Global Industrial Refrigeration Market Size, Share, Development, Growth and Demand Forecast to 2020 - Industry Insights by Type (Evaporator Unit, Industrial Racks, Compressor, Heat Exchangers, Other Industrial Refrigeration Units)

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Feb 10, 2016, 01:10 ET

LONDON, Feb. 10, 2016 /PRNewswire/ -- The market of industrial refrigeration is uneven in all the major geographical regions. The industrial refrigeration market in Asia–Pacific, Latin America, and emerging countries of Middle-East have witnessed promising growth during the past few years. The European industrial refrigeration market is heading towards maturity, and it is expected to witness a below average growth during the forecast period. The growth of the European market is mainly anticipated from Russia. The majority of industrial refrigeration system in developed countries has been installed in the food processing industry. The North American food processing industry is a highly matured market, and witnessed lower growth rates in the past few years. However, the growing environmental concerns, in addition to legislative pressure for the energy efficient machineries are expected to drive the growth of the industrial refrigeration market during the forecast period

The screw open type of industrial compressor dominated the market during 2011 to 2014. In the last decade, the open reciprocating compressor lost significant market share to screw open compressors and turbo compressor, owing to the advantages of screw open compressors, such as higher power density, less maintenance cost, better stability along with higher efficiency

Among type, Industrial racks is expected to witness fastest growth during 2015 to 2020, which is fueled mainly by increasing focus towards energy efficiency, in addition to increasing trend towards variable refrigerant flow (VRF) technology. The heat exchanger segment is expected to grow with above average rate during the forecast period, owing to the cost advantage and superior efficiency of blazed plate heat exchangers over the conventional heat exchangers.

The heat exchanger segment, among the various types category experienced higher growth than the total market, owing to the increased capital investment in global food processing, pharmaceuticals and chemical industry in Asia-Pacific.

The emerging technology of heat exchanger in terms of power efficiency, size, and heat conversion capacity is expected to drive the growth of the heat exchanger market during the forecast period. Moreover, the corrosion resistance heat exchangers with larger product life cycle are expected to escalate the replacement of conventional heat exchangers. The blaze plate industrial heat exchangers market accounted for the majority of market share in 2014. The growth of the brazed plate industrial heat exchangers is driven by the up gradation of existing industrial heat exchangers, owing to stricter energy efficiency regulations. Among the various blaze plate heat exchangers, the semi-welded plate heat exchangers hold the majority of market share

The energy consumption rating of industrial refrigeration is continuously improving over the years, and it is expected to improve further during the forecast period, owing to supportive government regulations and product innovation. However, the safety concern related to improper handling of ammonia refrigerant is hindering the growth of the global market. Moreover, the fragmented supply chain of food processing industries is hindering the capacity expansion of industrial refrigeration system in the developing countries

The global industrial refrigeration market is highly fragmented and most often, the end-users need custom based design specification to fulfill their requirement. The major industrial refrigeration parts, such as evaporator unit, compressor, and racks are mostly traded through industrial contractors and wholesalers. These two downstream supply channels consists about 75% to 80% of the industrial refrigeration market as of 2014.

The major companies operating in the global market include Johnson Controls Inc., Dover Corporation, Hussmann Corporation, Star Refrigeration Ltd., United Technologies Corporation, Danfoss A/S, BITZER Kühlmaschinenbau GmbH, Emerson Electric Co., GEA Group Aktiengesellschaft, and Industrial Frigo S.R.L.
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