The global industrial refrigeration market is estimated to generate revenue of USD 19.2 billion in 2020 and is expected to reach USD 23.1 billion by 2025, witnessing 3.8% CAGR during the forecast period. Industrial refrigeration system utilizes cooling and refrigeration systems that enables cooling and eradicate heat from a platform of low temperature. These systems are installed at refrigeration plants for several industrial applications such as cold storage, food & beverage processing and others.
The emerging food and beverage sector in developing economies, increasing emphasis of emerging economies for attaining energy competences and increasing adoption of natural refrigerants is driving the growth of global industrial refrigeration market.
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Based on type, the industrial refrigeration market is segmented into industrial racks, evaporator units, industrial heat exchangers, industrial compressors and others. Industrial racks are further sub-segmented into open reciprocating and open screw whereas industrial heat exchangers is segmented into brazed plate, shell & tube/ coaxial and others.
On the basis of application, the global industrial refrigeration market is segmented into oil & gas, food & beverage, chemicals & pharmaceuticals and others. Among all these segments food & beverage segment is expected to contribute the largest revenue and is also expected to witness a CAGR of 5.8% during the forecast period.
Geographically, Asia-Pacific is the largest industrial refrigeration market and is also anticipated to grow at the fastest CAGR during the forecast period owing to rapid growth opportunities observed from developing cold-chain storage infrastructure. North America is the second largest market and is expected to witness considerable growth during the forecast period. Among all the countries in the region, the U.S. is the largest consumer in industrial refrigeration market due to extensive demand from food & beverage processing sector and refrigerated warehouses.
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Some of the major players in the global industrial refrigeration market include Johnson Controls, GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.