The Industrial Refrigeration system market is highly competitive with the presence of a significant number of well-established market players, along with certain regional market players, specifically dealing in the design, installation, maintenance, and after-sales servicing of industrial refrigeration units. The global industrial refrigeration system market is estimated to be valued at USD 18.49 billion in 2018 and is expected to grow at a CAGR of 4.78% from 2018 to 2024. The market has almost reached saturation; growth has been steady for the past 5 years, and this trend is expected to continue in the future as well.

Although no dramatic changes are foreseen in terms of technological developments, the market is expected to be driven by the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and strengthening of cold chain infrastructure in developing countries. Johnson Controls (US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation (US), The Danfoss Group (Denmark), BITZER Kuhlmaschinenbau GmbH (Germany), Mayekawa Mfg. Co. Ltd. (Japan), Ingersoll Rand Plc (Ireland), Daikin Industries, Ltd. (Japan), Evapco, Inc. (US), Baltimore Aircoil Company (US), Lennox International Inc. (US), and LU-VE Group (Italy) are some of the key players in this market.

Major players have adopted the strategy of product launches and business expansions to increase their market presence around the globe. For example, in September 2017, Johnson Controls introduced an SBTP Series 408mm sleeve-bearing screw compressor and an HPS series 273mm high-pressure screw compressor, which can handle commercially available refrigerants, natural gas, carbon dioxide (CO₂), hydrocarbons, and process applications. In January 2017, Emerson launched a mobile app for its Vilter Select software, an online tool that allows users to determine the capacities of available Vilter reciprocating and screw compressor lines.

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Johnson Controls, Inc. (US) and Emerson Electric Co. (US) are 2 of the key players in the industrial refrigeration system market. Johnson Controls, Inc. offers air handlers, compressors, condensers, evaporators, controls, plate heat exchangers, and others for catering to the needs of the industrial refrigeration system market. The company’s sales, marketing, and distribution channels are spread over 150 countries, with major focus on North American and European regions for revenue generation. In January 2017, Johnson Controls introduced Verasys, a plug-and-play control system that integrates heating, ventilation, air-conditioning, and refrigeration (HVACR) equipment and controls. The launched control system is expected to connect a range of mechanical and electrical equipment, controls, and sensors using wireless configurations, thereby resulting in cost savings for end users.

Emerson Electric Co., under its Climate Technologies business segment, offers a range of compressors, condensers, and heat exchangers; drives and motors for compressors, condensers, cooling towers, and pumps; and other related equipment for meeting industrial refrigeration requirements. Some of the end-user industrial segments utilizing industrial refrigeration products and related support services of Emerson are food & beverages; cold storage and warehousing facilities; microelectronics; chemicals & pharmaceuticals; and process refrigeration applications across hydrocarbon processing industries (such as oil & gas).