This market research report includes a detailed segmentation of the global industrial refrigeration market by equipment type (compressors, condensers, evaporators, industrial racks, and heat exchangers) and by end-users (food processing industry, oil and gas industry, and chemical/pharmaceutical industry). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors this report are Daikin, Danfoss, GEA, Johnson Controls, and Trane.
Technavio’s market research analysts estimate the global industrial refrigeration systems market, to grow at a CAGR of 7% between 2016 and 2020. The growth of this market is mainly attributed to the growing demand from end-users such as food processing industry and oil and gas industry. The growth of the food processing industry, coupled with the expansion of refrigerated warehouses in developing countries such as BRIC nations, parts of APAC, Latin America, and the Middle East, is expected to boost the demand for industrial refrigeration during the forecast period.
The new market research report from Technavio provides a breakdown and analysis of the industrial refrigeration systems segments by technology.
“Consolidation of market vendors will play a significant role in fuelling the market growth. In the last decade, the industrial refrigeration market has undergone a transformation in terms of M&A. Several larger companies have acquired many refrigeration contracting companies. Equipment and components manufacturers have also been influenced by this transformation in terms of their product offering and support services,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The compressors segment dominates the market, occupying around 30% of the total market share. Compressors form the heart of any refrigeration system and are the highest energy-consuming component in a refrigeration system. The high cost of compressors as compared to other components and their extensive use in the industrial refrigeration system are the primary reasons for the growth of the segment.
The key players in the global industrial refrigeration systems market includes Daikin, Danfoss, GEA, Johnson Controls, and Trane. This market is in the phase of consolidation, with several international and big vendors acquiring small and regional providers to diversify and expand their product range and services. However, several local and regional vendors are emerging in this market, and they find it difficult to compete with international vendors in terms of quality, durability, and reliability. Also, the smaller vendors face difficulties in catering to the large-scale demand for industrial refrigeration equipment because of their limited production capacities. Industrial contractors and traders are the primary media for the trade of major industrial refrigeration parts, such as evaporator units, compressors, and racks.
A more detailed analysis is available in the Technavio report, Global Industrial Refrigeration Systems Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
