Industrial Refrigeration Market to Grow at 7% CAGR from 2015-2020
Growth of food processing industry, expansion of refrigerated warehouses in developing countries, to boost demand
NEW YORK — The global industrial refrigeration market is forecast to grow from $22.57 billion in 2014, and reach $33.90 billion in 2020, with a compound annual growth rate (CAGR) of 7.1 percent, according to a report from P&S Market Research. Evaporator units, industrial racks, and compressors together accounted for about a 64 percent share of the global industrial refrigeration market in 2014. The growth of the food processing industry, in addition to the expansion of refrigerated warehouses in developing countries such as India, China, and Brazil, is expected to boost the demand for industrial refrigeration during the forecast period. The growth in outsourcing of pharmaceutical manufacturing by developed countries has increased demand in the pharmaceuticals cold chain in recent years.
An industrial refrigeration system is a combination of different mechanical and electrical components including compressors, heat exchangers, evaporators, racks, and others; the components used for the system may be in distinct parts, from more than one manufacturer. The components are assembled as a custom engineered system by the installation service provider.
The markets in Asia-Pacific, Latin America, and the emerging countries of the Middle East have shown promising growth during the past few years. The European market is heading towards maturity, and it is expected to witness below average growth during the forecast period. The growth of the industrial refrigeration equipment market in European countries is expected to be mainly due to replacement of existing industrial refrigeration components.
The major companies operating in the global industrial refrigeration market include Bitzer Kühlmaschinenbau GmbH, Danfoss A/S, Dover Corp., Emerson Electric Co., GEA Group Aktiengesellschaft, Hussmann Corp., Industrial Frigo S.R.L., Johnson Controls Inc., Star Refrigeration Ltd., and United Technologies Corp.
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Publication date: 11/30/2015