Industrial Refrigeration Equipment Market is expected to surpass revenues worth US$ 36.9 Billion by 2026

Industrial Refrigeration Equipment Market

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$ 22.6 Billion at the end of the year 2017 and is slated to reach a revenue of nearly US$ 36.9 Billion 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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The industrial refrigeration equipment market is a rapidly growing sector that has been witnessing significant growth in recent years. Industrial refrigeration equipment is used for the preservation and cooling of food and other perishable items. The market includes different types of equipment such as refrigeration systems, compressors, evaporators, condensers, and controls. The increasing demand for processed food, beverages, and pharmaceuticals has led to the growth of the market.

Market Drivers:

The increasing demand for frozen and chilled food and beverages, growth in the pharmaceutical sector, and the rise in the use of natural refrigerants are the major drivers of the industrial refrigeration equipment market. Furthermore, the adoption of advanced technologies, such as the Internet of Things (IoT) and automation, has led to the growth of the market.

Market Restraints:

The high cost of industrial refrigeration equipment and the maintenance costs associated with it are the major restraints for the market. Additionally, the lack of skilled labor and the availability of substitutes are also hindering the growth of the market.

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Key Companies-

• 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.

Segmentation:

The industrial refrigeration equipment market is segmented based on type, application, and region.

• By type, the market is further segmented into refrigeration systems, compressors, evaporators, condensers, and controls.

• By application, the market is segmented into food and beverage, chemical and pharmaceutical, and others.

Regional Analysis:

The industrial refrigeration equipment market is analyzed for the regions of North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to dominate the market, owing to the increasing demand for food and beverages and the growth of the pharmaceutical sector in the region.

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Conclusion:

The industrial refrigeration equipment market is expected to witness significant growth in the coming years, owing to the increasing demand for frozen and chilled food and beverages and the growth of the pharmaceutical sector. However, the high cost of equipment and the lack of skilled labor are the major challenges for the market. The adoption of advanced technologies and the use of natural refrigerants are expected to provide growth opportunities for the market.

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About the Industrial Automation at Persistence Market Research

Expert analysis, actionable insights, and strategic recommendations - the industrial automation team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on IT & Telecommunications of which 100+ reports specific for IT & Telecommunications. The team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the IT & Telecommunications industry.

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