New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global industrial refrigeration market is predicted to register a revenue of $30,250.6 million by 2028, at a CAGR of 5.3% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the reinvention of industrial refrigeration with IoT and the growing adoption of IoT-enabled industrial refrigeration systems across the petroleum, food & beverage, and other industry verticals across the globe are the major factors anticipated to accelerate the growth of the industrial refrigeration market over the forecast period. In addition, the significantly rising need for the safe storage of blood derivatives and drug molecules from clinics, hospitals, pharmacies, and diagnostic centers are predicted to create huge growth opportunities for the industrial refrigeration market in the estimated period. However, the high costs associated with industrial refrigeration framework may hinder the market growth in the coming years.
Impact of COVID-19 on the Industrial Refrigeration Industry
The outbreak of coronavirus across the globe has favorably impacted the global industrial refrigeration market. The positive growth of the market is majorly owing to the vital role in declining post-harvest losses and in the food products preservation. In addition, the demand for frozen food has increased extensively due to lockdown situation. Moreover, the large number of people are buying groceries in bulk which has led to increased demand for refrigeration systems to store them. All these factors have progressively impacted the global industrial refrigeration market during the pandemic crisis.
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Compressors Sub-segment to Hold Dominating Market Share
Based on component, the compressors sub-segment is predicted to garner a revenue of $11,966.9 million by 2028 and is estimated to hold the largest share in the industrial refrigeration market during the analysis period. This is mainly because compressors play a vital role by increasing refrigerant vapor pressure in a condenser for allowing suitable temperature for food storage and other preservation. Besides, the growing focus of leading companies to innovate advanced compressors is another factor expected to boost the sub-segment’s growth.
Food & Beverage Sub-segment to Witness Significant Growth
By application, the food & beverage sub-segment accounted for $11,006.4 million in 2020 and is estimated to observe lucrative growth during the analysis period. The significant growth of the sub-segment is mainly owing to the rising disposable income and changing trends in food consumption coupled with surged demand for processed and frozen food. This increasing need for convenience food products has surged the number of refrigerated warehouses across the globe.
Different Applications of Industrial Refrigeration Systems in Varied Industries - Blog by Research Dive
Asia-Pacific Region to be Most Lucrative
By region, the Asia-Pacific industrial refrigeration market valued for $6,598.7 million in 2020 and is estimated to witness fastest growth during the analysis period. The increasing demand for fresh food products & beverages along with the financial support of governments of various countries in the region to adopt natural refrigerants in multiple refrigeration frameworks are the major factors projected to propel the industrial refrigeration market growth in the region. Besides, the growing trend of online grocery shopping in countries such as India, Singapore, and Australia also is likely to fuel the demand for refrigerated infrastructure in the Asia-Pacific region.
Prominent Market Players in the Industrial Refrigeration Market
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global industrial refrigeration market are:
- Rivacold srl
- Danfoss A/S
- Clauger
- BITZER
- Güntner GmbH & Co. KG
- DAIKIN INDUSTRIES, Ltd.
- Ingersoll Rand
- Johnson Controls International Plc
- EVAPCO, Inc.
- Carrier Global Corporation.
These players are implementing numerous strategies to gain a leading position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in June 2021, Johnson Controls, the leading provider of building products and technology solutions, added the Water-Cooled Screw Chiller, ‘Quantech QWC4’ to its product portfolio, which reduces carbon emissions and provides flexibility in handling high-lift applications.
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