Industrial Refrigeration Systems Market to Witness Comprehensive Growth by 2029
An increasing demand for perishable products and fast delivery supplies associated with the e-commerce-based meat, poultry, and fish processing products and fresh food and beverage delivery market has led to a significant boost in cold chain operations. These factors are expected to aid growth of the global industrial refrigeration systems market.
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Global Industrial Refrigeration Systems Market – Notable Developments
The global industrial refrigeration systems market has a fragmented competitive landscape. This fragmentation is due to the presence of several notable players in the market space. Some of the key companies operating in the global market are Danfoss Industries Pvt. Ltd., Johnson Controls, DAIKIN INDUSTRIES, Ltd., GEA Group Aktiengesellschaft, Güntner GmbH & Co. KG, BITZER, and EVAPCO, Inc. among others.
In April 2020, Danfoss Industries Pvt. Ltd. launched the electronic liquid-level switches that play an essential role in refrigeration equipment’s safety. Further, In April 2020, Danfoss Editron inaugurated a new in-house testing laboratory in Lappeenranta, Finland.
Global Industrial Refrigeration Systems Market – Drivers and Restraints
There are multiple factors that are responsible for the overall development of the global industrial refrigeration systems market. One of the biggest driving factor for the growth of the global market is due to the immense boom in the FMCG market. The demand for processed and packaged food and drinks across the globe has increased several folds. Naturally, the production is higher and thus the demand for their storage is also higher. This has prompted the development of the global industrial refrigeration systems market in recent years. In addition to this, increasing government support to strengthen the cold chain infra and increasing demand for innovative and compact refrigeration systems is projected to help the development of the global industrial refrigeration systems market in the coming years of the forecast period.
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However, there are some factors that might slowdown the growth of the global industrial refrigeration systems market in the coming years of the forecast period. The breakout of COVID-19 pandemic has had a profound impact on the development of the global market. The market will see modest growth in the near foreseeable future as the world emerges from the shackles of the pandemic.
Global Industrial Refrigeration Systems Market – Geographical Outlook
There are five main regions of the global industrial refrigeration systems market. These are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the regional segment of North America has been the dominant one in recent years. The segment accounted for over a quarter of the global market’s revenue recently. The growth of the North America market is because of the convenient and aggressive marketing from frozen food products that come in a wide range of varieties such as restaurant quality, oven meal kits, skillet, and bowl meals among others. Food manufacturers are expected to fuel the demand for industrial refrigeration systems in North America over the course of the given forecast period ranging from 2019 to 2027.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising growth in the coming years of the forecast period. The growth of the market is expected to be fueled by its increasing demand from the emerging economies.
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