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This market research report includes a detailed segmentation of the global industrial refrigeration market by equipment type (compressors, condensers, evaporators, industrial racks, and heat exchangers) and by end-users (food processing industry, oil and gas industry, and chemical/pharmaceutical industry). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors this report are Daikin, Danfoss, GEA, Johnson Controls, and Trane.
Technavio’s research analyst predicts the global industrial refrigeration market to grow moderately at a CAGR of 7% during the forecast period. The growth is mainly attributed to the growing demand from end-users such as food processing industry and oil and gas industry. The growth of the food processing industry, coupled with the expansion of refrigerated warehouses in developing countries such as BRIC nations, parts of APAC, Latin America, and the Middle East, is expected to boost the demand for industrial refrigeration during the forecast period.
Consoildation Consolidation of market vendors will play a significant role in fueling the market growth. In the last decade, the industrial refrigeration market has undergone a transformation in terms of M&A. Several larger companies have acquired many refrigeration contracting companies. Equipment and components manufacturers have also been influenced by this transformation in terms of their product offering and support services.
The compressors segment dominated the market during 2015. Compressors form the heart of any refrigeration system and are the highest energy-consuming component in a refrigeration system. The high cost of compressors as compared to other components and their extensive use in the industrial refrigeration system are the primary reasons for the growth of the segment.
The food processing industry accounted for the highest market share during 2015. Industrial refrigeration systems are of utmost importance in the food processing industry. These systems help to extend the product lifespan and reduce wastage of agricultural raw materials. Currently, approximately 1.3 billion tons of the world's food produced is wasted or lost each year, which forms roughly one-third of the total food production). They also help in fortifying nutritional value of produced food as well as ensure remunerative prices to farmers and affordable prices to consumers.
The Americas accounted for the highest market share during 2015. We expect the improving capital investment environment, the increasing demand for processed food, and the expansion of oil and gas activities to drive the growth of the market in this region. Improving energy efficiency of industrial refrigeration equipment will continue to drive sales owing to the strong focus of end-users to reduce operating cost, particularly in the food processing industry, as the profit margins are narrow.
The global industrial refrigeration systems market is in the phase of consolidation, with several international and big vendors acquiring small and regional providers to diversify and expand their product range and services. However, several local and regional vendors are emerging in this market, and they find it difficult to compete with international vendors in terms of quality, durability, and reliability. Also, the smaller vendors face difficulties in catering to the large-scale demand for industrial refrigeration equipment because of their limited production capacities. Industrial contractors and traders are the primary media for the trade of major industrial refrigeration parts, such as evaporator units, compressors, and racks.
The leading vendors in the market are -
Other prominent vendors in the market include Dover, AHT Cooling Systems, Star Refrigeration, BITZER Kühlmaschinenbau, Industrial Frigo, and CIMCO Refrigeration.
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