Industrial Refrigeration Compressor Market Size, Share, Growth, and Industry Analysis, By Type(CO2, R290, R410A, and Others), By Application (Oil and Gas, Food and Beverages, Logistics and Transportation, Pharmaceutical, and Others), and Regional Insights and Forecast To 2031

Updated On: 29 April 2024

industrial refrigeration compressor market REPORT OVERVIEW

• 

• to learn more about this report

The global industrial refrigeration compressor market size was 6283.85 million in 2022 and is expected to reach USD 8910.08 million by 2028, at CAGR of 5.99% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with industrial refrigeration compressor experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s demand returning to pre-pandemic levels.

Industrial refrigeration compressors are key components in large-scale refrigeration systems used across various industrial applications. These compressors come in several types, such as reciprocating, rotary, screw, and centrifugal, with each type suited for specific capacity and efficiency requirements. The primary function of an industrial refrigeration compressor is to compress low-pressure refrigerant gas into a high-pressure state, allowing it to release heat and then cool down. Regular maintenance and adherence to safety regulations are essential, given the potential hazards associated with refrigerants like ammonia in some systems. Additionally, there is a growing emphasis on using environmentally friendly refrigerants to reduce the environmental impact of industrial refrigeration systems.

Efficient industrial refrigeration compressors are crucial for preserving perishable goods, ensuring the smooth operation of manufacturing processes, and maintaining comfortable conditions in large buildings. The choice of the right compressor type and proper sizing are essential for these systems to operate effectively and economically. Furthermore, ongoing monitoring and maintenance are vital to ensure the reliability and longevity of the compressors, which are critical components in industries where temperature control is paramount.

COVID-19 IMPACT : Increased Demand for Cold Storage to Boost Demand Significantly

COVID-19 had a life changing impact globally. The industrial refrigeration compressor market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for industrial refrigeration compressor experienced an increased demand.

The pandemic caused significant disruptions in global supply chains. Manufacturing plants that produced components for industrial refrigeration compressors faced shutdowns, reduced capacity, or logistical challenges, which led to delays in the production and delivery of compressors. This affected both new installations and the replacement of existing compressors. Many industries experienced economic challenges due to the pandemic, leading to budget constraints and project delays. This had a knock-on effect on investments in industrial refrigeration systems, including compressor replacements and upgrades.

The pandemic led to an increased demand for cold storage facilities to accommodate the storage and distribution of vaccines, pharmaceuticals, and food products. Industrial refrigeration systems, including compressors, played a crucial role in maintaining the required low temperatures. This surge in demand placed additional pressure on the compressor industry to deliver equipment quickly and efficiently. To minimize on-site personnel and ensure efficient operation, there was a growing interest in remote monitoring and automation of industrial refrigeration systems, including the compressors. This could result in increased demand for advanced control systems and technology integration. The market is anticipated to boost the industrial refrigeration compressor market growth following the pandemic.

LATEST TRENDS

"Use of Environmentally Friendly Refrigerants to Broaden Market Prospects"

The transition to refrigerants with lower global warming potential (GWP) continues to be a priority. Research and development have been ongoing to adapt compressors and systems to use natural refrigerants like CO2, ammonia, and hydrocarbons. The industry is focusing on meeting safety standards and regulations, especially in systems using ammonia, which is known for its potential hazards. Innovations in safety systems and leak detection have been a significant area of development.

The use of Internet of Things (IoT) technology for remote monitoring and predictive maintenance has gained momentum. Real-time data and analytics are being leveraged to improve system performance and reduce downtime. Compressor control systems are becoming increasingly adaptive and intelligent. These systems can adjust operation based on real-time data, weather conditions, and varying load requirements, resulting in enhanced efficiency.

industrial refrigeration compressor market SEGMENTATION

• 

• to learn more about this report

• By Type

Based on type, the market is divided into CO2, R290, R410A, and Others.

CO2 holds a major segment by type of the global market.

• By Application

Based on application, the market is bifurcated into Oil and Gas, Food and Beverages, Logistics and Transportation, Pharmaceutical, and Others.

Oil and Gas as application holds a major segment by application of the global market.

DRIVING FACTORS

"Food and Beverage Industry Growth to Boost Market Demand"

The food and beverage industry are a major driver of industrial refrigeration compressor demand. With a growing global population and increasing demand for processed and frozen foods, the need for cold storage and refrigeration systems continues to expand. The expansion of cold chain logistics for the transportation and storage of temperature-sensitive products, including perishable goods and pharmaceuticals, drives the demand for industrial refrigeration compressors. These systems are crucial for maintaining product quality and safety.

"Healthcare and Pharmaceuticals to Boost Market Flux"

The pharmaceutical and healthcare sectors require precise temperature control for storage and distribution of vaccines, medications, and medical supplies. The need for reliable and efficient refrigeration systems is a significant driver. As energy costs rise and environmental concerns grow, there is a strong emphasis on energy-efficient refrigeration systems. This drives the adoption of advanced compressors with features like variable speed drives and improved control systems. These factors are anticipated to drive the industrial refrigeration compressor market share.

RESTRAINING FACTOR

"Maintenance and Service Costs to Hamper Market Necessity"

Ongoing maintenance and service requirements can be substantial, particularly for complex systems. These costs can impact the profitability of businesses and industries relying on industrial refrigeration. Energy costs associated with running industrial refrigeration systems, including compressors, can be significant. Rising energy prices and the need for energy-efficient solutions can constrain the industry. Industrial refrigeration compressors and their associated systems can be expensive to purchase and install. High initial costs can act as a barrier to entry for some businesses and industries.

industrial refrigeration compressor market REGIONAL INSIGHTS

• 

• to learn more about this report

"North America to Dominate the Market Owing to Substantial Food Processing Industry"

North America is the major shareholder for the industrial refrigeration compressor market. The region has been a major shareholder in the industrial refrigeration compressor market. This is due to the region's large food processing industry, cold storage facilities, pharmaceutical manufacturing, and other industrial applications that rely heavily on refrigeration. Additionally, the push for energy-efficient and environmentally friendly solutions has driven demand for advanced industrial refrigeration systems and compressors.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• FUSHENG [Taiwan]
• Hanbell Precise Machinery Co., Ltd. [Taiwan]
• TORAD Engineering [U.S.]
• Rechi Precision Co., Ltd. [China]
• Dorin [Italy]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.