BUSINESS: Global Industrial Refrigeration System Market (2021 To 2026) – Rising Demand For Frozen And Processed Food Worldwide Presents Opportunities – ResearchAndMarkets.com

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

By Daniel Webster, dWeb.News Publisher

DUBLIN–(BUSINESS WIRE)–The “Global Industrial Refrigeration System Market with COVID-19 Impact Analysis by Component (Compressor, Condenser, Evaporator), Application (Fruit & Vegetable Processing, Refrigerated Warehouse), Refrigerant Type, and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global industrial refrigeration system market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021-2026.

The market for industrial refrigeration systems is growing due to factors like the increasing demand for compact refrigeration systems, government support to improve cold chain infrastructure in developing nations, and a CAGR of 5.3% during -.

Compressor segment is estimated to hold the largest share of the market during the forecast period

The compressor segment of the industrial refrigeration system market is estimated to register the largest market share in 2026, by component. The compressor is an integral part of industrial refrigeration systems. They increase the refrigerant pressure in a condenser, which ensures food preservation and storage. This drives market growth for refrigerant compressors.

Screw and reciprocating compressors are used primarily in industrial refrigeration systems. Screw compressors have seen an increase in demand due to their reliability, ease of maintenance and compactness.

Screw compressors don’t have high discharge temperatures. Companies are creating new compressors to address the varied needs of customers. This will drive the market for compressors over the forecast period.

CO2-based refrigeration systems to register higher CAGR during the forecast period

The industrial refrigeration system market for CO2-based refrigeration systems is projected to register the higher CAGR during the forecast period, by refrigerant type. The market’s growth can be attributed to the increasing popularity of CO2 cascade refrigeration systems for various applications.

The abundance of CO2 in the atmosphere means that it stays there for longer periods. CO2-based industrial refrigeration units are more affordable than glycol counterparts. Therefore, their initial and long-term costs are relatively low. These advantages and increasing awareness of the thermodynamic properties CO2 refrigerants will drive the CO2-based refrigeration system market.

Refrigerated warehouse segment is estimated to hold the largest share of the market during the forecast period

The refrigerated warehouse segment of the industrial refrigeration system market is estimated to register the largest market share in 2026, by application. There has been an increase in refrigerated warehouses worldwide due to rising demand for frozen food and a growing population.

According to the Global Cold Chain Alliance (GCCA), the total capacity of refrigerated warehouses worldwide was 616 million cubic meters in 2018. Through its Scheme for Cold Chain Value Add and Preservation Infrastructure and the Scheme of Mega Food Park, the Indian government promotes the creation of cold chains facilities. These efforts to strengthen cold storage and warehousing infrastructure in developing countries will support the increasing use of industrial refrigeration systems for refrigerated warehouse applications.

APAC is projected to become the fastest geographical market between 2021 and 2026

The market in APAC is expected to grow at the highest CAGR during the forecast period. This market growth is due to the expanding pharmaceutical industry in the region and government subsidies for improving cold chain preservation infrastructure. APAC countries like India, China, Japan are seeing an increase in their refrigeration storage capacity. The region’s growing disposable incomes and ever-growing population drive the demand for processed foods and beverages. The market for industrial refrigeration systems is expected to grow in APAC due to an increase in food processing plants.

Market Dynamics

Drivers

Rising demand for innovative and compact refrigeration systems
Increasing government support to strengthen cold chain infrastructure in developing countries
Growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies

Restraints

High installation cost and other expenses

Opportunities

Growing popularity of carbon dioxide/ammonia (CO2/NH3)-based cascade refrigeration systems
Rising demand for frozen and processed food worldwide
Increasing demand for medicines, drugs, and PPE due to COVID-19 is a key factor fueling growth of cold chain refrigeration systems

Challenges

Lack of skilled personnel and safety concerns

Companies Mentioned

Baltimore Aircoil Company (Amsted Industries)
Bitzer
Clauger
Daikin
Danfoss
Dorin S.P.A
Emerson Electric Co.
Evapco, Inc.
Frascold
GEA Group Aktiengesellschaft
GUNtner GmbH & Co. Kg
Hitema International
Industrial Frigo
Ingersoll Rand
Innovative Refrigeration Systems, Inc.
Johnson Controls
Kobelco
Lennox International
Lu-Ve Group
MTA S.P.A.
Mayekawa
Parker Hannifin
Rivacold
Srm Italy
Star Refrigeration

For more information about this report visit https://www.researchandmarkets.com/r/go9h9j

More dWeb.News Business News at https://dweb.news/news-sections/business-news/

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