New York, USA, Aug. 16, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global industrial refrigeration market is projected to register a revenue of $30,250.6 million at a CAGR of 5.3% during the forecast period, increasing from $20,117.9 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers:
The refrigeration industry is getting revolutionized by the implementation of Internet of Things (IoT). Advanced technological features have increased the productivity, cost-effectiveness, and greater customer experience of industrial refrigeration systems. Moreover, the integration of IoT has significantly enhanced the experience of real-time monitoring of the refrigerator.
Restraint: One of the major restraining factors behind the growth of the market is high-level of energy consumption and high maintenance expenditure.
Opportunity: Requirement of safe storage of drug molecules and blood derivatives are creating many opportunities in the market during the forecast period.
Key Segments of the Market
The report has divided the market into different segments based on component, application, and regional outlook.
Component: Compressors Sub-Segment Expected to be the Most Lucrative
The compressors sub-segment is predicted to register the highest revenue of $11,966.9 million by the end of 2028. Compressors play an essential role in refrigerators by rising the refrigerant vapor pressure in a condenser and allowing suitable temperature for food storage and other preservation applications. This is the main factor behind the growth of the compressor segment.
Application: Food & Beverage Sub-Segment Expected to be the Most Profitable
The food & beverage sub-segment is expected to surpass $16,653.6 million at a remarkable CAGR by 2028, rising from $11,006.4 million in 2020. The changing food habits with the lifestyle change across the world has increased the demand of frozen and processed food. This rising demand of instant food has simultaneously increased the demand of great refrigeration system. This is the main factor enhancing the growth of the segment.
Region: Asia-Pacific Expected to Dominate the Market
Asia-Pacific regional market is expected to lead the global industry during the forecast period. The rising demand of fresh foods and beverages along with financial support of the governments has initiated the adoption of natural refrigerants in multiple frameworks has enhanced the growth of the Asia-Pacific regional market.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8427
Key Players of the Market & Strategies
As per the report, the most significant players of the global Industrial refrigeration market include -
- Rivacold srl
- Danfoss A/S
- Güntner GmbH & Co. KG
- Clauger
- DAIKIN INDUSTRIES, Ltd.
- BITZER
- Johnson Controls International Plc
- Carrier Global Corporation
- Ingersoll Rand
- EVAPCO, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development
In January 2021, Daikin North America LLC “Daikin,” a subsidiary of Daikin Industries, Ltd, the world’s largest manufacturer of heating, cooling, and refrigerant products, announced about its strategic alliance with ABCO HVACR Supply + Solutions “ABCO,” the leading full line distributor of HVAC and refrigeration systems and supplies in the Northeastern United States. This alliance is expected to be the bridge of excellence of Daikin manufacturing and product development with the intensity and integrity of ABCO in the marketplace.
COVID-19 Impact Analysis on the Market
The COVID-19 pandemic has impacted most of the industries including petroleum, textile, and transportation compelling to reconsider their business strategies. On the contrary, the global industrial refrigeration industry has come out uninfluenced by the mishaps caused by the pandemic. The main reason for this growth of the market is because the demand of food preservation for a long time. As the governments imposed restrictions on supply and distribution of non-essential items during the first wave of the pandemic, people considered buying extra food and storing them for few weeks. This is the main factor behind the positive growth of the market during the critical time.
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