What is Global Industrial Refrigeration Equipments Market?
The Global Industrial Refrigeration Equipment Market is a vast and dynamic sector that encompasses a wide range of equipment used for cooling purposes in industries. This market is not just about refrigerators used in homes or businesses. It's much more than that. It includes large-scale cooling solutions used in various industries such as food and beverage, chemicals, pharmaceuticals, energy, and logistics. These cooling solutions are critical for these industries as they help maintain the right temperature for various processes and products, ensuring their quality and safety. The equipment used in industrial refrigeration includes refrigeration compressors, evaporators units, industrial racks, heat exchangers, and others. Each of these equipment has a specific role in the cooling process and is designed to meet the unique needs of different industries.
Refrigeration Compressor, Evaporators Unit, Industrial Rack, Heat Exchanger, Others in the Global Industrial Refrigeration Equipments Market:
The Refrigeration Compressor is a key component of the industrial refrigeration system. It is responsible for compressing the refrigerant, which increases its temperature. After compression, the hot, pressurized refrigerant is condensed into a liquid form, which is then evaporated to provide cooling. The Evaporators Unit is another crucial part of the system. It absorbs heat from the environment or the substance that needs to be cooled, causing the refrigerant to evaporate and cool down the surrounding area. The Industrial Rack is a system that houses multiple compressors and other refrigeration equipment. It is designed to provide a centralized cooling solution for large industrial facilities. The Heat Exchanger is a device that transfers heat from one medium to another. In industrial refrigeration, it is used to cool down the refrigerant after it has been compressed. Other equipment used in industrial refrigeration includes condensers, expansion valves, and controls. Each of these equipment plays a vital role in ensuring efficient and effective cooling in various industrial applications.
Food & Beverage Production, Chemicals & Pharmaceuticals, Energy Industry, Logistics Industry, Others in the Global Industrial Refrigeration Equipments Market:
The Global Industrial Refrigeration Equipment Market serves a wide range of industries. In the Food & Beverage Production industry, refrigeration equipment is used to maintain the freshness and quality of food and beverages. It helps in preserving perishable food items, cooling beverages, and maintaining the right temperature during various stages of food processing. In the Chemicals & Pharmaceuticals industry, refrigeration is crucial for maintaining the stability of certain chemicals and drugs. It is also used in various processes such as crystallization and condensation. In the Energy Industry, refrigeration equipment is used in power plants for cooling purposes. It helps in maintaining the efficiency of power generation and reducing the risk of overheating. In the Logistics Industry, refrigeration is essential for cold storage and transportation of perishable goods. It ensures that these goods reach their destination in good condition. Other industries that use industrial refrigeration equipment include agriculture, construction, and manufacturing.
Global Industrial Refrigeration Equipments Market Outlook:
The Global Industrial Refrigeration Equipment Market has shown significant growth in recent years. In 2022, the market was valued at US$ 23050 million. It is projected to reach US$ 34360 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2029. This growth is driven by the increasing demand for refrigeration in various industries, advancements in refrigeration technology, and the growing focus on energy efficiency. The market is dominated by the top five manufacturers, who collectively hold a market share of over 40%. Among the various products in the market, the Refrigeration Compressor is the largest segment, accounting for over 25% of the market share. This dominance can be attributed to the critical role of the compressor in the refrigeration process and its widespread use in various industries.
| Report Metric | Details |
| Report Name | Industrial Refrigeration Equipments Market |
| Accounted market size in 2022 | US$ 23050 in million |
| Forecasted market size in 2029 | US$ 34360 million |
| CAGR | 5.8% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Ingersoll Rand, Johnson Controls, Daikin, United Technologies, Danfoss, GEA, Emerson, Mayekawa, BITZER, Lennox International, Yantai Moon, Evapco, Shanghai Reindustry, LU-VE, Star Refrigeration |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
