(EMAILWIRE.COM, October 23, 2018 ) The industrial refrigeration system market was valued at USD 17.78 billion in 2017 and is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78%. The base year considered for the study is 2017, and the market has been forecast for the period 2018–2024. The report aims at estimating the size and growth potential of the industrial refrigeration system market based on equipment, refrigerant type, industry, and geography. The report also aims at providing detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the industrial refrigeration system market and strategically analyzes micromarkets with respect to individual growth trends, prospects, and contribution to the total market.

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By equipment, the industrial refrigeration system market has been segmented into compressors; condensers; evaporators; controls; and vessels, pumps, valves, and auxiliary equipment. The compressor market has been further classified into screw and reciprocating compressors. The condenser market has been segmented into evaporative, and air-cooled and water-cooled. Air-cooling and liquid-cooling evaporators are different types of evaporators available. The market for controls is expected to grow at the highest CAGR owing to the increasing significance of controls and software, especially for improving the energy efficiency of existing refrigeration systems.

The market for CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest CAGR. Many end users across the food & beverages industry, which constitutes major application areas for industrial refrigeration systems, have already expressed their interest in using CO2 as a preferred refrigerant (secondary) in cascade systems. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants.

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In 2017, North America led the industrial refrigeration system market, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to the wide end-user base in the US, followed by Canada and Mexico.

The industrial refrigeration system market faces challenges related to growing concerns about safety issues and lack of skilled personnel for handling certain refrigerant-based systems. High initial costs and other expenses, such as long-term maintenance costs, restrain the industrial refrigeration system market growth. This report describes drivers, restraints, opportunities, and challenges pertaining to the industrial refrigeration system market. Furthermore, it analyzes the current scenario and forecasts the market till 2024.

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The industrial refrigeration system ecosystem includes industrial refrigeration system manufacturers or system integrators; research and development associations; component manufacturers and suppliers; installation, maintenance, and after-sales service providers; software solution providers; and end users. The industrial refrigeration system market has the presence of major players, such as Johnson Controls, Inc. (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), Mayekawa Mfg. Co. Ltd. (Japan), BITZER Kuhlmaschinenbau GmbH (Germany), Evapco, Inc. (US), Ingersoll Rand Plc (Ireland), The Danfoss Group (Denmark), Daikin Industries, Ltd. (Japan), LU-VE Group (Italy), Lennox International Inc. (US), and Baltimore Aircoil Company (US).

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