According to a new market research report published by Global Insight Services “Industrial Refrigeration Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Industrial refrigeration is a process in which heat is removed from a substance or space to keep it cool. This can be done using a variety of methods, including air conditioning, evaporative cooling, and mechanical refrigeration. Industrial refrigeration is used in a variety of settings, including food processing plants, warehouses, and chemical plants. It is also used to cool large spaces, such as arenas and shopping malls.
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Key Market players:
The Industrial Refrigeration Market includes players such as Johnson Controls, Emerson Electric Co. , GEA Group Aktiengesellschaft, Danfoss, Mayekawa, Daikin, Ingersoll Rand, EVAPCO, Inc. , LU-VE Group and Lennox International.
Key Trends
The key trends in industrial refrigeration technology are:
1. The use of more environmentally friendly refrigerants: In the past, industrial refrigeration systems used refrigerants that were harmful to the environment, such as chlorofluorocarbons (CFCs). However, new regulations have banned the use of these refrigerants, and companies are now using more environmentally friendly alternatives, such as hydrofluorocarbons (HFCs) and carbon dioxide (CO2).
2. The move towards natural refrigerants: In addition to being more environmentally friendly, natural refrigerants are also more efficient than synthetic refrigerants. As a result, many companies are now moving towards using natural refrigerants in their industrial refrigeration systems.
3. The use of more efficient compressors: Compressors are a key component of industrial refrigeration systems, and more efficient compressors can lead to significant energy savings. As a result, companies are increasingly looking for ways to improve the efficiency of their compressors.
4. The use of advanced controls: Advanced controls can help industrial refrigeration systems run more efficiently by automatically adjusting the system to changing conditions. As a result, companies are increasingly investing in advanced controls for their industrial refrigeration systems.
Key Drivers
The key drivers of industrial refrigeration market are the need for efficient and cost-effective cooling solutions in various industries such as food & beverage, pharmaceuticals, and chemicals. The other drivers include the stringent environmental regulations and the need to reduce the carbon footprint. The industrial refrigeration market is highly competitive with the presence of a large number of small and medium-sized companies.
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Market Segments:
The Industrial Refrigeration Market is segmented by component, application, refrigerant type and region. By component, the market is divided into compressor, condenser, evaporator and others. Based on application, it is segmented into fruit, vegetable processing and refrigerated warehouses. On the basis of refrigerant type it is bifurcated into ammonia, CO2 and others. Region wise the market is divided into North America, Europe, Asia-Pacific and Rest of the World.
Reasons to buy Industrial Refrigeration Market Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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