Centralized Refrigeration Systems Market to Reach $49.5 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research

 

Allied Market Research published a report, titled, “Centralized Refrigeration Systems Market by Component (Compressor, Condenser, Evaporator, Control, and Others), Refrigerant Type (Ammonia, Carbon Dioxide, F-Gases, and others), and End-User Industry (Commercial and Industrial): Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the Centralized Refrigeration Systems industry generated $29.8 billion in 2022, and is projected to reach $49.5 billion by 2032, registering a CAGR of 5.2% from 2023 to 2032.

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A centralized refrigeration system cools a large space or multiple spaces efficiently from one central location. Centralized refrigeration systems are usually made up of a central cooling unit connected to a system of pipes or ductwork that distributes cooled air or cooled refrigerant to different areas. This type of cooling system is commonly used in commercial buildings, grocery stores, industrial settings, and other large-scale applications where cooling is required on a regular and efficient basis. Centralized cooling systems offer improved control, increased energy efficiency, and reduced maintenance requirements compared to individual cooling systems.
 
Prime Determinants of Growth:

The global centralized refrigeration systems market is experiencing growth due to several factors, including the growth of the refrigeration industry, the rise in the number of commercial building projects, and the advantages of centralized refrigeration. However, the requirement of high initial and maintenance costs and stringent government regulations restrict the market growth. Moreover, the Incorporation of the latest technology in centralized refrigeration systems presents new opportunities in the coming years.

Report Coverage & Details:

COVID-19 Scenario:

• The outbreak of the COVID-19 pandemic had a negative impact on the global centralized refrigeration systems market, due to the temporary closure of manufacturing firms during the lockdown.
• Not only the production but also the sale of refrigeration systems was hampered due to the closure of manufacturing sites across the world, especially in the initial period of the pandemic.
• However, the epidemic has returned to normalcy, and the market is growing rapidly.

The others segment to maintain its leadership status throughout the forecast period-

Based on components, the condensers segment held the highest market share in 2022, accounting for more than one-fifth of the global centralized refrigeration systems market revenue. Condensers are key components of any refrigeration system as they are essential for condensing the refrigerant into a saturated liquid state. In centralized refrigeration systems, water-cooled condensers and evaporative condensers are used to remove the heat extracted from the interior of the unit to the outside air. Furthermore, most of the condensers use cooling water and air as coolants, which in turn, is expected to fuel the demand for these condensers in refrigerated warehouses, cold storage rooms, and food & beverage processing industries. On the other hand, the others segment is expected to maintain its leadership status throughout the forecast period. Moreover, the controls segment would display the fastest CAGR of 7.1% from 2023 to 2032.

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The ammonia segment to maintain its leadership status throughout the forecast period-

Based on refrigerant, the ammonia segment held the highest market share in 2022, contributing to more than half of the global centralized refrigeration systems market revenue, and is expected to maintain its leadership status throughout the forecast period. Ammonia has a greater cooling capacity than other refrigerants, hence ammonia-based refrigeration systems are more energy efficient than those based on other refrigerants. On the other hand, the carbon dioxide segment would showcase the fastest CAGR of 7.0% throughout the forecast period. The demand for carbon dioxide refrigerant has rapidly increased in the centralized refrigeration systems market, as various industries prefer using carbon dioxide as a refrigerant where toxicity or flammability is a key concern. Carbon dioxide is used as the low-stage refrigerant in cascade installations.

The commercial segment to maintain its lead position during the forecast period-

Based on end-user industry, the commercial segment accounted for the largest share in 2022, contributing for more than four-fifths of the global centralized refrigeration systems market revenue, and industrial segment is projected to maintain its lead position during the forecast period. Industrial centralized refrigeration helps to remove heat from large-scale processes or materials, lowering the temperature to a desired value. Moreover, in industrial sectors, centralized refrigeration is also used in cold stores of industrial facilities, where perishable goods are stored. However, the industrial segment would portray the fastest CAGR of 5.8% during the forecast period.

Asia-Pacific garnered the major share in 2032-

Based on region, Asia-Pacific garnered the highest share in 2022, holding nearly two-fifths of the global centralized refrigeration systems market revenue, and is expected to maintain its dominance during the forecast period. Simultaneously the same segment would also cite the fastest CAGR of 6.2% during the forecast period. Ongoing growth in online grocery shopping across the region, with continuously expanding application areas of natural refrigerant-based refrigeration systems to drive the growth of the Asia-Pacific region.

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Leading Market Players: –

• Johnson Controls
• Carrier Global Corporation
• Emerson Electric Co.
• Gea Group
• Bitzer Se (Bitzer Kuhlmaschinenbau Gmbh)
• Lu-Ve S.P.A.
• Danfoss
• Evapco, Inc.
• Daikin Industries Ltd.
• Industrial Frigo S.R.L

The report provides a detailed analysis of these key players in the global centralized refrigeration systems market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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