The global market of industrial refrigeration market is expected to grow from $22,571 million in 2014, and reach $33,904 million in 2020, with a CAGR of 7.1%. As per P&S Market Research, Evaporator unit, industrial racks, and compressor together accounted for about 64% share of the global industrial refrigeration market in 2014. The growth of food processing industries, in addition to the expansion of refrigerated warehouses in developing countries, such as India, China, and Brazil, is expected to boost the demand of industrial refrigeration during the forecast period. The growth in outsourcing of pharmaceutical manufacturing facility by developed countries has lifted up the demand of pharmaceuticals cold chain supply and logistic in recent years.
Industrial refrigeration stereotypically plays an important role among various manufacturing facilities in chemicals, and oil & gas industry. The industrial refrigeration system is an efficient combination of different electrical and mechanical components including compressors, heat exchangers, evaporators, racks and others; while the component used for the system may be in distinct parts, from more than one manufacturer. The parts such as compressor, heat exchangers, and evaporator unit are assembled under a custom engineered system by the installation service providers.
The market in Asia–Pacific, Latin America and emerging countries of Middle-East have shown promising growth during the past few years. The European market is heading towards maturity, and it is expected to witness a below average growth during the forecast period. The growth of the industrial refrigeration equipment market in the European countries is mainly anticipated due to replacement of existing industrial refrigeration parts.
The major companies operating in the global industrial refrigeration market include. Johnson Controls Inc., Dover Corporation, Hussmann Corporation, Star Refrigeration Ltd., United Technologies Corporation, Danfoss A/S, BITZER Kühlmaschinenbau GmbH, Emerson Electric Co., GEA Group Aktiengesellschaft, and Industrial Frigo S.R.L.
News Courtesy: P&S Market Research