Industrial Refrigeration System Market - Global Forecast to 2024: Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3) Cascade Refrigeration Systems
DUBLIN, Sept 19, 2018 /PRNewswire/ --
The "Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global industrial refrigeration system market is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78% from USD 18.49 billion in 2018.
This market has almost reached saturation; growth has been steady for the past 5 years, and this trend is expected to continue in the future as well. Although no dramatic changes are foreseen in terms of technological developments, the market is expected to shift toward natural refrigerant-based systems on the back of the potential for huge energy savings and the implementation of stringent regulations worldwide for phasing out ozone-depleting substances (ODS) such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). The strengthening of cold chain infrastructure in developing countries, especially across APAC, is another key factor for the growth of the industrial refrigeration system market.
By equipment, the industrial refrigeration system market has been segmented into compressors; condensers; evaporators; controls; and vessels, pumps, valves, and auxiliary equipment. The compressor market has been further classified into screw and reciprocating compressors. The condenser market has been segmented into evaporative, and air-cooled and water-cooled. Air-cooling and liquid-cooling evaporators are different types of evaporators available. The market for controls is expected to grow at the highest CAGR owing to the increasing significance of controls and software, especially for improving the energy efficiency of existing refrigeration systems.
The market for CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest CAGR. Many end users across the food & beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.
In 2017, North America led the industrial refrigeration system market, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to the wide end-user base in the US, followed by Canada and Mexico.
Industrial Refrigeration Systems Market
The industrial refrigeration system market faces challenges related to growing concerns about safety issues and lack of skilled personnel for handling certain refrigerant-based systems. High initial costs and other expenses, such as long-term maintenance costs, restrain the industrial refrigeration system market growth. This report describes drivers, restraints, opportunities, and challenges pertaining to the industrial refrigeration system market. Furthermore, it analyzes the current scenario and forecasts the market till 2024.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Lucrative Opportunities for Industrial Refrigeration System Market Growth
4.2 Industrial Refrigeration System Market, By Industry
4.3 Industrial Refrigeration System Market, By Industry and Region
4.4 Industrial Refrigeration System Market, By Region (2017)
4.5 Industrial Refrigeration System Market, By Refrigerant (2017, 2018, and 2024)
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Ongoing Shift Toward Natural Refrigerant-Based and Energy-Efficient Refrigeration Systems Due to Strict Regulations
5.2.1.2 Strengthening of Cold Chain Infrastructure in Developing Countries
5.2.2 Restraints
5.2.2.1 High Initial Costs and Other Expenses
5.2.3 Opportunities
5.2.3.1 Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3) Cascade Refrigeration Systems
5.2.3.2 Further Improvements in Efficiency and Other Related Parameters Using Natural Refrigerants
5.2.4 Challenges
5.2.4.1 Lack of Skilled Personnel and Growing Safety Concerns
5.3 Policies and Regulations
5.3.1 Europe
5.3.1.1 Eu F-Gas Regulation
5.3.1.2 Montreal Protocol
5.3.1.3 Ecodesign Directive
5.3.2 North America
5.3.2.1 Significant New Alternatives Policy (SNAP) By EPA
5.3.3 Asia Pacific
5.3.3.1 Japan: Revised F-Gas Law
5.3.3.2 Australia
6 Industrial Refrigeration System Market, By Equipment
6.1 Introduction
6.2 Compressors
6.2.1 Screw Compressors
6.2.2 Reciprocating Compressors
6.3 Condensers
6.3.1 Evaporative Condensers
6.3.2 Water-Cooled Condensers
6.3.3 Air-Cooled Condensers
6.4 Evaporators
6.4.1 Air-Cooling Evaporators
6.4.2 Liquid-Cooling Evaporators
6.5 Controls
6.6 Vessels, Pumps, Valves, and Auxiliary Equipment
7 Industrial Refrigeration System Market, By Refrigerant
7.1 Introduction
7.2 Ammonia
7.3 CO2
7.4 HFC
7.5 Others
7.5.1 HCFC
7.5.2 HC
7.5.3 HFO
8 Industrial Refrigeration System Market, By Industry
8.1 Introduction
8.2 Fruit & Vegetable Processing
8.3 Beverage
8.4 Refrigerated Warehouse
8.5 Chemicals, Petrochemicals, and Pharmaceuticals
8.6 Dairy and Ice-Cream Processing
8.7 Meat, Poultry, and Fish Processing
8.8 Refrigerated Transportation
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Rest of the World
10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Competitive Situations and Trends
10.3.1 Product Launches
10.3.2 Expansions
10.3.3 Mergers & Acquisitions
10.3.4 Agreements, Partnerships, and Collaborations
10.4 Prominent Companies in Industrial Refrigeration System Market
11 Company Profiles
11.1 Key Players
11.1.1 Johnson Controls International PLC
11.1.2 Emerson Electric Co.
11.1.3 Ingersoll-Rand PLC
11.1.4 GEA Group AG
11.1.5 The Danfoss Group
11.1.6 Daikin Industries, Ltd.
11.1.7 Bitzer Kuhlmaschinenbau GmbH
11.1.8 United Technologies Corporation
11.1.9 Mayekawa Mfg. Co. Ltd.
11.1.10 Lu-Ve Group
11.1.11 Lennox International Inc.
11.1.12 Evapco, Inc.
11.1.13 Baltimore Aircoil Company, Inc.
11.1.14 Alfa Laval
11.1.15 Gntner GmbH & Co. Kg
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