Industrial Refrigeration Market to see strong growth and various business opportunities during 2018 to 2024

Industrial refrigeration and cooling systems are used to dissipate the heat from a low-temperature substance to a high-temperature substance. These systems are deployed in large freezing and refrigeration plants for various industrial applications. Thus, their demand is expected to increase across various industries such as refrigerated warehouses, food & beverage processing, cold storage, and others. However, Europe contributes to the highest revenue share in the global industrial refrigeration market and is projected to secure the leading position in the market during the forecast period.

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The market players focus on developing new products to achieve high efficiency & performance. For instance, in March 2018, Carrier Transicold collaborated with Singamas Container Holdings Ltd. to develop PrimeLINE ONE, a new refrigerated shipping container.

Industrial refrigeration systems are used for cooling gigantic freezers and refrigeration plants that are used in food & beverage processing, cold storage, and others. Europe has secured highest share in the industrial refrigeration market in past years and is expected to dominate the market during the forecast period, owing to increase in demand for industrial refrigeration systems in refrigerated warehouses and cold storage facilities in the food & beverage industry.

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The global industrial refrigeration market is expected to reach $14,525.69 million in 2024, from $10,127.57 million in 2017, growing at a CAGR of 5.40% from 2018 to 2024. Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.

Key Benefits

The report provides an extensive analysis of the current and emerging market trends and dynamics in the global industrial refrigeration market.
In-depth analysis is conducted by constructing market estimations for the key market segments between 2017 and 2024.
Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
Comprehensive analysis of all regions are provided that determines the prevailing opportunities in these geographies.
Key market players within the industrial refrigeration market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the market.

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Key players in the global industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation. Market players adopt product launch as their key developmental strategy to keep pace with the demands of end users. Acquisitions and expansions are the other strategies adopted by market players to expand their refrigeration system offerings and boost their production processes. This has helped companies to develop efficient products as well as expand their sales across different geographies.

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