Europe Centralized Refrigeration Systems Market to Reach $12.7 billion by 2032 at 4.8% CAGR: Allied Market Research
The increasing need for energy-efficient refrigeration systems and solutions for industrial and commercial spaces, and the growing demand for refrigeration from industrial units propels the market growth in Europe..
Wilmington, Delaware , Nov. 02, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Europe 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 Europe centralized refrigeration systems market was valued at $7.9 billion in 2022, and is expected to reach $12.7 billion by 2032, registering a CAGR of 4.8% from 2023 to 2032. The need for energy-efficient refrigeration systems has grown in recent years as more systems are outfitted with floating head pressure controls, variable-frequency drives in evaporator fans, screw compressor VFD controls, and other energy-saving features.
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Prime determinants of growth
To combat environmental effects like ozone depletion and global warming, numerous sectors use natural refrigerants, including ammonia, carbon dioxide, water, and others. This has spurred the demand for eco-friendly refrigerants. Moreover, the availability of eco-friendly and natural refrigerants has further restricted the scope for adoption of other refrigerants with higher efficiencies. Subsequently, this is expected to negatively influence the market growth in the forecast period.
Report coverage & details:
|Market Size in 2022||$7.9 billion|
|Market Size in 2032||$12.7 billion|
|No. of Pages in Report||239|
|Segments covered||Components, Refrigerants, End-User Industry, and Regions.|
|Drivers||Rise in food and beverages industry, Growth of Healthcare sector|
|Restraints||High initial and maintenance cost|
- The outbreak of the Covid-19 pandemic had a negative impact on the Europe centralized refrigeration systems market, owing to the temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale of robots was hampered due to the closure of manufacturing plants and warehouses sites across the world, especially in the initial period of the pandemic.
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The compressors segment will grow with high CAGR throughout the forecast period
Europe centralized refrigeration systems market is divided into compressor, condenser, evaporator, control, and others. Others segment accounted for a higher market share in 2022, accounting for one fifth of the market revenue. Refrigeration control systems, such as thermostat control, defrost control, and head pressure control are used to control the flow of liquid refrigerant and optimize the temperature & pressure within the refrigeration system. Moreover, other industrial refrigeration components include valves, refrigerant tanks, doors, pumps, pipes, tubes, and OEM equipment. The Others segment is expected to be the largest revenue contributor during the forecast period and the control segment is expected to exhibit the highest CAGR share under the component type segment in the Europe centralized refrigeration systems market during the forecast period.
The carbon dioxide segment will grow with high CAGR throughout the forecast period
Based on refrigerant type, Europe centralized refrigeration systems market is divided into ammonia (NH3), carbon dioxide (CO2), F gases, and others. It is accounting for half of the market revenue. The ammonia segment accounted for a higher market share in 2022, owing to the increased demand for natural refrigerants in large industrial plants. However, the carbon dioxide segment is expected to grow with a higher CAGR during the forecast period. The demand for carbon dioxide refrigerant has rapidly increased in the industrial refrigeration market, as various industries prefer using carbon dioxide as a refrigerant where toxicity or flammability is a key concern.
The manufacturers & distributors segment to maintain its leadership status throughout the forecast period
Based on end-user, Europe centralized refrigeration systems market is divided into commercial (hotel, restaurant, catering, and retail) and industrial (refrigerated warehouse, food processing, healthcare, and Others). Out of these, the commercial segment accounted for a larger market share in terms of revenue in 2022, owing to the large-scale utilization of centralized refrigeration systems in places such as hotels, restaurants, catering, and retail stores. It is accounting for half of the market revenue. The commercial refrigeration segment includes varied applications critical in everyday life. If a commercial refrigeration system does not work properly, the entire business is at risk. The hotel, restaurant, catering, and retail venues make large-scale use of a centralized refrigeration system to refrigerate the food content and prevent it from degradation. Such factors are forcing centralized refrigeration manufacturers to come up with strategic development and to increase their market position.
The UK dominates the market share in terms of revenue in 2021
The Europe Centralized Refrigeration Systems Market is analyzed across Germany, France, Italy, the UK, Spain, the Netherlands, and the Rest of Europe. In 2022, the Rest of Europe accounted for a largest segment of Europe Centralized Refrigeration Systems Market in terms of revenue. It accounts for more than one fifth of the market revenue. UK is expected to grow with a higher CAGR during the forecast period. The rest of Europe includes Switzerland, Finland, Norway, Belgium, Austria, and others, which present many growth opportunities for the Europe centralized refrigeration systems market. Along with large healthcare sector, food and beverage, and cold-chain logistics industries are witnessing a boom in this region.
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Leading Market Players: –
Carrier Global Corporation
Emerson Electric Co.
Bitzer Kühlmaschinenbau GmbH
Industrial Frigo Srl.
The report provides a detailed analysis of these key players in the Europe 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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