Industrial Refrigeration Systems Market to Achieve Significant Growth in the Near Future

                      

The Industrial Refrigeration Systems Market is forecasted to attain $33,614.3 Million value by 2023. The market has been witnessing considerable growth, mainly due to factors such as growing food and beverages processing industry and rising cold chain industry, globally.

Based on equipment type, the industrial refrigeration systems market is categorized into compressors, condensers, evaporators, controls and others (pumps, valves, vessels and auxiliary equipment).

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Based on the refrigerant type, the industrial refrigeration systems market is categorized into ammonia, carbon dioxide (CO2), hydrofluorocarbons (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O).

Moreover, globally, HFC is being phased out as per the Montreal Protocol, an international treaty designed to protect ozone layer. The rules came into effect in 2007 after being ratified by 196 countries and the European Union.

The use of environment friendly refrigerants exhibited to be one of the key trends in the market. The environment friendly refrigerants have low Global Warming Potential (GWP) and do not deplete ozone layer in the atmosphere.

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Some of the major players operating in the global industrial refrigeration systems market include Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss A/S, Industrial Frigo SRL., GEA Group Aktiengesellschaft, BITZER Kühlmaschinenbau GmbH, Star Refrigeration Ltd., Daikin Industries Ltd, Dover Corporation, Hussmann Corporation, Johnson Controls International plc, and Mayekawa Mfg. Co. Ltd.

Global Industrial Refrigeration Systems Market Segmentation

Market Segmentation by Equipment Type

• Compressors
  • Reciprocating
  • Screw
  • Centrifugal
  • Scroll
• Condensers
  • Air-cooled
  • Evaporative
  • Water-cooled
• Evaporators
  • Shell and tube
  • Bare tube
  • Finned
  • Plate
• Controls
• Others (includes pumps, valves, vessels and auxiliary equipment)

Market Segmentation by Application

• Food and Beverages
• Chemicals & Pharmaceuticals
• Oil and gas
• Others (include manufacturing and construction)