Industrial Refrigeration Systems Market To Witness A Significant Growth Of USD 22.65 Billion By 2028


 San Francisco, 11 Jan 2022: The Report Industrial Refrigeration Systems Market Size, Share & Trends Analysis Report By Component (Compressors, Condensers, Evaporators, Controls), By Capacity, By Application, By Region, And Segment Forecasts, 2021 - 2028

The global industrial refrigeration systems market size is estimated to reach USD 22.65 billion by 2028, registering a CAGR of 3.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.

Rising concerns around global warming have shifted the focus of industrial refrigeration system manufacturers and users from the thermodynamic properties of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Major industrial refrigeration systems players are focused on designing environment-friendly refrigeration systems owing to various benefits they offer, such as cost-effectiveness, lower power consumption, and low toxicity. For instance, in October 2019, EVAPCO, Inc., a prominent industrial refrigeration systems manufacturer, expanded its product line of low-charge packaged ammonia chiller systems by adding the Large-Single (LS) and Large Dual (LD) models. The products feature a Small-Single (SS) capacity of 250 Tons of Refrigeration (TR) at a supply glycol of 22°F.

The rising concerns regarding the use of refrigerants with a high global warming potential are expected to encourage developments in alternative industrial refrigeration systems. Magnetic refrigeration is another emerging technology that does not use a refrigerant but a heating or cooling liquid, is often water-based and has higher energy efficiency.

The shutdown of manufacturing and transportation facilities and food production units to prevent the spread of Covid-19 has resulted in a decline in the sales of industrial refrigeration systems. However, the increased deployment of cold chains to store and preserve vaccines and refrigerated transportation systems for facilitating its reach in large quantities is anticipated to continue supporting the market growth.

Access Research Report of Industrial Refrigeration Systems Market @ https://www.grandviewresearch.com/industry-analysis/industrial-refrigeration-systems-market

Industrial Refrigeration Systems Market Report Highlights

  • The food and beverage segment accounted for the highest revenue share of over 55.0% of the overall market in 2020. The segment growth can be attributed to the rising disposable income and increased demand for packaged and processed food by consumers
  • The compressors segment is anticipated to witness the highest CAGR of around 5.0% over the forecast period. The growth can be attributed to the availability of natural refrigerants, which help compressors in increasing the cooling capacity and reduce the contribution to global warming
  • The Asia Pacific market is expected to witness the fastest growth, accounting for a CAGR of over 5.0% from 2021 to 2028. The rising adoption of cold chain infrastructure is expected to drive market growth in the region

List of Key Players in the Industrial Refrigeration Systems Market

  • 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.

Access Press Release of Industrial Refrigeration Systems Market @ https://www.grandviewresearch.com/press-release/global-industrial-refrigeration-systems-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more