The global industrial refrigeration system market is expected to grow to US$ 33.66 billion by 2025 from US$ 20.02 billion in 2017, growing at a CAGR of 6.8%.
The industrial refrigeration system market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
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The future of market for industrial refrigeration systems is promising, as the OEMs and other research centers are continually innovating new technologies and researching on replacing traditional refrigerants in order to enhance the technicalities of the machinery and to reduce environmental hazards. As a result, technologically enriched sensors systems are being developed and integrated, which is expected to attract the significant number of industries in the coming years.
Rising demands for packaged food by the consumers is a major influencer in the industrial refrigeration system market which is anticipated to grow at a CAGR of 6.8%
The top companies operating in the field of industrial refrigeration systems in North America region include Emerson Electric Co., United Technologies Corporation, Johnson Controls Inc., Evapo, Inc., Danfoss, Hussmann Corporation, Dover Corporation, Ingersoll-Rand Plc., Carnot Refrigeration, and Innovative Refrigeration Systems, Inc. Various other companies are also operating in the market and are coming up with new technologies and offerings which is helping the North America market for industrial refrigeration systems to expand over the years in terms of volume as well as revenue.
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The different regions of the world exhibit growth in the growing sales of the industrial refrigeration system owing to various factors. Replacement of the older industrial refrigeration systems are majorly observed in the saturated markets of North America and Europe. Also, the regulatory bodies in these region have played a crucial role in the growing usage of CO2 or Natural Refrigerants as refrigerants in the entire system. Also, a marked rise in the demand for packaged foods by the consumers in the supply chain have triggered demands for good food storage capabilities. The consumers in many countries across the globe are concerned about the changing lifestyle, consumption convenience, and also health awareness. These factors are catalyzing the demand for packaged foods globally. Packaged foods industry has outperformed in the in recent years, owing to the rapid increase in consumption of savoury and dairy products, confectionery products and others products. Another food product that is catalyzing the demand for packaged food is the meat.