Demand for industrial refrigeration systems has increased in all industries
According to a new report published by Allied Market Research, titled, Industrial Refrigeration Market by Offering, Components, Refrigerant Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global industrial refrigeration market accounted for $10,127.6 million in 2017 and is expected to reach $14,525.7 million by 2024, registering a CAGR of 5.4% from 2018 to 2024. In 2017, Europe dominated the global market, in terms of revenue, accounting about 34.5% share of the global industry, followed by North America.
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The industrial refrigeration market is projected to witness significant growth in Europe in the coming years, owing to increased demand for industrial refrigeration systems in refrigerated warehouses and cold storage facilities in the food & beverage industry, as the food & beverage sector exhibits an increase in demand, a strong manufacturing base, and rise in supply network in Europe. In addition, industrial refrigeration systems provide controlled temperature, which prevents the spoilage of semi-processed food products, as well as it retains the freshness and taste of processed food products.
The refrigerated warehouse segment is anticipated to dominate the industrial refrigeration market during the forecast period, owing to rapid expansion of refrigerated warehouses and increase in demand for industrial refrigeration and related equipment across various developing countries such as India, China, Latin America, and the Middle East. Moreover, the fruits & vegetable processing and dairy & ice cream processing segments are expected to witness moderate growth in the industrial refrigeration market during the study period.
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Key Findings of the Industrial Refrigeration Market:
In 2017, the refrigerated warehouse segment dominated the global industrial refrigeration market, in terms of revenue, and is projected to grow at a CAGR of 6.3% during the forecast period
The ammonia-based refrigerant segment is projected to grow at a CAGR of 4.9% during the forecast period
Europe is expected to exhibit the highest CAGR during the forecast period. Countries such as UK, Germany, Russia, France, Italy, and others are expected to drive the industrial refrigeration market in the coming years.
The major players, such as 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, have adopted new product launch and business expansion as their key strategies to expand their market foothold.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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