Product Code: BMIRE00029414
The Asia Pacific industrial refrigeration equipment market is expected to grow from US$ 7,497.19 million in 2022 to US$ 15,729.90 million by 2030. It is estimated to grow at a CAGR of 9.7% from 2022 to 2030.
Growing Popularity of CO2 and NH3-based Systems Fuels Asia Pacific Industrial Refrigeration Equipment Market
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. 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.
Asia Pacific Industrial Refrigeration Equipment Market Overview
The industrial refrigeration equipment market in Asia Pacific is segmented into China, Japan, South Korea, India, Australia, Thailand, Vietnam, Indonesia, Malaysia, and the Rest of Asia Pacific. In the region, various manufacturers of the industrial refrigeration system are expanding their presence. For instance, in September 2019, Epta S.p.A. announced the acquisition of Sofrico, a market leader in the design, sales, service, and contracting of systems, cabinets, and cold rooms for industrial refrigeration. With this acquisition, Epta S.p.A. is further expanding its operations in Asia Pacific countries, where the company has well-established manufacturing plants, sales offices, service centers, and distribution centers in China, Thailand, Singapore, Malaysia, the Philippines, and Australia. Thus, the rise in such strategic acquisitions by key players contributes to the adoption of industrial refrigeration equipment in the region.
Industrial refrigeration equipment maintains the cold chain storage for the vaccines. In April 2022, Honeywell International Inc. announced that Sinopharm Shanghai Biomedical Co., Ltd.-a subsidiary of China National Pharmaceutical Group Co., Ltd. (Sinopharm)-has adopted Honeywell Solstice N40 (R-448A) refrigerant. Solstice N40 is considered to be a reliable choice for most refrigeration customers in the global industrial and commercial sectors; this refrigerant helps save energy and reduce carbon emissions while meeting stringent regulatory requirements. Thus, the rising deployment of such refrigerants helps boost the adoption of industrial refrigeration equipment in cold storage facilities in Asia Pacific.
Asia Pacific Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Industrial Refrigeration Equipment Market Segmentation
The Asia Pacific industrial refrigeration equipment market is segmented into type, refrigerant type, application, and country.
Based on type, the Asia Pacific industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment registered the largest Asia Pacific industrial refrigeration equipment market share in 2022.
Based on refrigerant type, the Asia Pacific industrial refrigeration equipment market is segmented into ammonia - R717, carbon dioxide (CO2) - R744, and hydrocarbons - HCs. The ammonia - R717 segment held the largest Asia Pacific industrial refrigeration equipment market share in 2022.
Based on application, the Asia Pacific industrial refrigeration equipment market is segmented into food and beverages, pharmaceutical, chemical and petrochemical, district cooling, data centres, electricity production, and others. The food and beverages segment held the largest Asia Pacific industrial refrigeration equipment market share in 2022.
Based on country, the Asia Pacific industrial refrigeration equipment market has been categorized into China, Japan, South Korea, India, Australia, Thailand, Vietnam, Indonesia, Malaysia, and the Rest of Asia Pacific. China dominated the Asia Pacific industrial refrigeration equipment market in 2022.
BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Evapco Inc, Honeywell International Inc, Johnson Controls International Plc, and Mayekawa Australia Pty Ltd are some of the leading companies operating in the industrial refrigeration equipment market in the region.
Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Asia Pacific Industrial Refrigeration Equipment Market Landscape
- 4.1 Overview
- 4.2 PEST Analysis
- 4.3 Ecosystem Analysis
5. Asia Pacific Industrial Refrigeration Equipment Market - Key Industry Dynamics
- 5.1 Asia Pacific Industrial Refrigeration Equipment Market - Key Industry Dynamics
- 5.2 Market Drivers
- 5.2.1 Increasing Demand for Cold Chain Infrastructure
- 5.2.2 Growing Inclination Towards Eco-friendly Refrigerant-based Refrigeration System
- 5.2.3 Growing Pharma Industry
- 5.3 Market Restraints
- 5.3.1 High Initial Investment
- 5.3.2 Stricter Regulations Regarding Use of Refrigerants
- 5.4 Market Opportunities
- 5.4.1 Growing Popularity of CO2 and NH3-based Systems
- 5.5 Future Trends
- 5.5.1 Smart and Connected Refrigeration Systems
- 5.6 Impact of Drivers and Restraints:
6. Industrial Refrigeration Equipment Market - Asia Pacific Market Analysis
- 6.1 Asia Pacific Industrial Refrigeration Equipment Market Revenue (US$ Million), 2022 - 2030
- 6.2 Asia Pacific Industrial Refrigeration Equipment Market Forecast and Analysis
7. Asia Pacific Industrial Refrigeration Equipment Market Analysis - Type
- 7.1 Mechanical-Compression Refrigeration Systems
- 7.1.1 Overview
- 7.1.2 Mechanical-Compression : Asia Pacific Industrial Refrigeration Equipment Market, Revenue and Forecast to 2030 (US$ Million)
- 7.2 Evaporative Cooling
- 7.2.1 Overview
- 7.2.2 Evaporative Cooling : Asia Pacific Industrial Refrigeration Equipment Market, Revenue and Forecast to 2030 (US$ Million)
- 7.3 Absorption
- 7.3.1 Overview
- 7.3.2 Absorption : Asia Pacific Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)
- 7.4 Thermoelectric
- 7.4.1 Overview
- 7.4.2 Thermoelectric : Asia Pacific Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Industrial Refrigeration Equipment Market Analysis - Refrigerant Type
- 8.1 Ammonia - R717
- 8.1.1 Overview
- 8.1.2 Ammonia - R717 : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 8.2 Carbon dioxide (CO2) - R744
- 8.2.1 Overview
- 8.2.2 Carbon dioxide (CO2) - R744 : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 8.3 Hydrocarbons - HCs
- 8.3.1 Overview
- 8.3.2 Hydrocarbons - HCs : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Industrial Refrigeration Equipment Market Analysis - Application
- 9.1 Food and Beverages
- 9.1.1 Overview
- 9.1.2 Food and Beverages : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 9.2 Pharmaceutical
- 9.2.1 Overview
- 9.2.2 Pharmaceutical : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 9.3 Chemical and Petrochemical
- 9.3.1 Overview
- 9.3.2 Chemical and Petrochemical : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 9.4 District Cooling
- 9.4.1 Overview
- 9.4.2 District Cooling : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 9.5 Data Centers
- 9.5.1 Overview
- 9.5.2 Data Centers : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 9.6 Electricity Production
- 9.6.1 Overview
- 9.6.2 Electricity Production : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
- 9.7 Others
- 9.7.1 Overview
- 9.7.2 Others : Asia Pacific Industrial Refrigeration Equipment Market Revenue, and Forecast to 2030 (US$ Million)
10. Asia Pacific Industrial Refrigeration Equipment Market - Country Analysis
- 10.1 Asia Pacific
- 10.1.1 Asia Pacific Industrial Refrigeration Equipment Market Overview
- 10.1.2 Asia Pacific Industrial Refrigeration Equipment Market Revenue and Forecasts and Analysis - By Country
- 10.1.2.1 Asia Pacific Industrial Refrigeration Equipment Market Revenue and Forecasts and Analysis - By Country
- 10.1.2.2 China Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.2.1 China Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.2.2 China Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.2.3 China Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.3 Japan Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.3.1 Japan Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.3.2 Japan Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.3.3 Japan Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.4 South Korea Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.4.1 South Korea Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.4.2 South Korea Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.4.3 South Korea Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.5 India Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.5.1 India Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.5.2 India Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.5.3 India Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.6 Australia Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.6.1 Australia Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.6.2 Australia Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.6.3 Australia Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.7 Thailand Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.7.1 Thailand Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.7.2 Thailand Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.7.3 Thailand Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.8 Vietnam Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.8.1 Vietnam Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.8.2 Vietnam Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.8.3 Vietnam Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.9 Indonesia Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.9.1 Indonesia Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.9.2 Indonesia Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.9.3 Indonesia Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.10 Malaysia Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.10.1 Malaysia Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.10.2 Malaysia Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.10.3 Malaysia Industrial Refrigeration Equipment Market Breakdown by Application
- 10.1.2.11 Rest of Asia Pacific Industrial Refrigeration Equipment Market Revenue and Forecasts to 2030 (US$ Mn)
- 10.1.2.11.1 Rest of Asia Pacific Industrial Refrigeration Equipment Market Breakdown by Type
- 10.1.2.11.2 Rest of Asia Pacific Industrial Refrigeration Equipment Market Breakdown by Refrigerant Type
- 10.1.2.11.3 Rest of Asia Pacific Industrial Refrigeration Equipment Market Breakdown by Application
11. Competitive Landscape
- 11.1 Heat Map Analysis by Key Players
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 New Product Development
- 12.4 Merger and Acquisition
13. Company Profiles
- 13.1 Johnson Controls International Plc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 Danfoss AS
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Honeywell International Inc
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 Evapco Inc
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 Mayekawa Australia Pty Ltd
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 BITZER Kuhlmaschinenbau GmbH
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 Carrier Global Corp
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
14. Appendix
- 14.1 About the Insight Partners
- 14.2 Word Index