The industrial refrigeration system market is projected to grow at a CAGR of 7.39% to reach US$44.178 billion in 2024 from US$28.800 billion in 2018. The recovery of the global economic environment from the recent financial crises has resulted in significant improvement in global disposable income. In fact, the Euro Area witnessed an increase in the annual household disposable income of -0.30% in 2010 to 1.22% in 2017 (source: OECD) while the United States witnessed an increase from -1.30% in 2013 to 2.3% in 2017 (source: OECD). Simultaneously, the growing penetration of the private sector in all the industry vertical has relatively reduced the leisure hours to the individual, which in turn, are demanding convenient and packaged food in order to maintain their nutrition requirement. This is resulting in growing production of packaged and convenient food globally. In fact, recently, the Lakeside Food Inc. made 100,000 sq. ft. addition to its frozen packaging facility, and as such, it is supporting the growth of the industrial refrigeration market, as refrigeration is required in the packaged food manufacturing process.
North America and Europe are estimated to have a significant share in the industrial refrigeration market on account of the presence of the key players and a relatively easy environment to set up a production facility. Moreover, the growing investment in the pharmaceutical sector in the United States is further driving the market in the region. Simultaneously, growing trade relation for China and India with the developed regions is resulting in increasing number of new facilities being set up to produce chemical and pharmaceutical products, which is supplementing the growth of the Asia Pacific industrial refrigeration market.
Major industry players profiled as part of the report are Johnson Controls, Emerson Electric Co., Daikin Industries, and United Technologies Corporation among others.
The industrial refrigeration system market has been analyzed through the following segments: