Industrial refrigeration systems market was valued at USD 20.39 Billion in 2022

Leicester, United Kingdom: The global industrial refrigeration systems market was valued at USD 20.39 Billion in 2022 and it is predicted to rise at a compound annual growth rate (CAGR) of 4.75 % from 2023 to 2032. The use of packaged, processed foods and beverages along with the requirement to stop spoiling are driving up demand for industrial refrigeration systems on a global scale. Global warming worries have compelled businesses to prioritize natural refrigerants over hazardous coolants. Due to the low cost of production and environmental neutrality of natural refrigerants, the market for real refrigerant-based equipment has recently outgrown itself. The global adoption of upgraded and improved cold chain systems is anticipated to have an impact on the market during the projected period.

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"Increasing Use of Packaged Foods Globally Fuels the Market"

Industrial operations have been impacted by the pandemic's onset as manufacturing hubs have stopped due to lockdowns and quarantines enacted by governments around the world. However, because of the requirement for massive quantities of vaccinations to be preserved globally to combat the pandemic's scope, the market saw a demand for its products. The Centers for Disease Control and Prevention (CDC) in the United States advise using pharmaceuticals or freezers or refrigerators that are specially made for storing vaccinations. The recommended storage temperatures for vaccinations were 2°C to 8°C for refrigerators and -50°C to -15°C for freezers. As a result, the market was kept alive by the necessity to store and distribute effective medicines and vaccines.

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SEGMENT OUTLOOK:

The global industrial refrigeration systems market is segmented based on Component, Capacity, Application, and Refrigerant Type

REGIONAL OUTLOOK:

On the basis of geography, the industrial refrigeration systems is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America has dominated the global market and this region is anticipated to continue growing steadily during the projection period. The growth of e-commerce is the primary element influencing the market's development. Because buying groceries online has become a part of daily life, e-commerce has changed how consumers behave when making purchases. Additionally, retailers are required to keep perishables at the HACCP-mandated standard temperatures, which raises the demand for suitable refrigerated storage systems. The market is expanding as a result of clinical trials and research focused on containing the COVID-19 pandemic in North America.

By Key Competitors and Market Share Analysis:
As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position. The competition among the players is based on numerous parameters including quality, innovation, product offerings, price, and, corporate reputation.

Recent Developments:
o Launched in November 2020, the Güntner Cubic VARIO Air Cooler by Güntner GmbH & Co. KG promises to kill over 99% of airborne germs in just a few hours.

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The following are some of the major market players operating across the globe:

• Johnson Controls
• Emerson Electric Co.
• Danfoss
• GEA Group Aktiengesellschaft
• MAYEKAWA MFG. CO., LTD.
• BITZER Kühlmaschinenbau GmbH
• DAIKIN INDUSTRIES, Ltd.
• EVAPCO, Inc.
• Güntner GmbH & Co. KG
• LU-VE S.p.A.

By Components Insights: Revenue in USD Million (2017 - 2032)

• Compressors
~ Rotary Screw Compressors
~ Centrifugal Compressors
~ Reciprocating Compressors
~ Other Compressors

• Condensers
• Evaporators
• Controls
• Others

By Capacity Insights: Revenue in USD Million (2017 - 2032)
• Less Than 100 kW
• 100-500 kW
• 500kW-1,000kW
• 1,000kW-5,000kW
• More Than 5,000 kW

By Application Insights: Revenue in USD Million (2017 - 2032)
• Refrigerated Warehouse
• Food & Beverage
• Chemical, Petrochemical, & Pharmaceutical
• Refrigerated Transportation

By Refrigerant Type Insights: Revenue in USD Million (2017 - 2032)
• Ammonia
• CO2
• Others

Regional Insights: Revenue in USD Million (2017 - 2032)
• North America (U.S., Canada)
• Europe (U.K., Germany, France, Italy, and Spain)
• Asia Pacific (Japan, China, India, Australia, South Korea, and Singapore)
• Latin America (Brazil, Mexico, Argentina, and Colombia)
• Middle East & Africa (Saudi Arabia, UAE, and South Africa)

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Global Industrial Refrigeration Systems Market Size, Share & Trends Analysis Report By Component (Compressors, Condensers, Evaporators, Controls), By Capacity, By Application, By Region, And Segment Forecasts, 2022 - 2030: https://quintileinsights.com/industry-report/120274-industrial-refrigeration-systems-market

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