The Industrial Refrigeration Equipment Market To Grow On A Tenacious Note At A CAGR Of 5.6% Between 2017-2026

A new report presented by Persistence Market Research titled ‘Industrial Refrigeration Equipment Market: Global Industry Analysis 2012-2016 and Forecast 2017-2026’ studies the performance of the global industrial refrigeration equipment market over a nine year assessment period starting from the year 2017 and ending in the year 2026. The report presents the forecast by value of the global industrial refrigeration equipment market and provides important information regarding the market dynamics such as drivers, restraints, opportunities and trends. As per the projections of Persistence Market Research, the global industrial refrigeration equipment market was estimated to be valued at nearly US$ 22,650 Mn at the end of the year 2017 and is slated to reach a valuation of nearly US$ 36,900 Mn at the end of the assessment period in 2026, and in the process exhibit a CAGR of 5.6% during 2017-2026.

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Artificial Intelligence would be the torchbearer of industrial automation in the next decade. The AI-related techniques are bound to lead not just the wave of technological advancements, but also prove to be economically relevant. This could be credited to powerful and flexible machine software. Also, in future, functional tests concerned with manufacturing equipment are likely to be performed by making use of comprehensive modes regarding virtual and simulation commissioning.

Production machines would thus be digitally fed, that too, with the “live” data all through the equipment’s lifecycle. Wireless protocols such as 5G would be the buzzword going forward. Persistence Market Research is there with the automation-oriented mindsets of its analysts and consultants followed by insights regarding the same.

Condenser Segment by Equipment Type Largest in Terms of Revenue Share
The condenser segment in the equipment category of the global industrial refrigeration equipment market is the largest in terms of value and is likely to exhibit a CAGR of 5.1% during the period of assessment. The condenser segment is projected to reach a value of nearly US$ 12,600 Mn at the end of the period of assessment.

Food Processing Segment by Application to Lead in Terms of Revenue
The food processing segment in the application category of the global industrial refrigeration equipment market is forecasted to exhibit a CAGR of 4.8% during the period of assessment. The food processing segment was estimated to be valued at nearly US$ 6,350 Mn in the year 2017.

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Beverage Production Segment by Application Slated to Exhibit the Fastest Growth Rate
The beverage production segment in the application category of the global industrial refrigeration equipment market is poised to exhibit the fastest CAGR of 7.5% during the period of assessment. The beverage production segment is anticipated to reach a market valuation of nearly US$ 6,600 Mn by the end of the year 2026.

North America Industrial Refrigeration Equipment Market to Emerge the Largest in Terms of Value
The industrial refrigeration equipment market in North America is the largest in terms of revenue and is likely to exhibit a CAGR of 5.1% during the period of assessment. The North America regional market is likely to reach a valuation of nearly US$ 10,900 Mn by the end of the period of forecast in 2026.

Global Industrial Refrigeration Equipment Market: Competition Landscape
The competition landscape section of this report profiles some of the leading companies operating in the global industrial refrigeration equipment market. Some of the top companies profiled include Daikin Industries, Ltd., Ingersoll-Rand plc, Emerson Electric Co., Parker Hannifin Corp, Johnson Controls Inc., GEA Group AG, United Technologies Corporation, Dover Corporation, Lennox International Inc., and Danfoss A/S.

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This release was published on openPR.