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Europe Centralized Refrigeration Systems Market Size, Share, Competitive Landscape and Trend Analysis 2032
The Europe Centralized Refrigeration Systems Market was valued at $7.9 billion in 2022 and is projected to reach $12.7 billion by 2032, with a CAGR of 4.8% from 2023 to 2032. Centralized refrigeration systems primarily consist of components like compressors, condensers, evaporators, control systems, and other miscellaneous parts. These systems distribute refrigerant through pipes to various evaporators, cooling the desired spaces or processes and maintaining freshness by cycling the refrigerant.
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Impact of COVID-19 on the Market
The COVID-19 pandemic led to a decline in the Europe centralized refrigeration systems market due to prolonged closures of retail, hotel, and restaurant venues. However, the food & beverages and pharmaceutical sectors bolstered market recovery by the end of 2021.
Market Dynamics
The food & beverage industries extensively use refrigeration systems. Increased demand for packaged and processed foods, coupled with the expansion of cold storage facilities, has driven the market growth. The healthcare sector's growth, attributed to Europe's aging population, has further fueled demand.
For instance, the median age of the European Union population rose from 41.9 years in 2012 to 44.4 years in 2022. This demographic shift has led companies like Evonik Industries to establish plants in Europe, supporting the pharmaceutical industry.
Challenges and Opportunities
Despite the market's growth, centralized refrigeration systems consume significant energy and require high maintenance. However, the adoption of IoT-enabled solutions, like Zerynth S.p.A.'s Wi-Ref, offers monitoring capabilities, presenting growth opportunities.
The pandemic severely affected the market in 2020 due to lockdowns, but with the introduction of vaccines, businesses reopened, showing signs of recovery. Yet, a resurgence of COVID-19 cases in early 2023, especially in China, and global inflation from events like the Ukraine-Russia war negatively impacted the market.
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Segmental Overview
The market segments include components, refrigerants, end-user industries, and regions.
By Component Type: Compressors dominated the market in 2022, but the controls segment is expected to grow at a higher CAGR.
By Refrigerant Type: Ammonia led in 2022 due to demand for natural refrigerants. Carbon dioxide is expected to grow faster, while F gases face phase-out due to environmental concerns.
By End User: The commercial segment held a larger market share in 2022, driven by hotels, restaurants, catering, and retail sectors.
By Region: The UK is projected to grow at the highest CAGR, followed by other European countries like Germany, France, and Spain.
Competition Analysis
Key players in the market include Johnson Controls, Carrier Global Corporation, Emerson Electric Co., and Danfoss. These companies employ strategies like acquisitions, product launches, and business expansions to enhance their market position.
Recent Developments
Johnson Controls acquired Hybrid Energy AS in January 2023 to support environmental and decarbonization initiatives.
Daikin Airconditioning India acquired the air handling business of Citizen Industries in December 2020 to strengthen its offerings.
GEA AWP expanded its refrigeration design program, ValveCalc, in May 2023, offering enhanced functionality for system design.
Key Benefits for Stakeholders
The report offers:
Detailed analysis of current and emerging market trends.
Market estimations for key segments from 2022 to 2032.
Comprehensive analysis of regional opportunities.
In-depth profiles of key market players and their strategies.
Overall, the Europe Centralized Refrigeration Systems Market is poised for growth, driven by the food & beverage, pharmaceutical, and healthcare sectors, despite challenges posed by the pandemic and environmental concerns.
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