India Industrial Refrigeration Systems Market (2024-2030) | industry, Size, Share, Revenue, Forecast, Trends, Growth & Outlook

Latest 2023 Development of the India Industrial Refrigeration Systems Market

India Industrial Refrigeration Systems Market has seen tremendous growth on the back of various growth factors and the latest developments. For instance, investment in cold chain infrastructure to improve the supply chain for perishable goods, which will require the use of industrial refrigeration systems. With the growing concern for the environment, many companies are now adopting natural refrigerants such as carbon dioxide, ammonia, and hydrocarbons as these refrigerants have a lower global warming potential and ozone depletion potential compared to traditional refrigerants. Many companies are now incorporating Internet of Things (IoT) and Artificial Intelligence (AI) technologies into their industrial refrigeration systems as they enable remote monitoring and improved efficiency.

The demand for energy-efficient industrial refrigeration systems is growing and is gaining popularity due to the rising cost of electricity in India. Moreover, several international industrial refrigeration system manufacturers have expanded their operations in India in recent years. Overall, the India Industrial Refrigeration Systems industry size is proliferating in the coming years due to the increasing demand for cold storage and transport facilities for food and pharmaceutical products

India Industrial Refrigeration Systems Market Highlights

Report Name	India Industrial Refrigeration Systems Market
Forecast period	2024-2030
CAGR	7.3%
Growing Sector	Food & Beverage

Topics Covered in India Industrial Refrigeration Systems Market Report

India Industrial Refrigeration Systems Market report thoroughly covers the market by Equipment, Refrigerants, Applications, and Regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Industrial Refrigeration Systems Market Synopsis

The India Industrial Refrigeration Systems Market is witnessing significant growth, driven by the expanding food and beverage industry and the increasing demand for efficient cooling solutions in various sectors.

According to 6Wresearch, the India Industrial Refrigeration Systems Market is projected to grow at a CAGR of 7.3% from 2024-2030. The food & beverage industry is witnessing the largest growth, driven by the growing requirement for temperature-controlled storage and transportation. Additionally, the oil & gas and chemical & petrochemical industries are also boosting market growth. Growing demand for environmentally friendly refrigerants and energy-efficient systems are other major factors driving the market.

Despite these opportunities, the market faces challenges such as high initial installation costs and the complexity of maintaining advanced refrigeration systems. The need for skilled labor to operate and maintain these systems can be a barrier, particularly in remote areas. Additionally, stringent regulations regarding refrigerants pose challenges for manufacturers and users alike.

India Industrial Refrigeration Systems Market: Leading Players

Leading players in the India Industrial Refrigeration Systems Market include Johnson Controls, Emerson Electric Co., and GEA Group AG. Johnson Controls is renowned for its innovative compressor and control solutions that cater to diverse industrial needs. Emerson Electric Co. offers a wide range of refrigeration equipment, including condensers and evaporators, known for their efficiency and reliability. GEA Group AG specializes in advanced refrigeration systems, providing comprehensive solutions for the food & beverage and chemical industries.

India Industrial Refrigeration Systems Industry: Government Initiatives

The Indian government is actively promoting the adoption of advanced industrial refrigeration systems through various initiatives. Policies aimed at enhancing energy efficiency and reducing greenhouse gas emissions are encouraging the use of eco-friendly refrigerants. Additionally, investments in the food processing sector and the development of cold chain infrastructure are driving the demand for industrial refrigeration systems. Government support in the form of subsidies and incentives for adopting energy-efficient technologies is also expected to boost market growth.

Future Insights of the Market

The India Industrial Refrigeration Systems Market is poised for significant growth in the coming years. Market growth is expected to be driven by technological advancements such as IoT integration in refrigeration systems. The growing inclination towards energy-efficient and automated cooling solutions, coupled with increasing demand for smart and green appliances by environmentally conscious individuals, is expected to influence the sales of eco-friendly models. In addition to this, the food & beverage industry will maintain its importance as more and more companies require premium refrigeration solutions. Moreover, growth opportunities are significant within the oil & gas and chemical sectors as the increasing preference for high-end refrigeration systems among these industries would lift up demand. In brief, growth will be driven by innovation and sustainability-oriented focus in the market.

Market Segmentation By Equipment

According to Ravi Bhandari, Research Head, 6Wresearch, compressors are leading the market due to their widespread use in various applications, including food processing and chemical manufacturing.

Market Segmentation By Refrigerants

High demand for ammonia refrigerants is observed because they offer better energy efficiency and have a lower environmental impact compared to other options.

Market Segmentation By Applications

The food & beverage sector holds the largest market share, driven by continuous improvements in cold storage and transportation requirements, boosting the demand for industrial refrigeration systems.

Market Segmentation By Regions

Northern India is the top region in terms of its strong industrial base and increased usage of advanced refrigeration systems across various sectors.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• India Industrial Refrigeration Systems Market Overview
• India Industrial Refrigeration Systems Market Outlook
• India Industrial Refrigeration Systems Market Forecast
• Historical Data of India Industrial Refrigeration Systems Market Revenues for the Period 2020-2030
• India Industrial Refrigeration Systems Market Size and India Industrial Refrigeration Systems Market Forecast of Revenues, Until 2030
• Historical Data of India Industrial Refrigeration Systems Market Revenues, By Equipment, for the Period 2020-2030
• Market Size & Forecast of India Industrial Refrigeration Systems Market Revenues, By Equipment, Until 2030
• Historical Data of India Industrial Refrigeration Systems Market Revenues, By Refrigerants, for the Period 2020-2030
• Market Size & Forecast of India Industrial Refrigeration Systems Market Revenues, By Refrigerants, Until 2030
• Historical Data of India Industrial Refrigeration Systems Market Revenues, By Applications, for the Period 2020-2030
• Market Size & Forecast of India Industrial Refrigeration Systems Market Revenues, By Applications, Until 2030
• Market Drivers and Restraints
• India Industrial Refrigeration Systems Market Price Trends
• India Industrial Refrigeration Systems Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• India Industrial Refrigeration Systems Market Share, By Players
• India Industrial Refrigeration Systems Market Share, By Regions
• India Industrial Refrigeration Systems Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Equipment

• Compressor
• Condensers
• Evaporators
• Controls
• Others (Pumps, Valves, Vessels, and Auxiliary Equipment)

By Refrigerants

• Ammonia
• Carbon Dioxide
• Hydro-Chlorofluorocarbons
• Others (Chlorofluorocarbon, Fluorocarbon, Hydrocarbon, Air, and Water)

By Applications

• Food & Beverage
• Oil & Gas
• Chemicals & Petrochemicals
• Others