Press release
Industrial Refrigeration Market to Cross US$ 28.2 Bn at a CAGR of 5.40% by 2028
Industrial Refrigeration Market
The global Industrial Refrigeration market is poised to expand at over 5.40% CAGR, surpassing US$ 18.2 Bn by 2021. The overall demand in Industrial Refrigeration market is anticipated to reach US$ 28.2 Bn by the end of 2028.
The industrial refrigeration market refers to the market for refrigeration systems that are used in industrial settings, such as factories, warehouses, and distribution centers. These systems are used to maintain the temperature of industrial spaces and to preserve perishable goods, such as food and pharmaceutical products. The industrial refrigeration market is expected to grow in the coming years due to increasing demand for refrigeration systems in industrial settings, as well as the adoption of new technologies and regulations.
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One of the key drivers of the industrial refrigeration market is the growing demand for refrigerated storage and transportation. As the global population continues to increase, and as people around the world demand more perishable goods, there is a growing need for industrial refrigeration systems to preserve these goods and keep them fresh. This is leading to an increase in the demand for industrial refrigeration systems, which is driving the growth of the market.
Another factor that is expected to drive the growth of the industrial refrigeration market is the increasing adoption of new technologies and regulations. As the industrial refrigeration industry continues to evolve, new technologies are being developed that are helping to improve the efficiency and effectiveness of refrigeration systems. These technologies are making it possible to produce more efficient and environmentally friendly systems, which is increasing the demand for industrial refrigeration. In addition, new regulations are being put in place that are designed to reduce the environmental impact of industrial refrigeration, which is also driving the growth of the market.
Key Players-
• Johnson Controls Inc.
• Emerson Electric Co.
• United Technologies Corporation
• Parker Hannifin Corp
• Danfoss A/S
• Ingersoll-Rand plc
• Lennox International Inc.
• Dover Corporation
• GEA Group AG
• Daikin Industries, Ltd.
• Others.
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Industrial Refrigeration Market Segmentation
Industrial Refrigeration Market by Equipment
• Compressor
• Condenser
• Evaporator
• Controls
Industrial Refrigeration Market by Application
• Food Processing
• Beverage Production
• Chemicals & Pharmaceuticals
• Petrochemicals
• Energy
• Logistics
Industrial Refrigeration Market by Region
• North America
• Latin America
• Europe
• Japan
• APEJ
• MEA
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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.
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