According to the new research report published by The Insight Partners, titled “Industrial Refrigeration System Market– Global Analysis and Forecasts to 2025”, the global Industrial Refrigeration System market is expected to reach US$ 33.66 Bn in 2025, registering a CAGR of 6.8% during the forecast period 2018-2025.
The rapid and continued growth in industrial refrigeration systems has serious economic and environmental consequences. With the increase of refrigeration units in use comes the corresponding increase in energy consumption and environmental impact. The global industrial refrigeration system market is experiencing steady growth with regards to the technological advancements, formulation of standards, and the investments being made by the various companies to gain market leadership positions. The market for Industrial Refrigeration systems consists of a large number of players across the globe leading to a fragmented market. Also, there a large number of smaller players present in the market, and lower entry barriers into this market have resulted in the influx of small companies venturing into this arena. There are various factors that are contributing to the growing demands for innovative and technologically advanced industrial refrigeration systems in different regions of the world.
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The future of the market for industrial refrigeration systems is promising, as the 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 sensor systems are being developed and integrated, which is expected to attract a significant number of industries in the coming years.
Rising Demand for Packaged Food Storage Capabilities
The trend of consuming packaged foods has increased significantly in recent years globally, with special marks in North America, and Asia Pacific regions. The consumption of packaged food or frozen food products has grown 50% over the past decade in the US. Consumers in North American countries are more concerned about the changing lifestyle, consumer convenience, and also health awareness. These factors are catalyzing the demand for packaged foods globally. Packaged foods industry has outperformed in the North American region in recent years, owing to the rapid increase in consumption of savory and dairy products, confectionery products, and others products. Another food product that is catalyzing the demand for packaged food is meat.
The Food and Drug Administration (FDA), the United States under the act Federal Food, Drug and Cosmetic Act (FFDCA) work closely with these food packaging companies in order to deliver the best quality packages. The FDA also implements several rules to omit unhygienic or unhealthy substances from packaging. Pertaining to the benefit of permission from the US Government, the procurement of packaged foods has increased in the region. The increase in consumption of packaged foods has also grown in recent times attributing to the substantial increase in retail stores and departmental stores in the region. Owing to the increasing trend of packaged food consumption, several companies are emerging along with well-established companies in the region.
The growth of food packaging companies in the region has simultaneously led the region to witness the growth of industrial refrigerators. This is due to the fact that these industrial refrigerators are capable of maintaining temperatures that vary widely. In addition to temperature variation, these industrial refrigerators use Ammonia and CO2 in their volatile form or cascade form as the cooling agent or refrigerants, which is energy efficient and combination enhances the safety of the food production as well food packaging and storing areas. Moreover, these packaged foods are also stored in cold storage for longer times with an objective to maintain the freshness of the packaging, which also demands industrial refrigerators in order to maintain the desired temperature for respective food items. Thus, the packaged processing and packaging, as well as storage capabilities, are the major factors triggering the growth of the market for industrial refrigerators in the current scenario.
The Prominent/Emerging Players In The Industrial Refrigeration System Market Research Include:
1. Carnot Refrigeration
2. Emerson Electric Co.
3. United Technologies Corporation
4. Innovative Refrigeration Systems, Inc.
5. Johnson Controls, International Plc.
6. Ingersoll-Rand PLC
7. Evapco, Inc.
8. GEA Group AG
9. Hussmann Corporation
10. Dover Corporation
The Industrial Refrigeration System Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.
Company overview provides information about the location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.
Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the subtitle “Financial Performance” (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.
Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.
Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in the market are covered under the strategic initiatives section.
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The Industrial Refrigeration System Market research study is designed to keep in focus all the major countries. Although all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries that are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.
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