Centralized Refrigeration System Market Size, Trends and Insights By Component (Compressor, Condenser, Evaporator), By Application (Fruit and Vegetable Processing, Refrigerated Wearhouse), By Type (Ammonia, CO2, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI24721

Published Date: July 2023

Pages: 220+

Category: Machinery & Equipment

Report Snapshot

CAGR: 4.5%
17.6B
2022
18.1B
2023
22.1B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Emerson Electric Co.
  • Johnson Controls International plc.
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the global Centralized Refrigeration System Market is expected to record a CAGR of 4.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 17.6 billion. By 2032, the valuation is anticipated to reach USD 22.1 billion.

The Centralized Refrigeration System Market is the sector that deals with creating, manufacturing, and distributing large refrigeration systems used for cooling and storing perishable items in industries like food, pharmaceuticals, and chemicals.

This market is characterized by constant technological advancements that prioritize energy efficiency and eco-friendliness. It is a vibrant and evolving industry driven by the need to provide sustainable and efficient solutions for refrigeration purposes. It caters to diverse end-user industries and is influenced by changing environmental regulations and consumer preferences for sustainable solutions.

Key trends include a rising demand for cold chain logistics, a focus on energy-efficient and environmentally friendly solutions, and the integration of digitalization and automation for enhanced performance and remote monitoring capabilities. Customized solutions and heightened emphasis on food safety also shape market trends.

Centralized Refrigeration System Market – Significant Growth Factors

The Centralized Refrigeration System Market presents significant growth opportunities due to several factors:

  • Increasing Focus on Energy Efficiency: There is a growing emphasis on developing energy-efficient centralized refrigeration systems to reduce energy consumption and minimize environmental impact. Manufacturers are incorporating advanced technologies such as variable speed compressors, energy recovery systems, and intelligent controls to optimize energy usage.
  • Stringent Food Safety Regulations: The implementation of stringent food safety regulations by governments and regulatory bodies is driving the adoption of centralized refrigeration systems. These systems help maintain optimal storage conditions for perishable food items, ensuring compliance with food safety standards and reducing the risk of contamination or spoilage.
  • Increasing Demand for Pharmaceutical Cold Storage: The pharmaceutical industry’s rising requirement for temperature-controlled storage of drugs, vaccines, and other sensitive healthcare products is boosting demand for centralised refrigeration systems. These systems provide precise temperature control, ensuring the integrity and efficacy of pharmaceutical products throughout the storage and distribution process. The increasing focus on healthcare infrastructure development and the rise in biopharmaceutical research further contribute to this driver.
  • Shift towards Natural Refrigerants: In response to environmental concerns and regulatory guidelines, there is a significant shift towards using natural refrigerants like ammonia, carbon dioxide, and hydrocarbons in centralized refrigeration systems. These refrigerants have lower global warming potential and ozone depletion potential, making them more environmentally friendly alternatives to traditional synthetic refrigerants.
  • Growing Demand in Emerging Economies: The rapid industrialization and urbanization in emerging economies present significant opportunities for the centralized refrigeration system market. The increasing demand for cold storage facilities, retail infrastructure, and food processing plants drives the need for efficient refrigeration solutions, creating new market prospects.
  • Expansion of the Cold Chain Logistics Industry: The expansion of the global cold chain logistics industry offers opportunities for centralized refrigeration system manufacturers. The need for temperature-controlled storage and transportation of perishable goods, including food and pharmaceuticals, drives the demand for advanced refrigeration solutions, creating avenues for market growth.
  • Focus on Retrofitting and Upgrading Existing Systems: Many existing refrigeration systems in various industries require retrofitting or upgrading to improve energy efficiency and comply with environmental regulations. This presents an opportunity for companies to offer retrofitting services or supply energy-efficient components, such as compressors and controls, to enhance the performance of existing centralized refrigeration systems.

Centralized Refrigeration System Market – Mergers and Acquisitions

The Centralized Refrigeration System Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Centralized Refrigeration System Market include:

  • Johnson Controls International plc and Emerson Electric Co.: In 2018, Johnson Controls International plc entered a strategic partnership with Emerson Electric Co. to develop advanced centralized refrigeration systems. This collaboration aimed to combine Johnson Controls’ expertise in energy management and controls with Emerson Electric’s technological innovations in the refrigeration industry.
  • Carrier Global Corporation partnership with Danfoss A/S: In 2019, Carrier Global Corporation formed a partnership with Danfoss A/S, a leading provider of refrigeration and air conditioning solutions. The collaboration aimed to leverage Carrier’s global reach and Danfoss’ expertise in energy-efficient technologies to develop sustainable and innovative centralized refrigeration systems.
  • Electric Co. acquired Locus Traxx Worldwide: In 2018, Emerson Electric Co. acquired Locus Traxx Worldwide, a provider of real-time temperature monitoring and tracking solutions for the supply chain industry. This acquisition allowed Emerson Electric to enhance its offerings in centralized refrigeration systems with advanced tracking and monitoring capabilities.
  • Johnson Controls International plc acquired Frick Industrial Refrigeration: In 2019, Johnson Controls International plc acquired the remaining stake in Frick Industrial Refrigeration, a company specializing in industrial refrigeration systems. This acquisition strengthened Johnson Controls’ position in the centralized refrigeration market and expanded its portfolio of solutions for industrial applications.
  • Danfoss A/S acquired AAIM Controls Inc.: In 2021, Danfoss A/S acquired AAIM Controls Inc., a leading provider of control systems for industrial refrigeration applications. This acquisition enhanced Danfoss’ capabilities in control systems and expanded its product offerings for the centralized refrigeration market, further establishing its position as a key player in the industry.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Centralized Refrigeration System Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Centralized Refrigeration System Market Alkaline Water Purifier Market Water Recycle and Reuse Market
CAGR 4.5% (Approx) CAGR 6% (Approx) CAGR 14.1% (Approx)
USD 22.1 Billion by 2032 USD 85 Million by 2030 USD 30.5 Billion by 2030

Centralized Refrigeration System Market – Significant Threats

The Centralized Refrigeration System Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Environmental Regulations: Stringent environmental regulations related to the use of refrigerants pose a significant threat to the Centralized Refrigeration System Market. As governments and international organizations work to minimize greenhouse gas emissions, high-GWP refrigerants are being phased out, necessitating the development of alternative, eco-friendly refrigerants.
  • Technological Disruptions: Rapid technological advancements and disruptions in the refrigeration industry can be a threat to established players in the Centralized Refrigeration System Market. New innovations, such as decentralized cooling solutions, magnetic refrigeration, or alternative cooling methods, could potentially challenge the traditional centralized systems and their market dominance.
  • Volatility in Energy Prices: Fluctuating energy prices can significantly impact the operational costs of centralized refrigeration systems. A rise in energy prices could lead to higher operating expenses for end-users, potentially reducing the demand for new installations or upgrades. Market players need to continually innovate and optimize energy-efficient solutions to mitigate the impact of energy price volatility.
  • Economic Instability: Economic downturns and uncertainties can hinder investments in infrastructure projects, affecting the demand for centralized refrigeration systems. During economic downturns, industries may postpone or cancel new installations, which could lead to reduced market growth. Adapting to changing economic conditions and offering cost-effective solutions becomes crucial for companies operating in this market.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 18.1 Billion
Projected Market Size in 2032 USD 22.1 Billion
Market Size in 2022 USD 17.6 Billion
CAGR Growth Rate 4.5% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Component, Application, Type and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Component:

  • Compressor: The compressor is a vital component in centralized refrigeration systems that compresses the refrigerant gas, raising its pressure and temperature. Market trends include the development of energy-efficient compressors with advanced technologies like variable speed drives, improved lubrication systems, and optimized designs, enhancing system performance and reducing energy consumption.
  • Condenser: The condenser is responsible for removing heat from the refrigerant, converting it from a high-pressure gas to a liquid state. Market trends focus on compact and efficient condenser designs, incorporating features like enhanced heat transfer surfaces, corrosion-resistant materials, and advanced coil configurations to improve overall system efficiency and performance.
  • Evaporator: The evaporator facilitates the heat exchange process by absorbing heat from the surrounding environment, causing the refrigerant to evaporate and cool the space. Market trends include the development of evaporators with high heat transfer capabilities, improved air distribution systems, and optimized coil designs to enhance cooling efficiency, reduce energy consumption, and provide better temperature control.

Global Centralized Refrigeration System Market 2023–2032 (By Billion)

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By Application

  • Fruit and Vegetable Processing: The application of centralized refrigeration systems in fruit and vegetable processing involves the cooling and preservation of fresh produce to extend shelf life and maintain quality. Trends in this segment include the adoption of energy-efficient refrigeration technologies, advanced cold chain logistics, and the use of eco-friendly refrigerants to meet consumer demands for sustainable and fresh produce.
  • Refrigerated Warehouse: Centralized refrigeration systems in refrigerated warehouses are essential for storing perishable goods in a controlled environment. The market trends for this application include the integration of smart monitoring and automation, cold storage capacity expansion, and the implementation of temperature-sensitive storage solutions to ensure proper handling and preservation of goods.

By Type

  • Ammonia: Ammonia-based centralized refrigeration systems use ammonia as the primary refrigerant, known for its eco-friendliness and high energy efficiency. The market trend for ammonia systems shows a growing preference due to their low Global Warming Potential (GWP) and compliance with environmental regulations.
  • CO2: CO2-based centralized refrigeration systems utilize carbon dioxide as the refrigerant, offering a sustainable and non-toxic alternative. The market trend for CO2 systems is rising due to their minimal impact on the environment, energy efficiency, and suitability for various applications, including commercial refrigeration.
  • Others: Other types of centralized refrigeration systems may include hybrid systems and advanced refrigerants. The market trend for these systems revolves around continuous research and development to find innovative and sustainable solutions that reduce environmental impact and improve overall efficiency.

Global Centralized Refrigeration System Market 2023–2032 (By Component)

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Centralized Refrigeration System Market – Regional Analysis

The Centralized Refrigeration System Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: The Centralized Refrigeration System Market in North America is witnessing a growing demand for energy-efficient and sustainable solutions. The focus is on reducing carbon emissions and transitioning to low-GWP refrigerants, which is driving the adoption of advanced technologies and eco-friendly practices. Dominant market players in this region include Johnson Controls International plc, Emerson Electric Co., and Carrier Global Corporation, known for their wide range of innovative and energy-efficient refrigeration solutions.
  • Europe: In Europe, the Centralized Refrigeration System Market is experiencing a surge in demand for efficient cold chain logistics. The need for effective food preservation and transportation is driving the market, along with a strong emphasis on optimizing energy consumption and adhering to stringent environmental regulations. Key players dominating the European market include Danfoss A/S, Schneider Electric SE, and Mitsubishi Electric Corporation, renowned for their energy-efficient and technologically advanced refrigeration systems.
  • Asia-Pacific: The Asia-Pacific region, being a major electronics manufacturing hub, is driving the demand for centralized refrigeration systems in this sector. Additionally, there is a growing focus on adopting eco-friendly refrigerants and investing in smart, digitally integrated solutions. Hitachi Chemical Co., Ltd., Samsung SDI Co., Ltd., and Panasonic Corporation are market leaders in the Asia-Pacific area, known for their cutting-edge refrigeration solutions adapted to the region’s different sectors.
  • LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, the Centralized Refrigeration System Market is witnessing increased installations of advanced refrigeration systems, particularly in the food retail sector, to modernize operations and enhance food safety while reducing wastage. Dominant players in the LAMEA region include Bitzer Kühlmaschinenbau GmbH, Huayi Compressor Co., Ltd., and GEA Group Aktiengesellschaft, offering reliable and innovative solutions tailored to local market needs.

Global Centralized Refrigeration System Market 2023–2032 (By Type)

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Competitive Landscape – Centralized Refrigeration System Market

The Centralized Refrigeration System Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Emerson Electric Co.
  • Johnson Controls International plc.
  • Lennox International Inc.
  • Mitsubishi Electric Corporation
  • Panasonic Corporation
  • Schneider Electric SE
  • Siemens AG
  • United Technologies Corporation
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In In 2020, Mitsubishi Electric Corporation and Daikin Industries Ltd., two major players in the HVAC industry, announced a joint venture to develop next-generation centralized refrigeration systems. This partnership aimed to combine their research and development capabilities to create advanced and energy-efficient solutions for the market.

The Centralized Refrigeration System Market is predominantly led by established players like Johnson Controls International plc, Emerson Electric Co., and Carrier Global Corporation. These industry giants have a global presence, offer a wide range of reliable and energy-efficient refrigeration systems, and enjoy a loyal customer base.

With their expertise, resources, and market influence, they maintain their dominance and continuously innovate by investing in research and development. Their commitment to delivering advanced solutions and meeting customer demands has earned them a solid reputation as trusted leaders in the Centralized Refrigeration System Market.

The Centralized Refrigeration System Market is segmented as follows:

By Component

  • Compressor
  • Condenser
  • Evaporator

By Application

  • Fruit and Vegetable Processing
  • Refrigerated Wearhouse

By Type

  • Ammonia
  • CO2
  • Others

By Region

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Centralized Refrigeration System Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Centralized Refrigeration System Market : snapshot
  • Chapter 3. Global Centralized Refrigeration System Market – Industry Analysis
    • 3.1 Centralized Refrigeration System Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing Focus on Energy Efficiency
      • 3.2.2 Stringent Food Safety Regulations
      • 3.2.3 Increasing Demand for Pharmaceutical Cold Storage
      • 3.2.4 Shift towards Natural Refrigerants
      • 3.2.5 Expansion of the Cold Chain Logistics Industry
      • 3.2.6 Growing Demand in Emerging Economies
      • 3.2.7 Focus on Retrofitting and Upgrading Existing Systems.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Component
      • 3.7.2 Market attractiveness analysis By Application
      • 3.7.3 Market attractiveness analysis By Type
  • Chapter 4. Global Centralized Refrigeration System Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Centralized Refrigeration System Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Centralized Refrigeration System Market – Component Analysis
    • 5.1 Global Centralized Refrigeration System Market overview: By Component
      • 5.1.1 Global Centralized Refrigeration System Market share, By Component, 2022 and 2032
    • 5.2 Compressor
      • 5.2.1 Global Centralized Refrigeration System Market by Compressor, 2023 – 2032 (USD Billion)
    • 5.3 Condenser
      • 5.3.1 Global Centralized Refrigeration System Market by Condenser , 2023 – 2032 (USD Billion)
    • 5.4 Evaporator
      • 5.4.1 Global Centralized Refrigeration System Market by Evaporator , 2023 – 2032 (USD Billion)
  • Chapter 6. Global Centralized Refrigeration System Market – Application Analysis
    • 6.1 Global Centralized Refrigeration System Market overview: By Application
      • 6.1.1 Global Centralized Refrigeration System Market share, By Application, 2022 and 2032
    • 6.2 Fruit and Vegetable Processing
      • 6.2.1 Global Centralized Refrigeration System Market by Fruit and Vegetable Processing, 2023 – 2032 (USD Billion)
    • 6.3 Refrigerated Wearhouse
      • 6.3.1 Global Centralized Refrigeration System Market by Refrigerated Wearhouse, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Centralized Refrigeration System Market – Type Analysis
    • 7.1 Global Centralized Refrigeration System Market overview: By Type
      • 7.1.1 Global Centralized Refrigeration System Market share, By Type, 2022 and 2032
    • 7.2 Ammonia
      • 7.2.1 Global Centralized Refrigeration System Market by Ammonia, 2023 – 2032 (USD Billion)
    • 7.3 CO2
      • 7.3.1 Global Centralized Refrigeration System Market by CO2 , 2023 – 2032 (USD Billion)
    • 7.4 Others
      • 7.4.1 Global Centralized Refrigeration System Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 8. Centralized Refrigeration System Market – Regional Analysis
    • 8.1 Global Centralized Refrigeration System Market Regional Overview
    • 8.2 Global Centralized Refrigeration System Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Centralized Refrigeration System Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Centralized Refrigeration System Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Centralized Refrigeration System Market, by Component, 2023 – 2032
      • 8.4.1 North America Centralized Refrigeration System Market, by Component, 2023 – 2032 (USD Billion)
    • 8.5 North America Centralized Refrigeration System Market, by Application, 2023 – 2032
      • 8.5.1 North America Centralized Refrigeration System Market, by Application, 2023 – 2032 (USD Billion)
    • 8.6 North America Centralized Refrigeration System Market, by Type, 2023 – 2032
      • 8.6.1 North America Centralized Refrigeration System Market, by Type, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Centralized Refrigeration System Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Centralized Refrigeration System Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Centralized Refrigeration System Market, by Component, 2023 – 2032
      • 8.8.1 Europe Centralized Refrigeration System Market, by Component, 2023 – 2032 (USD Billion)
    • 8.9 Europe Centralized Refrigeration System Market, by Application, 2023 – 2032
      • 8.9.1 Europe Centralized Refrigeration System Market, by Application, 2023 – 2032 (USD Billion)
    • 8.10 Europe Centralized Refrigeration System Market, by Type, 2023 – 2032
      • 8.10.1 Europe Centralized Refrigeration System Market, by Type, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Centralized Refrigeration System Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Centralized Refrigeration System Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Centralized Refrigeration System Market, by Component, 2023 – 2032
      • 8.12.1 Asia Pacific Centralized Refrigeration System Market, by Component, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Centralized Refrigeration System Market, by Application, 2023 – 2032
      • 8.13.1 Asia Pacific Centralized Refrigeration System Market, by Application, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Centralized Refrigeration System Market, by Type, 2023 – 2032
      • 8.14.1 Asia Pacific Centralized Refrigeration System Market, by Type, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Centralized Refrigeration System Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Centralized Refrigeration System Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Centralized Refrigeration System Market, by Component, 2023 – 2032
      • 8.16.1 Latin America Centralized Refrigeration System Market, by Component, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Centralized Refrigeration System Market, by Application, 2023 – 2032
      • 8.17.1 Latin America Centralized Refrigeration System Market, by Application, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Centralized Refrigeration System Market, by Type, 2023 – 2032
      • 8.18.1 Latin America Centralized Refrigeration System Market, by Type, 2023 – 2032 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Centralized Refrigeration System Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Centralized Refrigeration System Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Centralized Refrigeration System Market, by Component, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Centralized Refrigeration System Market, by Component, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Centralized Refrigeration System Market, by Application, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Centralized Refrigeration System Market, by Application, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Centralized Refrigeration System Market, by Type, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Centralized Refrigeration System Market, by Type, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Carrier Global Corporation
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Daikin Industries Ltd.
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Emerson Electric Co.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Johnson Controls International plc.
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Lennox International Inc.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Mitsubishi Electric Corporation
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Panasonic Corporation
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Schneider Electric SE
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Siemens AG
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 United Technologies Corporation
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Others.
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
List Of Figures

Figures No 1 to 24

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Carrier Global Corporation
  • Daikin Industries Ltd.
  • Emerson Electric Co.
  • Johnson Controls International plc.
  • Lennox International Inc.
  • Mitsubishi Electric Corporation
  • Panasonic Corporation
  • Schneider Electric SE
  • Siemens AG
  • United Technologies Corporation
  • Others

FAQs

“North America” region will lead the Global Centralized Refrigeration System Market during the forecast period 2023 to 2032.

The key factors driving the Market are Increasing Focus on Energy Efficiency, Stringent Food Safety Regulations, Increasing Demand for Pharmaceutical Cold Storage, Shift towards Natural Refrigerants, Expansion of the Cold Chain Logistics Industry, Growing Demand in Emerging Economies And Focus on Retrofitting and Upgrading Existing Systems.

The key players operating in the Centralized Refrigeration System Market are Carrier Global Corporation, Daikin Industries Ltd., Emerson Electric Co., Johnson Controls International plc., Lennox International Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Schneider Electric SE, Siemens AG, United Technologies Corporation, Others.

The Global Centralized Refrigeration System Market is expanding growth with a CAGR of approximately 4.5% during the forecast period (2023 to 2032).

The Global Centralized Refrigeration System Market size was valued at USD 17.6 Billion in 2022 and it is projected to reach around USD 22.1 Billion by 2032.

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