According to our latest study on "Industrial Refrigeration Equipment Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Refrigerant Type, and Application,” the industrial refrigeration equipment market size is expected to reach US$ 36.8 billion by 2030 from 19.1 billion in 2022, at an estimated CAGR of 8.5% from 2022 to 2030.
Growing Popularity of CO2 and NH3-based Systems to Provide Lucrative Opportunities for Industrial Refrigeration Equipment Market Growth During Forecast Period
Natural refrigerants are being adopted for their environmental benefits, energy efficiency, and regulatory compliance. CO2 (carbon dioxide) and NH3 (ammonia)-based systems are considered natural refrigerants with low Global Warming Potential (GWP) compared to synthetic refrigerants such as HFCs. As environmental regulations become strict, industries are adopting more environmentally friendly solutions to reduce their carbon footprint and comply with regulations such as the Montreal Protocol. CO2 and NH3-based systems are known for their excellent thermodynamic properties, thereby offering high energy efficiency. These systems can operate effectively across a wide range of temperatures, making them suitable for various industrial applications, such as cold storage, food processing, and petrochemical industries. Also, CO2 and NH3 have good heat transfer properties, enabling them to achieve effective cooling and freezing processes. The use of properly designed and maintained systems with these refrigerants can offer safe operation.
Furthermore, industry associations, governments, and organizations are actively promoting the adoption of natural refrigerants. They provide resources, training, and best practices to help industries successfully transition to CO2 and NH3-based systems. For instance, in March 2023, Innovative Refrigeration Systems, US-based OEM, manufactured, designed, and installed ~60 ammonia (R717)/CO2 (R744) cascade systems, mainly for industrial applications, including cold storage, blast freezing, and process cooling. Similarly, in October 2022, Enex Technologies is a transformative world leader in natural and energy-efficient cooling, heating, and refrigeration equipment that helps reduce global warming and its impact on climate change. The company announced two acquisitions—Samifi France and Morgana, adding to its growing portfolio of natural refrigerant-focused HVACR business units. Hence, the growing popularity of CO2 and NH3-based systems is likely to generate lucrative opportunities for the industrial refrigeration equipment market growth during the forecast period.
Key Findings of Industrial Refrigeration Equipment Market Study:
The industrial refrigeration equipment market is segmented on the basis of type, refrigerant type, and application, and geography. Based on type, the industrial refrigeration equipment market is segmented into evaporative cooling, mechanical, compression refrigeration systems, absorption, and thermoelectric. By refrigerant type, the industrial refrigeration equipment market is segmented into ammonia–R717; carbon dioxide (CO2)–R744; and hydrocarbons–HCs. Based on application, the market is segmented into district cooling, electricity production, chemical and petrochemical, pharmaceutical, food and beverages, data centers, and others. By geography, the industrial refrigeration equipment market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Based on type, the industrial refrigeration equipment market is segmented into evaporative cooling, mechanical compression refrigeration systems, absorption, and thermoelectric. The mechanical compression refrigeration systems segment held the largest share of the industrial refrigeration equipment market in 2022. Mechanical compression is used in industrial refrigeration, as well as air conditioning. Most of the HVAC companies install this type of cooling system. This type of system transfers heat by mechanically compressing refrigerant into a cold liquid with low pressure and expanding it into hot gas with high pressure. Refrigerants work when pressure is applied or removed. When they absorb heat, they boil and turn into gas, then turn back into liquid form when the heat is released. The refrigerant in a mechanical compression system boils at 40°C, capturing the heat from warm indoor air. The majority of the energy required to run an absorption refrigeration system can be provided as heat rather than as mechanical power in a mechanical compression refrigeration system. This makes the absorption systems ideal for using the waste heat that is often available in a meat processing plant. Therefore, due to these advantages, the demand for mechanical compression refrigeration systems is increasing, which is boosting the industrial refrigeration equipment market growth
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