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.
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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
Industrial Refrigeration Equipment Market: Competitive Landscape
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.
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Industrial Refrigeration Equipment Market: Regional Assessment
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
- Heat Exchangers
Industrial Refrigeration Equipment Market, Refrigerant Type
- Carbon Dioxide (CO2)
Industrial Refrigeration Equipment Market, by Application
- Food & Beverages Processing
- Refrigerated Warehouses
- Chemicals, Petrochemicals, and Pharmaceuticals
Industrial Refrigeration Equipment Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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