Press release
Global Industrial Refrigeration System Market Is Expected To Grow US$ 26.96 Billion By 2028
The Global Industrial Refrigeration System Market was valued at USD 20.21 Billion in 2021 and is expected to reach USD 26.96 Billion by the year 2028, at a CAGR of 4.2%.
To obtain rid of an object's extra heat, use refrigeration. The various end-use sectors of contemporary industrial processes, including food and chemicals, are controlled by precise process conditions, and temperature is a crucial parameter in any process. The industrial cooling system plays a significant part in preserving the consistency of the entire industrial process and directly affects the final product's quality. The function of refrigeration in industry and society is also significant. It is possible to preserve food for extended periods without sacrificing its quality because freezing prevents microbiological development, slows down chemical reactions, and delays physical transformations.
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Market Dynamics:
Driver:
Due to the rising consumption of packaged and processed foods and drinks in developing countries and the need to prevent the spoilage of semi-processed foods and beverages, the FMCG industry's increased demand for industrial refrigeration systems is the primary factor driving the market's expansion. The food manufacturing sector, which makes up 32% of India's total food market, has benefited greatly from the country's government's growth and development. The Ministry of Food Processing Industries (MoFPI) is also doing everything in its power to encourage investments in the industry. It has also authorized proposals for joint ventures (JV), international partnerships, industrial licenses, and 100% export-oriented units.
Opportunities:
The use of compressor devices allows for the maintenance of the necessary lower pressures and temperatures as well as vapor removal. This apparatus is an important component of the industrial refrigeration system because it can regulate the load over the evaporators. The market is anticipated to experience profitable growth possibilities as a result of the introduction of cutting-edge compressor solutions by market players to satisfy efficiency and refrigerant regulations related to industrial refrigeration.
Key Chapter Will Be Provided In The Report
•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis
•SWOT Analysis
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Segmentation Analysis of Industrial Refrigeration System Market:
Based on the Component, the compressor segment is expected to register the maximum industrial refrigeration system market share during the forecast period. The development of the compressors segment is attributed to features such as cost-effectiveness and heavy-duty design that supports longevity and durability.
Based on the Refrigerant Type, the carbon dioxide segment is anticipating to dominate the industrial refrigeration system market during the forecast period. The increased utilization of natural refrigerants, such as Carbon dioxide (CO2), Ammonia (NH3), and others, have helped to overcome the emission of harmful gases that contribute to global warming.
Based on Application, the food and beverages segment is projected to dominate the industrial refrigeration system market over the estimated period. The growing utilization of packaged food and expansion of retail food chains globally are anticipated to drive the growth of this segment. Meanwhile, the refrigerated warehouse segment is expected to face considerable growth over the forecast period owing to the increasing population and rising demand for frozen food.
By Component
•Compressor
•Condenser
•Evaporator
•Expansion Valves
•Others
By Application
•Food & Beverage
•Petrochemicals & Pharmaceuticals
•Electricity Production
•Refrigerated Warehouse
•Refrigerated Transportation
•Others
By Refrigerant Type
•Ammonia
•Hydrofluorocarbon (HFC)
•Carbon Dioxide
•Others
Regional Analysis of Industrial Refrigeration System Market:
The North American region is expected to dominate the industrial refrigeration system market over the forecast period. Growing demand for fresh food, beverages, and medicines is a key factor anticipated to accelerate the growth of the market in the region over the forecast period. Additionally, technological advancement, convenience, and aggressive marketing of frozen foods in several varieties, including skillet and oven meal kits, restaurant-quality pizza, bowl meals by food manufacturers which will turn the demand in the coming years.
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By Region
•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)
Players Covered in Industrial Refrigeration System Market are:
•Star Refrigeration (Scotland)
•Daikin Industries Ltd. (Japan)
•Emerson Electric Co. (US)
•Danfoss A/S (Denmark)
•GEA Group Aktiengesellschaft (Germany)
•Danfoss (Denmark)
•Mayekawa (Japan)
•Daikin (Japan)
•Ingersoll Rand (Ireland)
•EVAPCO
•Inc. (the US)
•Johnson Controls (Ireland)
•LU-VE Group (Italy)
•MTA S.p.A. (Italy)
•Frascold (Italy)
•HITEMA INTERNATIONAL (Italy)
•Güntner GmbH & Co. KG (Germany)
•KOBELCO (Japan)
•Innovative Refrigeration Systems (US)
•Parker Hannifin (US)
•Lennox International (US)
•Clauger (France)
•Rivacold (Italy)
•Dorin S.p.A. (Italy)
•Industrial Frigo (Lombardy)
•BITZER Kuhlmaschinenbau GmbH (Germany)
•Carnot Refrigeration (Canada)
•SRM Italy (Italy)
•Mayekawa Mfg. Co. Ltd. (Japan)
•Baltimore Aircoil Company (US) and others major key players.
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The report provides insights on the following pointers:
1.Market Penetration: Offers comprehensive information on the market offered by the key players
2.Market Analysis: Provides detailed information on lucrative growing markets and examines market penetration across mature segments.
3.Market Diversification: Details regarding new product launches, untapped geographies, recent developments, and investments are provided.
4.Competitive Landscape: Provides an in-depth analysis of the top companies' market shares, strategies, products, certification, regulatory approvals, patent landscape, and production capabilities.
5.Industry Dynamics and Factors: Offers insightful information about future technologies, R&D initiatives, and game-changing product breakthroughs.
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•https://introspectivemarketresearch.com/reports/industrial-ammonia-refrigeration-systems-market/
•https://introspectivemarketresearch.com/reports/industrial-refrigeration-equipments-market/
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