Press release
Industrial Refrigeration System Market to Reach US$ 33.66 billion by 2025 - United Technologies Corporation, Innovative Refrigeration Systems, Inc., Johnson Controls, International Plc., Ingersoll-Rand PLC, Evapco, Inc., GEA Group AG
Industrial Refrigeration System Market Outlook to 2025
Rising demands for packaged food by the consumers is a major influencer in the industrial refrigeration system market which is anticipated to grow at a CAGR of 6.8%
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Leading Players in Industrial Refrigeration System Market:
- Carnot Refrigeration
- Emerson Electric Co.
- United Technologies Corporation
- Innovative Refrigeration Systems, Inc.
- Johnson Controls, International Plc.
- Ingersoll-Rand PLC
- Evapco, Inc.
- GEA Group AG
- Hussmann Corporation
- Dover Corporation
The different regions of the world exhibit growth in the growing sales of the industrial refrigeration system owing to various factors. Replacement of the older industrial refrigeration systems are majorly observed in the saturated markets of North America and Europe. Also, the regulatory bodies in these region have played a crucial role in the growing usage of CO2 or Natural Refrigerants as refrigerants in the entire system.
Also, a marked rise in the demand for packaged foods by the consumers in the supply chain have triggered demands for good food storage capabilities. The consumers in many countries across the globe are concerned about the changing lifestyle, consumption convenience, and also health awareness. These factors are catalyzing the demand for packaged foods globally. Packaged foods industry has outperformed in the in recent years, owing to the rapid increase in consumption of savoury and dairy products, confectionery products and others products. Another food product that is catalyzing the demand for packaged food is the meat.
HFC used to be the most prominent refrigerant, however, owing to the disadvantages like high ODP (Ozone Depletion Potential) and high GWP (Global Warming Potential), highly inflammable characteristics and toxic nature compelled the manufacturers to replace the refrigerant with Ammonia (NH3). The refrigeration system with Ammonia has gained substantial popularity in the market owing to three distinctive advantages such as natural occurrence and thus is an environment-friendly gas, possesses extreme thermodynamic capabilities and require minimum heat transfer areas.
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The adoptions of ammonia as refrigerants has had a marked impact on the industrial refrigeration system market. The primary refrigerant changes have been influenced by the increasing environmental concerns and thereby regulations laid down by the concerned authorities in the industrial refrigeration system market.
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