NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- The global industrial refrigeration systems market size is projected to grow at a CAGR of 7.2% during 2017-2023, to cross $41.7 billion by 2023. The key drivers for the market includes growing food processing industry in the developing nations, surge in worldwide cold chain capacity and increasing adoption of natural refrigerant and improvement in energy efficiency.
The capacity expansion of cold chain storage area is expected to be the most dominant long-term growth driver for the industrial refrigeration systems market. The global cold chain markets accounted for nearly $180 billion in 2017. The cold chain industry in pharmaceuticals accounted for around $13 billion in 2017. The cold chain logistics expenditure across various regions has also been increasing, with the Asia-Pacific region leading the cold chain market in 2017.
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The fragmented supply chain of food and beverages (F&B) processing industries in the developing countries have been hindering the industrial refrigeration systems market growth. The developing nations, such as India, China, and Brazil, are among the world’s largest producers and consumers of food and dairy products. However, the markets as well as the upstream and downstream supply chain management in these countries are mostly unorganized. The food and beverages industry in the developing market suffer largely by the fragmented supply chains, low level of value addition, low economies of scale, and insufficiency of marketing infrastructure. This is hindering the acceptance of advanced and professional processing and distribution approach.
Geographically, the industrial refrigeration systems market in Asia–Pacific, Latin America and emerging countries of Middle-East have shown promising growth during the past few years. The European industrial refrigeration systems industry is heading towards maturity, and it is expected to witness a below average growth during the forecast period. The growth of the industrial refrigeration systems market in the European countries is mainly expected due to replacement of existing industrial refrigeration parts.
Most of the major players in the global industrial refrigeration systems market operate globally with sales offices in different countries. Johnson Controls and Mayekawa has wider geographical reach than other players. Moreover, the company provides package solutions for industrial refrigeration rather than independent equipment, which are assembled by third party industrial contractors. Star Refrigeration Ltd. is the only company in this list, which does not operate globally.
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The major players in the global industrial refrigeration systems market include Industrial Frigo, Johnson Controls GEA Group, Bitzer, Emerson Electric, United Technologies Corporation, Danfoss, Dover Corporation, Star Refrigeration and Hussmann Corporation.
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