Press release
Industrial Refrigeration Market Revolutionary Trends in Industry Statistics by 2020-2028 | Key Players Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG
Industrial Refrigeration Market
Owing to growth in population and rise in trend of consumption of packaged food, the demand for industrial refrigeration has increased in the food & beverage industry. In addition, upgrading of old cold storages in developing countries is driving the industrial refrigeration market.
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Moreover, adoption of eco-friendly and energy efficient refrigerants is a major factor driving the industrial refrigeration market. However, high maintenance costs and high operating costs act as restraints to the industrial refrigeration market. In addition, strict regulation on using the refrigerants is another factor affecting the industrial refrigerant market.
Key Players:
The major players profiled in the industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development and product launch, to offer better products and services to customers in the industrial refrigeration market.
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Key Segmentation:
By Application:
Fresh fruits & vegetables
Meat, poultry & fish
Dairy & ice cream
Beverages
Chemicals
Pharmaceuticals
Others
By Type:
Stationary Refrigeration
Transport Refrigeration
COVID-19 Impcats Analysis:
Further, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of supply chain, which, in turn, hinders growth of the industrial refrigeration market. However, industries are gradually getting back on track and vaccine discovery would lead to recovery of the industrial refrigeration market by mid-2021. On the contrary, adoption of IoT enabled refrigeration systems will act as a major opportunity for industrial refrigeration market during the forecast period.
Key Findings Of The Study
By component, the industrial compressors segment was the highest revenue contributor in 2020.
By refrigerant type, the HFC segment was the highest revenue contributor in 2020.
By application, the meat poultry & fish segment was the highest revenue contributor in 2020.
By type, the stationary refrigeration sales segment generated the highest revenue in 2020.
By region, the Asia-Pacific segment generated the highest revenue in 2020.
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