Industrial Refrigeration Equipment Market

Industrial Refrigeration Equipment Market driven by growing cold chain industry across the globe and rising trend of outsourcing pharmaceutical manufacturing

ALBANY , NY, US, December 22, 2021 /EINPresswire.com/ -- Transparency Market Research delivers key insights on the global industrial refrigeration equipment market. In terms of revenue, the global industrial refrigeration equipment market is estimated to expand at a CAGR of 5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in this report.

In the industrial refrigeration equipment report, TMR predicts that the market would be largely driven by factors such as rapidly growing cold chain industry across the globe. Moreover, increasing elderly population worldwide has significantly enhanced the demand for chemical and pharmaceutical refrigerated warehouses, which is subsequently expected to drive the industrial refrigeration equipment market.

Globally, the adoption of CO2 and ammonia based refrigerants has resulted in increased demand for refrigeration components that are compatible with these refrigerants and comply with the legislations introduced by governments. The trend is likely to have noteworthy impact on the industrial refrigeration equipment market during the forecast period

In addition, rising trend of outsourcing pharmaceutical manufacturing is also driving the market. Rapidly developing economies such as India and China are key influencers in the industry. Need to reduce time-to-market, increasing profit margins, and encouragement of drug discovery are some of the factors driving pharmaceutical imports in these countries.

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While improving the capabilities and bringing about innovations in modern industrial refrigeration equipment, owing to mounting environmental concerns, minimizing energy consumption, improving efficiency, and reducing the environmental footprint were some of the key areas that witnessed significant progress in recent times. Moreover, the last few years witnessed a significant rise in the adoption of innovative technologies and the deployment of advanced industrial refrigeration equipment and systems. The use of natural refrigerants in these refrigeration systems is gaining significant popularity and the trend is expected to continue during the forecast period.

According to the industrial refrigeration equipment market report, the product segment includes condensers, compressors, evaporators, heat exchangers, controls, and others (valves, connectors, etc.). Condensers are expected to dominate in terms of value; however, in terms of volume, the others segment that comprises various small components of the industrial refrigeration system that are frequently replaced, lead the market. The expansion of the condensers sub-segment can be attributed to the exponential growth in small and medium cold storage and food processing facilities. Furthermore, in the near future, based on application, refrigeration warehouses is estimated to flourish at a prominent rate. The industrial refrigeration warehouses segment is majorly fueled by growth in demand for fresher and just-in-time delivery of perishable goods such as vegetables, fruits, meat, and dairy products.

Industrial Refrigeration Equipment Market: Prominent Regions

Presently, Asia Pacific dominates the global industrial refrigeration equipment market followed by North America. The Asia Pacific industrial refrigeration equipment market is predominantly driven by the growth of the food & beverages processing industry coupled with increasing import and export of perishable goods. This is also expected to bolster the Asia Pacific industrial refrigeration equipment market during the forecast period.

Furthermore, the Asia Pacific market is also forecast to gain substantial growth rate during the forecast period. India in recent years recorded majority cold storage capacity, more than the U.S. capacity.

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Industrial Refrigeration Equipment Market: Key Players

Key players operating in the global industrial refrigeration equipment market include Ingersoll Rand, Johnson Controls, Danfoss, Mayekawa Manufacturing Company, EA Group Aktiengesellschaft, Emerson Electric Co., LENNOX International Inc., Parker Hannifin Corp, LU VE Group, and BITZER. Companies operating in the industrial refrigeration equipment market are extensively focusing on introducing innovative products in order to gain more market share.

New Guidelines Likely to Impact Industrial Refrigeration Equipment Market

Refrigerants are required to adhere to mandates set by the Department of Energy. In 2020, original equipment manufacturers, within the industrial refrigeration equipment market are likely to focus on manufacturing equipment that complies with minimum requirements of the annual walk-in efficiency factor (AWEF) standards. The onset of stringent regulations coupled with the growing emphasis on curbing emission has fueled innovations in this field. Energy-efficiency requirements are expected to influence energy guidelines and have a strong impact on the growth of the industrial refrigeration equipment market.

As these regulations continue to evolve, stakeholders in the current market landscape are highly focused on the development of new industrial refrigeration equipment with minimum energy consumption and high levels of efficiency. For instance, in November 2019, Danfoss India launched six new products that are anticipated to revolutionize the standard of applications for cooling industry and industrial refrigeration. The new line of Cold Chain products is developed in accord with the government's prospective plans to improve safety, reliability, and energy efficiency by increasing the usage of natural refrigerants and leveraging the benefits of state-of-the-art technologies.

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