LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industrial refrigeration market is expected to grow at a CAGR of close to 6% during the forecast period.
This research report titled ‘Global Industrial Refrigeration Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
The market research analysis categorizes the global industrial refrigeration market into three major application segments. They are:
- Food processing
- Chemical and pharmaceuticals
- Oil and gas
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Global industrial refrigeration market by food processing
Industrial refrigeration systems find extensive applications in the food and beverage sector globally. Refrigeration systems are used for cooling food products to maintain quality and taste till it reaches end-users. The rise in demand for processed food and increase in investments in food processing plants is expected to drive the global industrial refrigeration market.
Rising disposable incomes, rapid urbanization, and demographic changes have led to the increased consumption of processed food in countries, such as India, China, and Indonesia. Also, governments too are announcing incentives to boost the food processing sector. Such developments will lead to increased investments in refrigeration systems, with an emphasis on energy efficiency and compliance with environmental regulations.
Global industrial refrigeration market by chemical and pharmaceuticals
In the chemical and pharmaceutical industries, highly advanced refrigeration technology for process cooling is mandatory to achieve the end-products. For instance, condensation of gases, such as ammonia, requires temperatures ranging between -20⁰C to +10⁰C before storage. In the pharmaceutical sector, considering the extremely high value of pharmaceutical raw materials, intermediate products, and finished products, it is mandatory to have refrigeration systems that are highly reliable and operate at very precise temperatures. The manufacture of certain drugs, such as antibiotics and blood plasma, requires freeze drying. Therefore, refrigeration systems play a key role in the chemical and pharmaceuticals sector. Growth in this sector is expected to drive the demand for industrial refrigeration systems.
“Many countries are involved in investing in the chemical sector as the demand for chemicals and petrochemicals is increasing significantly. Developing economies, such as China and India, are expanding their chemical production and becoming less dependent on European imports. Major investments for petrochemical complexes is expected to propel the demand for industrial chillers,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
Global industrial refrigeration market by oil and gas
Refrigeration in the oil and gas sector is vital during the upstream, midstream, and downstream activities. Growing investment for the expansion of the oil and gas sector is expected to drive the global industrial refrigeration market as refrigeration is necessary for all the individual processes in the oil and gas sector whether it is upstream, midstream or downstream.
“The recovery of the oil and gas industry market during the forecast period is expected to boost the demand for industrial refrigeration from this segment. Many countries are involved in expansion projects to boost their refineries. For instance, the China National Petroleum Corporation built a refinery in 2016 in Cambodia. Such expansion activities in gas pipelines and refineries will drive the growth of the market,” says Anju.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- DAIKIN INDUSTRIES
- GEA Group
- Johnson Control
Browse Related Reports:
- Global Air Handling Unit Market 2017-2021
- Global Railway AC Units Market 2017-2021
- Global Industrial Heat Pumps Market 2017-2021
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.