Industrial Refrigeration Systems Market Size, Future Scope and Forecast Report by 2027
The Industrial Refrigeration Systems Market is valued at USD 20.1 billion in 2020 which is expected to reach USD 26.4 billion by 2027 at a CAGR 4.4%.
Industrial refrigeration is defined as the cooling process by using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high temperature medium. These refrigeration systems are deployed at large refrigeration and freezing plants for industrial applications.
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Market Drivers
The increase in demand for industrial refrigeration systems across the Fast Moving Consumer Goods Industry is majorly driving the global industrial refrigeration systems market growth, owing to use of processed and packaged food and drinks in the developed and developing countries and the prevention of spoilage of semi-processed food and beverages. Furthermore, the increase in government support to strengthen the cold chain infrastructure and the rise in demand for compact and innovative refrigeration systems is expected to propel the global industrial refrigeration systems market growth during this forecast timeline. Moreover, the rise in trend of upgrading cold storage infrastructures across emerging countries expected to drive the global industrial refrigeration systems market growth.
Market Restraints
The huge investments in maintenance of industrial refrigeration systems hinder the global industrial refrigeration system market growth. Also, high energy consumption for operation is expected to limit the global industrial refrigeration systems market growth over the forecast period.
Market Key Players
The key operating players are listed in this report such as Emerson Electric, Daikin Industries, The Danfoss Group, Lennox International, United Technologies Corporation,Ingersoll-Rand, Mayekawa Mfg., LU-VE, Johnson Controls, and GEA Group.
Market Taxonomy
By Component
- Compressors
- Condensers
- Evaporators
- Controls
- Others
By Application
- Refrigerated Transportation
- Chemical, Petrochemical & Pharmaceutical
- Food & Beverage
- Refrigerated Warehouse
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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