Pune, India -- (SBWIRE) -- 03/20/2019 --
The future of market for industrial refrigeration systems is promising, as the OEMs and other 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.
Due to moderate entry barrier to industry, tier 2 companies are entering the market, also well-established companies operating in the market are coming up with new offerings. Major manufacturers of the industrial refrigeration systems are based out of the US. The North American industrial refrigeration systems market has been segmented into three refrigerant types such as CO2, HFC, and Ammonia (NH3). The market is broken down on the basis of equipment as compressors, condensers, evaporators, and others. The industrial refrigeration systems is widely adopted among various end user industries such as in food processing industry, chemicals & pharmaceutical industry, oil & gas industry and refrigerated logistics industry.
The prominent players operating in the industrial refrigeration system market globally include 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, and Dover Corporation among others.
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The different regions of the world exhibit growth in the growing sales of the industrial refrigeration system owing to various factors. Replacement of the older industrial refrigeration systems are majorly observed in the saturated markets of North America and Europe. Also, the regulatory bodies in these region have played a crucial role in the growing usage of CO2 or Natural Refrigerants as refrigerants in the entire system. Also, a marked rise in the demand for packaged foods by the consumers in the supply chain have triggered demands for good food storage capabilities. The consumers in many countries across the globe are 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 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 global industrial refrigeration system market has been segmented by refrigerant type into CO2, Ammonia and HFC. The market has further been segmented by equipment into evaporator, condenser, compressor and others. Further, the industrial refrigeration system market has also been segmented on the basis of application into food processing, chemical & pharmaceuticals, oil & gas, and refrigerated logistics.
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.
The report focuses on an in-depth segmentation of industrial refrigeration system market based on refrigerant type, equipment and application. The geographic segmentation of the industrial refrigeration system market covers major regions including; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South America (SAM). The regional market has been further categorized by respective countries. The Ammonia segment in the refrigerant type is anticipated to lead the market and the CO2 as a refrigerant is expected to exhibit exponential growth rate during the forecast period. On the basis of equipment, the industrial refrigeration system market has been segmented into compressor, condenser, evaporator, and others. The design of compressor is extremely critical for any manufacturer as it bears the major cost in the entire industrial refrigeration system. Hence, most of the players have laid high emphasis on the compressor designs to reduce their production costs and increase operational efficiencies in the industrial refrigeration system market.
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Key Benefits
- This report provides a detailed study of market trends and forecast from 2019 to 2025, which assist to identify the prevailing market opportunities.
- In-depth coverage of the global market that includes drivers, restraints, and opportunities, helps professionals to understand the market behavior in a better way.
- This study further includes market share analysis in terms of type and applications.
- Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
- Porter's Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.