenser, evaporator, and others. The industrial refrigeration system market is consisting of vital components that are critical for their smooth functioning. Compressors, Condensers, Evaporators, and other smaller components comprise of the industrial refrigeration system.
Application Segment Insights
Based on application, the industrial refrigeration system market is bifurcated into food processing, chemicals & pharmaceuticals and refrigerated logistics. The food processing industries contributed the maximum revenue shares in 2017 in the region, pertaining to the rapid surging demand for frozen foods, chilled-ready meats, confectioneries, breweries, and liquid milk processing among the North American mass. The US is one of the largest consumers of packaged foods and frozen food followed by developed countries in the Europe. Also, other regions of the world such as Middle East, and the developing economies of APAC exhibit changing patterns in the demand of packaged food and food products.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
2018: GEA Group signed a EUR 150 million loan agreement running until 2025 with the European Investment Bank (EIB) to finance its research, development and innovation spending.
2018: Carnot Refrigeration entered into a distribution agreement with Emergent Cold Technologies. Under this agreement Emergent Cold will deliver Carnot Refrigeration's CO2 systems to its customers present in several US regions.
2017: EVAPCO, Inc. announced its plan to expand its manufacturing facility in Taneytown by investing US$ 15 Mn.
Industrial Refrigeration System Market Report Scope
Industrial Refrigeration System Market Report Scope
Industrial Refrigeration System Market – By Refrigerant Type
- CO2
- HFC
- Ammonia (NH3)
Industrial Refrigeration System Market – By Equipment
- Compressor
- Condenser
- Evaporator
- Others
Industrial Refrigeration System Market – By Application
- Food Processing
- Chemicals & Pharmaceuticals
- Oil & Gas
- Refrigerated Logistics
Industrial Refrigeration System Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Industrial Refrigeration System Market – Companies Profiles
- Carnot Refrigeration
- Emerson Electric Co.
- United Technologies Corporation
- Innovative Refrigeration Systems, Inc.
- Johnson Controls, International Plc.
- Ingersoll-Rand PLC
- Evapco, Inc.
- GEA Group AG
- Hussmann Corporation
- Dover Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Refrigerant Type ; Equipment ; and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
TABLE OF CONTENTS
1. INTRODUCTION 15
1.1 SCOPE OF THE STUDY 15
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 16
2. KEY TAKEAWAYS 18
3. INDUSTRIAL REFRIGERATION SYSTEM MARKET LANDSCAPE 20
3.1 MARKET OVERVIEW 20
3.2 MARKET SEGMENTATION 21
3.2.1 Global Industrial Refrigeration System Market – By Refrigerant Type 22
3.2.2 Global Industrial Refrigeration System Market – By Equipment 22
3.2.3 Global Industrial Refrigeration System Market – By Application 22
3.2.4 Global Industrial Refrigeration System Market – By Geography 23
3.3 PEST ANALYSIS 24
3.3.1 North America PEST Analysis 24
3.3.2 Europe – PEST Analysis 26
3.3.3 Asia Pacific – PEST Analysis 28
3.3.4 South America- PEST Analysis 32
4. INDUSTRIAL REFRIGERATION SYSTEM MARKET – KEY INDUSTRY DYNAMICS 34
4.1 KEY MARKET DRIVERS 34
4.1.1 Rising Demand for Packaged Food Storage Capabilities Is Triggering the Market 34
4.1.2 Growing Pharmaceutical Industry in North America and Europe 34
4.2 KEY MARKET RESTRAINTS 35
4.2.1 Harmful Effects of Ammonia and Lack of Skilled Personnel 35
4.3 KEY MARKET OPPORTUNITIES 36
4.3.1 Combination of CO2 and Ammonia (NH3) as Refrigerant 36
4.4 FUTURE TRENDS 36
4.4.1 Significant Technological Innovations is Expected to Influence the End Users 36
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 37
5. INDUSTRIAL REFRIGERATION SYSTEM – GLOBAL MARKET ANALYSIS 38
5.1 GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET OVERVIEW 38
5.2 GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET FORECAST AND ANALYSIS 39
6. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET ANALYSIS – BY REFRIGERANT TYPE 41
6.1 OVERVIEW 41
6.2 GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN, BY REFRIGERANT TYPE, 2017 & 2025 41
6.3 CO2 MARKET 42
6.3.1 Overview 42
6.3.2 CO2 Market Forecasts and Analysis 42
6.4 HFC MARKET 44
6.4.1 Overview 44
6.4.2 HFC Market Forecasts and Analysis 44
6.5 AMMONIA (NH3) MARKET 45
6.5.1 Overview 45
6.5.2 Ammonia Market Forecasts and Analysis 45
7. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET ANALYSIS - EQUIPMENT 47
7.1 OVERVIEW 47
7.2 GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN, BY EQUIPMENT, 2017 & 2025 47
7.3 COMPRESSOR MARKET 48
7.3.1 Overview 48
7.3.2 Compressor Market Forecasts and Analysis 48
7.4 CONDENSER MARKET 49
7.4.1 Overview 49
7.4.2 Condenser Market Forecasts and Analysis 49
7.5 EVAPORATOR MARKET 50
7.5.1 Overview 50
7.5.2 Evaporator Market Forecasts and Analysis 50
7.6 OTHERS MARKET 51
7.6.1 Overview 51
7.6.2 Others Market Forecasts and Analysis 51
8. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET ANALYSIS– APPLICATION 52
8.1 OVERVIEW 52
8.2 GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN, BY APPLICATION, 2017 & 2025 52
8.3 FOOD PROCESSING MARKET 53
8.3.1 Overview 53
8.3.2 Food Processing Market Forecasts and Analysis 53
8.4 CHEMICAL & PHARMACEUTICAL MARKET 54
8.4.1 Overview 54
8.4.2 Chemical & Pharmaceutical Market Forecasts and Analysis 54
8.5 OIL & GAS MARKET 55
8.5.1 Overview 55
8.5.2 Oil & Gas Market Forecasts and Analysis 55
8.6 REFRIGERATED LOGISTICS MARKET 56
8.6.1 Overview 56
8.6.2 Refrigerated Logistics Market Forecasts and Analysis 56
9. INDUSTRIAL REFRIGERATION SYSTEM MARKET – GEOGRAPHICAL ANALYSIS 57
9.1 OVERVIEW 57
9.2 NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 58
9.2.1 Overview 58
9.2.2 North America Industrial Refrigeration System Market Breakdown by Key Countries 59
9.2.2.1 U.S. Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 60
9.2.2.2 Canada Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 61
9.2.2.3 Mexico Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 62
9.2.3 North America Industrial Refrigeration System Market Breakdown by Refrigerant Type, 2017 & 2025 62
9.2.4 North America Industrial Refrigeration System Market Breakdown by Equipment, 2017 & 2025 63
9.2.5 North America Industrial Refrigeration System Market Breakdown by Application 64
9.3 EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 66
9.3.1 Overview 66
9.3.2 Europe Industrial Refrigeration System Market Breakdown by Key Countries 67
9.3.2.1 France Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 68
9.3.2.2 Germany Industrial Refrigeration System Market Revenue and Forecast to 2025 (US$ Mn) 69
9.3.2.3 Italy Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 70
9.3.2.4 U.K Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 71
9.3.2.5 Spain Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 72
9.3.2.6 Rest of Europe Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 73
9.3.3 Europe Industrial Refrigeration System Market Breakdown by Refrigerant Type 73
9.3.4 Europe Industrial Refrigeration System Market Breakdown by Equipment 74
9.3.5 Europe Industrial Refrigeration System Market Breakdown by Application 75
9.4 APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 77
9.4.1 Overview 77
9.4.2 APAC Industrial Refrigeration System Market Breakdown by Key Countries 78
9.4.2.1 Australia Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 78
9.4.2.2 China Industrial Refrigeration System Market Revenue and Forecast to 2025 (US$ Mn) 79
9.4.2.3 India Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 81
9.4.2.4 Japan Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 82
9.4.2.5 Rest of APAC Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 83
9.4.3 APAC Industrial Refrigeration System Market Breakdown by Refrigerant Type 84
9.4.4 APAC Industrial Refrigeration System Market Breakdown by Equipment 85
9.4.5 APAC Industrial Refrigeration System Market Breakdown by Application 86
9.5 MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 87
9.5.1 Overview 87
9.5.2 Middle East and Africa Industrial Refrigeration System Market Breakdown by Key Countries 88
9.5.2.1 South Africa Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 89
9.5.2.2 1.3.2.2 Saudi Arabia Industrial Refrigeration System Market Revenue and Forecast to 2025 (US$ Mn) 90
9.5.2.3 UAE Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 91
9.5.2.4 Rest of MEA Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 92
9.5.3 Middle East and Africa Industrial Refrigeration System Market Breakdown by Refrigerant Type 93
9.5.4 Middle East and Africa Industrial Refrigeration System Market Breakdown by Equipment 94
9.5.5 Middle East and Africa Industrial Refrigeration System Market Breakdown by Application 95
9.6 SOUTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 96
9.6.1 Overview 96
9.6.2 SAM Industrial Refrigeration System Market Breakdown by Key Countries 97
9.6.2.1 Brazil Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 97
9.6.2.2 Rest of SAM Industrial Refrigeration System Market Revenue and Forecasts to 2025 (US$ Mn) 98
9.6.3 SAM Industrial Refrigeration System Market Breakdown by Refrigerant Type 98
9.6.4 SAM Industrial Refrigeration System Market Breakdown by Equipment 99
9.6.5 SAM Industrial Refrigeration System Market Breakdown by Application 100
10. INDUSTRY LANDSCAPE 102
10.1 OVERVIEW 102
10.2 MARKET INITIATIVE 103
10.3 MERGER AND ACQUISITION 103
10.4 NEW PRODUCT DEVELOPMENT 104
11. COMPETITIVE LANDSCAPE 105
11.1 COMPETITIVE PRODUCT MAPPING 105
11.2 MARKET POSITIONING – NORTH AMERICA TOP 5 PLAYERS RANKING 106
12. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM – COMPANY PROFILES 107
12.1 JOHNSON CONTROLS 107
12.1.1 Key Facts 107
12.1.2 Business Description 107
12.1.3 Financial Overview 108
12.1.4 SWOT Analysis 108
12.1.5 Key Developments 110
12.2 UNITED TECHNOLOGIES CORPORATION 111
12.2.1 Key Facts 111
12.2.2 Business Description 111
12.2.3 Financial Overview 112
12.2.4 SWOT Analysis 112
12.2.5 Key Developments 113
12.3 INGERSOLL-RAND PLC 114
12.3.1 Key Facts 114
12.3.2 Business Description 114
12.3.3 Financial Overview 115
12.3.4 SWOT Analysis 115
12.3.5 Key Developments 116
12.4 EMERSON ELECTRIC CO. 117
12.4.1 Key Facts 117
12.4.2 Business Description 117
12.4.3 Financial Overview 118
12.4.4 SWOT Analysis 118
12.4.5 Key Developments 120
12.5 GEA GROUP 121
12.5.1 Key Facts 121
12.5.2 Business Description 121
12.5.3 Financial Overview 122
12.5.4 SWOT Analysis 122
12.5.5 Key Developments 124
12.6 DOVER CORPORATION 125
12.6.1 Key Facts 125
12.6.2 Business Description 125
12.6.3 Financial Overview 126
12.6.4 SWOT Analysis 126
12.6.5 Key Developments 128
12.7 HUSSMANN CORPORATION 129
12.7.1 Key Facts 129
12.7.2 Business Description 129
12.7.3 Financial Overview 129
12.7.4 SWOT Analysis 130
12.7.5 Key Developments 131
12.8 EVAPCO, INC. 132
12.8.1 Key Facts 132
12.8.2 Business Description 132
12.8.3 Financial Overview 132
12.8.4 SWOT Analysis 133
12.8.5 Key Developments 134
12.9 CARNOT REFRIGETATION 135
12.9.1 Key Facts 135
12.9.2 Business Description 135
12.9.3 Financial Overview 135
12.9.4 SWOT Analysis 136
12.9.5 Key Developments 137
12.10 INNOVATIVE REFRIGERATION SYSTEMS, INC. 138
12.10.1 Key Facts 138
12.10.2 Business Description 138
12.10.3 Financial Overview 138
12.10.4 SWOT Analysis 139
12.10.5 Key Developments 140
13. APPENDIX 141
13.1 ABOUT THE INSIGHT PARTNERS 141
13.2 GLOSSARY OF TERMS 141
13.3 METHODOLOGY 142
13.3.1 Coverage 142
13.3.2 Secondary Research 142
13.3.3 Primary Research 143
LIST OF TABLES
TABLE 1. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 40
TABLE 2. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY REFRIGERANT TYPE (US$ MN) 63
TABLE 3. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY EQUIPMENT (US$ MN) 64
TABLE 4. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 65
TABLE 5. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY REFRIGERANT TYPE (US$ MN) 74
TABLE 6. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY EQUIPMENT (US$ MN) 75
TABLE 7. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 75
TABLE 8. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY REFRIGERANT TYPE (US$ MN) 84
TABLE 9. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY EQUIPMENT (US$ MN) 85
TABLE 10. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 86
TABLE 11. MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY REFRIGERANT TYPE (US$ MN) 93
TABLE 12. MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY EQUIPMENT (US$ MN) 94
TABLE 13. MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 95
TABLE 14. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY REFRIGERANT TYPE (US$ MN) 99
TABLE 15. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY EQUIPMENT (US$ MN) 100
TABLE 16. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 – BY APPLICATION (US$ MN) 101
TABLE 17. GLOSSARY OF TERM: INDUSTRIAL REFRIGERATION SYSTEMS MARKET 141
LIST OF FIGURES
FIGURE 1. GLOBAL INDUSTRIAL REFRIGERATION SYSTEMS MARKET – SCOPE (MARKET SHARE, %) 15
FIGURE 2. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY END USER , 2018 & 2025 (US$ MN) 18
FIGURE 3. APAC INDUSTRIAL REFRIGENT SYSTEMS MARKET, CO2 (US$ MN), 2017 & 2025 19
FIGURE 4. INDUSTRIAL REFRIGERATION SYSTEM MARKET SEGMENTATION 21
FIGURE 5. INDUSTRIAL REFRIGERATION SYSTEM MARKET SEGMENTATION - GEOGRAPHIC 22
FIGURE 6. NORTH AMERICA – PEST ANALYSIS 24
FIGURE 7. EUROPE – PEST ANALYSIS 26
FIGURE 8. ASIA PACIFIC – PEST ANALYSIS 28
FIGURE 9. MIDDLE EAST AND AFRICA – PEST ANALYSIS 30
FIGURE 10. SOUTH AMERICA – PEST ANALYSIS 32
FIGURE 11. INDUSTRIAL REFRIGERATION SYSTEM MARKET IMPACT ANALYSIS OF DRIVER AND RESTRAINTS 37
FIGURE 12. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET 38
FIGURE 13. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET FORECAST AND ANALYSIS 39
FIGURE 14. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN, BY REFRIGERANT TYPE, 2017 & 2025 (%) 42
FIGURE 15. GLOBAL CO2 MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 43
FIGURE 16. GLOBAL HFC MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 44
FIGURE 17. GLOBAL AMMONIA MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 46
FIGURE 18. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN, BY EQUIPMENT, 2017 & 2025 (%) 47
FIGURE 19. GLOBAL COMPRESSOR MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 48
FIGURE 20. GLOBAL CONDENSER MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 49
FIGURE 21. GLOBAL EVAPORATOR MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 50
FIGURE 22. GLOBAL OTHERS MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 51
FIGURE 23. GLOBAL INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN, BY APPLICATION, 2017 & 2025 (%) 52
FIGURE 24. GLOBAL FOOD PROCESSING MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 53
FIGURE 25. GLOBAL MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 54
FIGURE 26. GLOBAL OIL & GAS MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 55
FIGURE 27. GLOBAL REFRIGERATED LOGISTICS MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 56
FIGURE 28. INDUSTRIAL REFRIGERATION SYSTEM MARKET, GLOBAL BREAKDOWN BY REGIONS, 2017 & 2025 (%) 57
FIGURE 29. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 59
FIGURE 30. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 60
FIGURE 31. U.S. INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 60
FIGURE 32. CANADA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 61
FIGURE 33. MEXICO INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 62
FIGURE 34. NORTH AMERICA INDUSTRIAL REFRIGERATION MARKET BREAKDOWN BY REFRIGERANT TYPE, 2017 & 2025 (%) 63
FIGURE 35. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY EQUIPMENT, 2017 & 2025 (%) 64
FIGURE 36. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY APPLICATION, 2017 & 2025 (%) 65
FIGURE 37. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 66
FIGURE 38. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 67
FIGURE 39. FRANCE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 68
FIGURE 40. GERMANY INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 69
FIGURE 41. ITALY INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 70
FIGURE 42. U.K INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 71
FIGURE 43. SPAIN INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 72
FIGURE 44. REST OF EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 73
FIGURE 45. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY REFRIGERANT TYPE, 2017 & 2025 (%) 73
FIGURE 46. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY EQUIPMENT, 2017 & 2025 (%) 74
FIGURE 47. EUROPE INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY APPLICATION, 2017 & 2025 (%) 75
FIGURE 48. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 77
FIGURE 49. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 78
FIGURE 50. AUSTRALIA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 78
FIGURE 51. CHINA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 79
FIGURE 52. INDIA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 81
FIGURE 53. JAPAN INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 82
FIGURE 54. REST OF APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 83
FIGURE 55. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY REFRIGERANT TYPE, 2017 & 2025 (%) 84
FIGURE 56. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY EQUIPMENT, 2017 & 2025 (%) 85
FIGURE 57. APAC INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY APPLICATION, 2017 & 2025 (%) 86
FIGURE 58. MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 87
FIGURE 59. MEA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 88
FIGURE 60. SOUTH AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 89
FIGURE 61. SAUDI ARABIA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 90
FIGURE 62. UAE INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 91
FIGURE 63. REST OF MEA INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 92
FIGURE 64. MEA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY REFRIGERANT TYPE, 2017 & 2025 (%) 93
FIGURE 65. MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY EQUIPMENT, 2017 & 2025 (%) 94
FIGURE 66. MIDDLE EAST AND AFRICA INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY APPLICATION, 2017 & 2025 (%) 95
FIGURE 67. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 96
FIGURE 68. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2025(%) 97
FIGURE 69. BRAZIL INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 97
FIGURE 70. REST OF SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET REVENUE AND FORECASTS TO 2025 (US$ MN) 98
FIGURE 71. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY REFRIGERANT TYPE, 2017 & 2025 (%) 99
FIGURE 72. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY EQUIPMENT, 2017 & 2025 (%) 100
FIGURE 73. SAM INDUSTRIAL REFRIGERATION SYSTEM MARKET BREAKDOWN BY APPLICATION, 2017 & 2025 (%) 101
FIGURE 74. NORTH AMERICA INDUSTRIAL REFRIGERATION SYSTEMS MARKET, INDUSTRY LANDSCAPE (2015-2018) % 102
The List of Companies
1. Carnot Refrigeration
2. Emerson Electric Co.
3. United Technologies Corporation
4. Innovative Refrigeration Systems, Inc.
5. Johnson Controls, International Plc.
6. Ingersoll-Rand PLC
7. Evapco, Inc.
8. GEA Group AG
9. Hussmann Corporation
10. Dover Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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