- Compliance to regulatory guidelines such as annual walk-in efficiency factor (AWEF) standards paves way to development of energy-efficient industrial refrigeration equipment, global industrial refrigeration equipment market to clock a CAGR of ~5% During 2019 - 2027
- Expansion of cold chain infrastructure in Asia Pacific to spur demand for state-of-the-art technologies in refrigeration warehouses
ALBANY, N.Y., Sept. 23, 2020 /PRNewswire/ -- Stakeholders leverage the benefits of natural refrigerants to unveil energy-efficient solutions in multi-zone factory projects and food and beverages sector. Presently the refrigerants ammonia and carbon dioxide score favourably on global warming potential (GWP) and annual walk-in efficiency factor (AWEF) standards.
Strides in design, construction, and production of new equipment, concur analysts at TMR, will drive the industrial refrigeration equipment to expand at a CAGR of ~5% from 2019 to 2027, globally. By the period-end, the valuation will reach ~US$ 37 Bn. Expanding cold-chain industry for food and beverages sector in Asia Pacific will propel the regional market opportunities to rise at rapid pace during the forecast period.
Key Findings of Industrial Refrigeration Equipment Market Report
Regionally, Asia Pacific held the dominant share in 2018
Other key revenue generators are North America and Europe
Of all different product segments, condensers accounted for the leading share in 2018, vis-à-vis value
Ammonia is by far the most attractive refrigerant of all types
However, its popularity might decline due to challenges related to its usage
The demand for ammonia pivots mainly on its zero rating for global warming potential (GWP) and low ozone depletion potential
Explore 178 pages of top-notch research, incisive insights, and detailed country-level projections on Industrial Refrigeration Equipment Market (Product: Condensers, Compressors, Evaporators, Heat Exchangers, Controls, and Others; Refrigerant Type: Ammonia, Carbon Dioxide (CO2), and HFC; and Application: Food & Beverages Processing, Refrigerated Warehouses, Chemicals, Petrochemicals, and Pharmaceuticals, and Others) - Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/global-industrial-refrigeration-equipment-market.html
Industrial Refrigeration Equipment Market: Key Driving Factors and Promising Avenues
An expanding cold chain facility around the world is the key driver for technological advances in industrial refrigeration equipment.
The fast strides in the cold chain industry in Asia economies such as in India and China is motivated by the growing consumption of fresh and just-in-time delivery of processed food.
The growing demand for energy-efficient refrigeration solutions spurs the popularity of natural refrigerants among end users in the industrial refrigeration equipment market, notably ammonia (NH3) and carbon dioxide (CO2).
The developing world has been seeing rapid adoption of energy guidelines by original equipment manufacturers (OEMs). They are trying to adapt to new designs that can help manufacturers meet annual walk-in efficiency factor (AWEF) standards.
The compliance with guidelines has paved way to innovations in the industrial refrigeration equipment market.
Demand for cost-effective equipment especially for food and beverages processing has also risen in cost-sensitive markets.
Currently, Ammonia is one of the most popular refrigerants. However, some genuine concerns has nudged material researchers explore new options.
In the backdrop of concerns with Ammonia, the trend of hybrid refrigerants developed with mixed proportions of CO2, hydrocarbons, and ammonia will pick up significant pace during the forecast period.
Analyze global industrial refrigeration equipment market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Several players in the industrial refrigeration equipment market are relentlessly focused on advancing the design and on the use of energy-efficient refrigerants. HVAC manufacturers in developing and developed regions intend to unleash more research on innovative designs in a bid to stay ahead in the competitive arc.
Some of the key industry stakeholders in the global industrial refrigeration equipment market are BITZER SE, Parker Hannifin Corp, LENNOX International Inc., Emerson Electric Co., EA Group Aktiengesellschaft, Danfoss, Johnson Controls, and Ingersoll Rand.
Asia Pacific hold the major share in the industrial refrigeration equipment market in 2018 and is expected to see sizable revenue generation in coming years. A considerable revenue stream is likely to come from India and China.
North America was the second leading regional market in the same years. Avenues in Europe will expand on the back of unveiling of new energy regulations pertaining to the HVAC industry.
Industrial Refrigeration Equipment Market, by Product
Industrial Refrigeration Equipment Market, Refrigerant Type
Carbon Dioxide (CO2)
Industrial Refrigeration Equipment Market, by Application
Food & Beverages Processing
Chemicals, Petrochemicals, and Pharmaceuticals
Industrial Refrigeration Equipment Market, by Region
Commercial Food Refrigeration Equipment Market – The increased demand for frozen foods and the growing number of food products that require refrigeration are expected to positively influence the growth of the commercial food refrigeration equipment market. This has led to the need for commercial food refrigeration equipment being used to minimize food wastage at both, production and distribution levels.
Warewashing Professional Equipment Market – The global warewashing professional equipment market was valued at US$ 5.3 Bn in 2019 and is expected to grow at a CAGR of 3.5% from 2019 to 2027. Rising disposable income, development of innovative products, and increasing penetration of IoT devices are also expected to boost the global market of warewashing professional equipment in the near future.
Industrial Gas Regulator Market – The global industrial gas regulator market is expected to reach a value of US$ 18.96 Bn by 2026. In terms of value, the market is estimated to expand at a CAGR of 3.4% during the forecast period from 2018 to 2026. Rising demand for natural gas for power generation and operation of industrial units in various industries is projected to offer lucrative opportunities to the industrial gas regulators market.
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