Industrial Refrigeration Market to grow by USD 4.91 billion from 2022 to 2027, the need to increase the storage life of food products to drive growth- Technavio

NEW YORK, Oct. 9, 2023 /PRNewswire/ -- The industrial refrigeration market is expected to grow by USD 4.91 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.42% during the forecast period. The market is segmented by component (compressor, evaporator, condenser, control, and vessel and others), type (ammonia, CO2, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

The need to increase the storage life of food products is a key factor driving market growth. Factors such as storage conditions shall be considered when calculating the life of food products. Furthermore, preventing or restricting the growth of bacteria is mainly a way to control the shelf life of food products. Cooling, a reduction in water activity, and added preservatives can achieve this. About these, refrigeration allows for the preservation of freshness without loss of quality as a result of overprocessing. Refrigeration is necessary to maintain nutritional and microbial quality. Additionally, commercial refrigeration equipment is necessary for food service establishments to operate properly. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial refrigeration market: BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp., CLAUGER, COOLPLUS COMMERCIAL REFRIGERATION and KITCHEN EQUIPMENT CO. LTD., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., EVAPCO Inc., GEA Group AG, Gordon Brothers Industries Pty Ltd, Guntner GmbH and Co. KG., Johnson Controls International Plc, LUVE SpA, MAYEKAWA MFG. CO. LTD., RefPlus, Rivacold srl, SRM Italy Srl, Star Refrigeration, Stellar, and Toromont Industries Ltd.
• The Industrial Refrigeration Market is fragmented in nature.
• Market to observe 3.29% YOY growth in 2023.

Market Dynamics:

Major Trend

• The increasing pressure requirements for compressors is a major trend in the market.
•  Industrial refrigeration compressors capable of operating effectively under high-pressure conditions are in high demand, especially to support the adoption of more efficient systems such as transcritical CO2  systems.
• Additionally, because the industrial refrigeration sector is relatively small, manufacturers must carefully plan their high-pressure compressor investment strategy, focusing on their target market or application.
• However, the transition to high-pressure systems is expected to impact the financial aspects of these investments, potentially changing the economic dynamics of the industry.
• Hence, these factors are expected to drive market growth during the forecast period. 

Significant Challenge 

• The issues associated with refrigerated food products are significant challenges restricting market growth.
• Frozen food product recalls are often due to issues such as contamination from foreign objects, such as glass fragments and hard particles found in frozen products.
• Additionally, product recalls could negatively impact sales of frozen food products, which in turn could impact sales of commercial refrigeration equipment.
• Additionally, many countries, including the US, the UK, and the UAE, are experiencing increases in obese populations.
• This trend could lead to a shift in consumer preferences, with more people choosing freshly cooked foods over processed foods, including frozen foods.
• Hence, these factors are expected to restrict market growth during the forecast period. 

Keg Segments:

• The compressor segment will account for a major share of the market's growth during the forecast period. It is the duty of the pump to provide the required pressure for the circulation of the refrigerant, which makes it a crucial part of all refrigeration systems. The compressor will keep the refrigerator sufficiently cool and absorb as much heat as it can. In addition, the compression engine increases the temperature of the refrigerant as it is compressed. There are several types of compressors, such as reciprocating compressors, rotary compressors, screw compressors, and centrifugal compressors. Hence, these factors are expected to drive segment growth during the forecast period. 

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Related Reports:

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The Plate and Frame Heat Exchangers market is estimated to grow at a CAGR of 5.1% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,617.18 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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 17,000 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.

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