DUBLIN--(BUSINESS WIRE)--The "Industrial Refrigeration System Market by Component (Compressor, Condenser, Evaporator), Refrigerant Type (Ammonia, CO2), Application (Fruit & Vegetable Processing, Meat & Poultry, Refrigerated Warehouse), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global industrial refrigeration system market is expected to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3%.
One of the major driving factors for the industrial refrigeration system market is the increasing demand for innovative and compact refrigeration systems. Also, due to the growing adoption of natural refrigerant-based systems, owing to strict regulatory policies, the demand for industrial refrigeration systems is increasing.
Moreover, increasing government support to strengthen the cold chain infrastructure in developing countries is driving the growth of the industrial refrigeration system market. However, the high installation cost and other expenses restrain market growth.
Based on component, industrial refrigeration system market for compressors to grow at highest CAGR during forecast period
The industrial refrigeration system market for compressors is expected to grow at the highest CAGR during the forecast period. Many companies are focusing on cost reduction in the manufacturing of industrial refrigeration compressors. With the increase in the application areas of industrial refrigeration systems, companies are developing new compressors to meet the diverse needs of customers and explore the untapped market, which is expected to increase the demand for compressors during the forecast period.
Based on application, refrigerated warehouse application to hold significant share from 2019 to 2025
Refrigerated warehouses, also known as cold storage facilities, store food after production and before it is transported and distributed to supermarkets or catering establishments. The ever-growing population and rising demand for frozen and processed food have increased the number of refrigerated warehouses globally with improved capacities in the last few years.
The strengthening of cold chain infrastructure in developing countries to meet the rising demand for convenience food, along with government support in various countries to expand refrigerated warehouse capacity, is expected to be the key driver for the industrial refrigeration system market for refrigerated warehouse applications during the forecast period.
Market in APAC to grow at significant CAGR during forecast period
The industrial refrigeration system market in APAC is expected to grow at the highest CAGR during the forecast period. Increasing disposable income and the ever-growing population is propelling the demand for processed food products and beverages in APAC. As a result, there is an increase in the number of food processing facilities in the region, which, in turn, is expected to drive the market for industrial refrigeration systems. Government initiatives to further strengthen cold chain management systems are expected to surge the demand for industrial refrigeration systems across APAC.
The report profiles key players in the industrial refrigeration system market with their respective market ranking analysis.
Prominent players profiled in this report are
- Johnson Controls (Ireland)
- Emerson (US)
- Danfoss (Denmark)
- GEA (Germany)
- Mayekawa (Japan)
- Ingersoll-Rand (Ireland)
- Daikin (Japan)
- BITZER (Germany)
- United Technologies (US)
- Evapco (US)
- Baltimore Aircoil (US)
- Guentner (Germany)
- LU-VE (Italy)
- Lennox International (US)
- Star Refrigeration (Scotland)
- KOBELCO (Japan)
- Parker Hannifin (US)
- Clauger (France)
- Rivacold (Italy)
For more information about this report visit https://www.researchandmarkets.com/r/yz6z8c