New York, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to a report published by research Dive, the global industrial refrigeration market is anticipated to garner a revenue of $30,250.6 million and rise at a CAGR of 5.3% throughout the estimated period from 2021 to 2028.
As per our analysts, IoT plays a major role in revolutionizing the refrigeration industry in terms of energy efficiency, better customer experience, cost-effectiveness, and productivity, which is expected to bolster the growth of the industrial refrigeration market during the estimated period. Moreover, the growing adoption of industrial refrigeration systems in the healthcare sector is predicted to create huge growth opportunities for the market over the forecast timeframe. However, a higher investment cost of the industrial refrigeration framework may impede the growth of the market throughout the forecast timeframe.
Segments of the Industrial Refrigeration Market
The report has divided the market into segments based on component, application, and region.
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Component: Compressors Sub-Segment to be Most Productive
The compressors sub-segment is expected to generate a revenue of $11,966.9 million during the analysis timeframe. This is mainly because the compressor is one of the vital parts of the refrigerator that allows suitable temperatures for food storage and other preservation applications. Moreover, the increasing focus of refrigerator manufacturing companies to innovate advanced compressors to fulfill the diverse demands of customers is predicted to upsurge the growth of the market sub-segment over the estimated period.
Application: Food & Beverage Sub-Segment to be Most Profitable
The food & beverage sub-segment is expected to garner a revenue of $16,653.6 million throughout the forecast period. This is majorly due to the increasing disposable income and changing food consumption trends among individuals all across the globe. Furthermore, the rising need for convenience food products has increased the number of refrigerated warehouses worldwide which is predicted to foster the growth of the market sub-segment during the analysis timeframe.
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Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the industrial refrigeration market is projected to garner a revenue of $10,557.5 million during the estimated period. This is significantly due to the increasing demand for fresh food products and beverages among people of this region. Moreover, the rising government support to phase out hydrochlorofluorocarbons (HCFCs) and adopt natural refrigerants in multiple refrigeration frameworks is expected to drive the regional growth of the market over the forecast timeframe.
Covid-19 Impact on the Industrial Refrigeration Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the industrial refrigeration market. This is mainly because of the vital role of refrigerators in decreasing post-harvest losses and in the preservation of food products during the pandemic period. Moreover, people started purchasing goods in bulk which has increased the demand for refrigeration systems in order to store them. All these factors have increased the growth of the market during the period of crisis.
Key Players of the Market
The major players of the industrial refrigeration market include
- DAIKIN INDUSTRIES Ltd.
- BITZER
- Johnson Controls International Plc
- Güntner GmbH & Co. KG
- Ingersoll Rand
- Clauger
- Carrier Global Corporation
- Rivacold srl
- EVAPCO Inc
- Danfoss A/S
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaboration, and product development to attain a leading position in the global industry- Inquire here to grab full report
For instance, in August 2021, Clauger, a leading manufacturer of air conditioners, refrigerators, cooling systems, and many other hac products announced its collaboration with GEA Group, a supplier for food processing technology and related industries. With this collaboration, Clauger would offer many new services and area of expertise such as energy optimization and process, gas, and efficiency projects in the forthcoming years.
Further, the report also presents other important aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and latest strategic development.
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