Big Boom in Industrial Refrigeration System Market Size Future Scope Demands and Projected Industry Growths to 2027 | Carnot Refrigeration,Emerson Electric Co.,United Technologies, Evapco, Inc.

The global industrial refrigeration system market is expected to grow to US$ 33.66 Bn by 2025 from US$ 20.02 Bn in 2017, growing at a CAGR of 6.8% from 2018 to 2025.

The rapid and continued growth in the industrial refrigeration systems has serious economic and environmental consequences. With the increase of refrigeration units in use comes the corresponding increase in energy consumption and environmental impact. The global industrial refrigeration system market is experiencing steady growth with regards to the technological advancements, formulation of standards, and the investments being made by the various companies to gain market leadership positions. The market for Industrial Refrigeration System consists of a large number of players across the globe leading to a fragmented market.

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Some of the companies competing in the Industrial Refrigeration System Market are:

1. Carnot Refrigeration
2. Emerson Electric Co.
3. United Technologies Corporation
4. Innovative Refrigeration Systems, Inc.
5. Johnson Controls, International Plc.
6. Ingersoll-Rand PLC
7. Evapco, Inc.
8. GEA Group AG
9. Hussmann Corporation
10. Dover Corporation

The future of market for industrial refrigeration system is promising, as the research centers are continually innovating new technologies and researching on replacing traditional refrigerants in order to enhance the technicalities of the machinery and to reduce environmental hazards. As a result, technologically enriched sensors systems are being developed and integrated, which is expected to attract the significant number of industries in the coming years.

The increasing availability of the refrigerants and also regulatory hurdles governing the usage of fluids in the refrigerant systems are found to be the major drivers in the North American industrial refrigerant systems market.

Global Industrial Refrigeration System Market Segmentation

By Refrigerant Type

• CO2
• HFC
• Ammonia (NH3)

By Equipment

• Compressor
• Condenser
• Evaporator

By Application

• Food Processing
• Chemicals & Pharmaceuticals
• Oil & Gas
• Refrigerated Logistics

Asia Pacific is the fastest growing region in the industrial refrigeration system market and it is expected to grow at a CAGR of 8.0% during the forecast period. The growing economies of the region are leading to the growth in wide variety of sectors, such as manufacturing, technology, and various others. Furthermore, the rise in consumer demand for packaged food and perishable foods, growth of international trade due to trade liberalization, and development of food retail chains lead to the increasing demand of refrigerated logistics. Thus, the government support for infrastructural development fuels the demand in the industrial refrigeration market.

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This release was published on openPR.