Industrial Refrigeration Systems Market

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2022
Flourishing Cold Chain Industry Propelling
Industrial Refrigeration Systems Demand
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The petrochemical, oil refining, and chemical
sectors deploy industrial refrigeration systems
to preserve compounds, condense gases, and
dehumidify the air. Pharmaceutical companies use
these systems for cold sterilization of
biologics, tissues, and medical devices. Whereas,
chemical companies need advanced refrigeration
systems to maintain the temperature of raw
materials and semi-finished and finished
products. As most of the vaccines, biologics, and
bioengineered drugs derived from living cells
need to be stored at stable temperatures to
remain viable, the burgeoning demand for such
pharmaceuticals will create a huge requirement
for industrial refrigeration systems in the
coming years.   Additionally, the expansion of
the cold chain industry will fuel the industrial
refrigeration systems market at a CAGR of 5.0
during the forecast period (20202030). The
market revenue is expected to surge from 26.8
billion in 2019 to 41.1 billion by 2030. The
growth of the cold chain industry can be
attributed to the rising sales of biologic
products and biotech drugs. Hospitals, clinics,
and pharmacies require special logistics
solutions to maintain the quality of such
temperature-sensitive products during their
transportation from manufacturing companies to
end users.   In recent years, industrial
refrigeration system manufacturers have been
focusing on partnerships and product launches to
cater to the needs of end users. For example, in
July 2019, Axima Refrigeration France entered
into a partnership with The Chemours Company to
use the Opteon XL A2L-class refrigerants for
commercial refrigeration. As per the partnership
agreement, this refrigerant will be used before
the implementation of the next European F-Gas
hydrofluorocarbon (HFC) cap. Likewise, in
November 2019, Danfoss India introduced
incompressible computational fluid dynamics
(ICFD) defrost module to reduce energy
consumption and improve defrost performance in
industrial refrigeration applications.   The
refrigerant type segment of the industrial
refrigeration systems market is categorized into
hydrofluorocarbon (HFC), carbon dioxide (CO2),
ammonia, and others. Among these, the CO2
category is expected to register the fastest
growth throughout the forecast period due to the
non-flammable and low toxicity properties of this
gas. CO2 is designated as a 'natural refrigerant'
and has a minimal effect on the environment. CO2
is being considered as a long-term refrigerant
alternative as there is no impending legislation
on the phasing out of this gas.
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• Companies such as Trane Technologies plc,
  Industrial Frigo SRL, Hussmann Corporation,
  Emerson Electric Co., Daikin Industries Ltd.,
  Danfoss A/S, Carrier Global Corporation, GEA
  Group Aktiengesellschaft, Dover Corporation,
  BITZER Kühlmaschinenbau GmbH, Johnson Controls
  International PLC, Star Refrigeration Ltd.,
  Mayekawa Mfg. Co. Ltd., and Midea Group Co. Ltd.
  use the aforementioned refrigerants in the
  industrial refrigeration systems that they
  manufacture for the oil and gas, food and
  beverages, and chemical and pharmaceutical
  industries. The primary equipment in such systems
  are compressors, evaporators, controls, and
  condensers.
•  
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•  
• According to PS Intelligence, the Asia-Pacific
  (APAC) industrial refrigeration systems market
  will generate the highest revenue during the
  forecast period, due to the presence of a vast
  population and several industrialized nations in
  the region. Moreover, the hefty investments being
  made by APAC countries in the development of
  world-class cold-chain infrastructure will also
  augment the demand for industrial refrigeration
  systems in the region in the upcoming years. For
  instance, in September 2020, the Government of
  India approved the development of 27 new
  integrated cold chain projects, under its Pradhan
  Mantri Kisan Sampada Yojana (PMKSY).
•  
• Thus, the increasing requirement for cold chain
  systems and burgeoning demand for pharmaceuticals
  will fuel the deployment of industrial
  refrigeration systems in several end-use
  industries in the coming years.
• This study covers
• Historical and the present size of the Industrial
  Refrigeration Systems Market
• Future potential of the market through its
  forecast for the period 2020 2030
• Historical and the present size of the market
  segments and understand their comparative future
  potential
• Potential of on-demand logistics services, so the
  market players make informed decisions on the
  sales of their offerings
• Competitive scenario of various market segments
  across key countries in several regions for
  uncovering market opportunities for the
  stakeholders
• Major players operating in the market and their
  service offerings

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