Industrial refrigeration equipment is extensively used across a range of industrial sectors, including chemicals, pharmaceuticals, and food & beverages. Over the past decade, in terms of the overall construction and design, industrial refrigeration equipment have evolved at a rapid pace. For several decades, stakeholders in the industrial refrigeration equipment market were reluctant to explore beyond the realms of conventional designs even at new facilities. However, over time, the widening gap between the available technology and existing designs was becoming increasingly evident, which, in turn, led to innovations and major developments in the global industrial refrigeration equipment market.
Industrial Refrigeration Equipment Market: Overview
- According to Transparency Market Research’s latest report on the global industrial refrigeration equipment market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), the refrigerated warehouses segment of the industrial refrigeration equipment market is expected to expand at the highest CAGR. This segment is significantly influenced by the growing investment in cold storage technologies across the globe.
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- In the report, revenue generated in the global industrial refrigeration equipment market is provided in terms of volume (Thousand Units), and value (US$ Mn) for the forecast period
Exponential Growth in Cold Chain Industry: Key Driver of Industrial Refrigeration Equipment Market
- The cold chain industry is transforming rapidly, and this transformation can be attributed to evolving consumer expectations in terms of convenience, and fresh and just-in-time delivery. The industry has been making noteworthy investment in technological advancements as well as in geographical expansion in order to meet consumer preferences. This trend is projected to have substantial impact on the growth of the industrial refrigeration equipment market.
- Asia Pacific, North America, and Europe are expected to be key contributors to the market. The Asian market is anticipated to remain promising in terms of growth, due to the presence of countries such as India and China.
Rising Adoption of Environmental Friendly Refrigerants: Key Trend in Industrial Refrigeration Equipment Market
- Government associations across the globe have been focusing on encouraging the production and usage of eco-friendly refrigerants due to adverse environmental conditions; for instance, the F-gas regulation that was enforced by the European Union to eliminate the usage of F-gas. Currently, ammonia is the most widely used refrigerant among all industrial applications; however, in the coming years, the market is projected to rely more on hybrid refrigerants developed with mixed proportions of ammonia, CO2, and hydrocarbons due to certain challenges faced with the usage of ammonia. These refrigerants are not only more eco- friendly but also less hazardous than ammonia and other gases.
Shortage of Skilled Labor: Key Restraint
- Despite the growing demand for refrigerated warehouses, the market faces a critical challenge of labor shortage. The industry is likely to spend significant amounts on training and development of the labor force due to constant upgrade in refrigeration technologies, which would add to the total operation cost of the new system installation/retrofitting. This factor is most likely to hinder the growth of the market in the coming years.
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Industrial Refrigeration Equipment Market: Competition Landscape
- Detailed profiles of manufacturers of industrial refrigeration equipment have been provided in the industrial refrigeration equipment market report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global industrial refrigeration equipment market include
- Ingersoll Rand
- Johnson Control
- Mayekawa Manufacturing Company
- EA Group Aktiengesellschaft
- Emerson Electric Co.
- LENNOX International Inc.
- Parker Hannifin Corp
- LU VE Group
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