Industrial Refrigeration Market Consumption to Hit $29,133 Million Tons by 2026

The global industrial refrigeration market is expected to reach $29,133 million in 2026, from $19,666 million in 2018, growing at a CAGR of 4.9% from 2019 to 2026. 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.

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The growing demand for industrial refrigeration systems in the FMCG industry majorly drives the growth of the market, owing to the increased use of packaged & processed foods and beverages in developing countries and preventing spoilage of semi-processed foods and drinks. Furthermore, increasing trend of upgrading cold storage infrastructures across emerging economies drives the growth of the market. However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of industrial refrigeration market.

The introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions can fuel the demand for industrial refrigeration systems. In March 2018, Carrier Transicold collaborated with Singamas Container Holdings Ltd. to develop PrimeLINE ONE, a new refrigerated shipping container.

The global industrial refrigeration market is segmented on the basis of offering, component, refrigerant type, application, type, and region. On the basis of offering, the market is bifurcated into industrial refrigerators and components. By component, the market is further divided into compressors, condensers, evaporators, controls, and others. By refrigerant type, it is classified into ammonia, carbon dioxide, hydrofluorocarbon (HFC), and others. By application, the market is categorized into fresh fruits & vegetables; dairy & ice cream; meat, poultry, & fish; beverages; chemicals; pharmaceuticals; and others. By type, the market is classified into stationary refrigeration and transport refrigeration. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The key players profiled in this report are 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.

KEY BENEFITS FOR STAKEHOLDERS
o This study presents the analytical depiction of the global industrial refrigeration market along with the current trends and future estimations to depict the imminent investment pockets.
o The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
o The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
o The current market is quantitatively analyzed from 2018 to 2025 to highlight the financial competency of the market.
o Porter's five forces analysis illustrates the potency of the buyers and suppliers.

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KEY MARKET SEGMENTS
By Offering
o Industrial Refrigerator
o Component

By Component
o Compressor
o Condenser
o Evaporator
o Control
o Others

By Refrigerant type
o Ammonia
o Carbon Dioxide
o Hydrofluorocarbon (HFC)
o Others

By Application
o Fresh fruits & vegetables
o Meat, poultry, & fish
o Dairy & ice cream
o Beverages
o Chemicals
o Pharmaceuticals
o Others

By Type
o Stationary refrigeration
o Transport refrigeration

Key Players
oDaikin Industries, Ltd.
oEmerson Electric Co.
oEvapco, Inc.
oGEA Group AG
oJohnson Controls, Inc.
oIngersoll Rand Plc
oLU-VE Group
oMayekawa Mfg. Co. Ltd.
oThe Danfoss Group
oUnited Technologies Corporation

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