Some of the major industrial refrigeration system market participants include Ingersoll-Rand, Plc, M&M Systems, Kirloskar Pneumatic, Emerson, Johnson Controls and Danfoss.
Selbyville, Delaware, Nov. 22, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on industrial refrigeration system market which estimates the global market valuation for industrial refrigeration system will cross US$ 19 billion by 2026. The market will witness a high growth due to increasing investments by e-commerce and food retailing companies in advanced industrial refrigeration equipment. Companies, such as Amazon and Walmart, are investing huge amounts in these systems to maintain the quality of food items.
The industrial refrigeration system industry growth is largely hampered due the impacts of the ongoing COVID-19 pandemic. The production capabilities of industrial refrigeration equipment manufacturers are restricted due to the unavailability of abundant and affordable raw materials. The shortage of labor is another factor hampering the market size in 2020. However, the industry is expected to witness an upward growth due to high demand for industrial refrigeration systems in the pharmaceutical industry.
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Chemicals and petrochemicals application of industrial refrigeration systems will observe a steady growth over the forecast period due to the increasing demand for cooling in key industry operations. Refrigeration is used in chemical industries and oil refineries to control the heat dissipation that occurs during operational activities in oil refining and chemical plants. The ability of industrial refrigeration equipment to ensure efficient operation of critical processes in the chemical and petrochemical industry will boost its adoption.
The Asia Pacific industrial refrigeration system market is expected to witness a rapid growth due to the rapid growth of the e-commerce sector and offline retail industry in countries including India, China, and Japan. The increasing demand for storage of food and beverage items by e-commerce companies is supporting the market for industrial refrigeration systems. Supportive government initiatives toward the development of the manufacturing industry in Asia Pacific will provide lucrative opportunities to the market development.
Industry players are investing in innovation and R&D initiatives to launch high-quality products and components to meet the stringent regulations related to industrial refrigeration systems. For instance, in July 2019, Ingersoll-Rand Plc announced the launch of new compressors with innovative technologies in the market. The company launched a rotary screw compressor and air-cooled reciprocating compressor for industrial applications.
Browse key industry insights spread across 170 pages with 186 market data tables & 21 figures & charts from the report, “Industrial Refrigeration System Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Some major findings in the industrial refrigeration system market report include:
Stringent regulations and standards related to safety and preservation of food items are anticipated to drive the global industrial refrigeration system market size over the forecast timeframe. The increasing adoption of these systems by food service industry players is supporting the market development.
HFC refrigerants are expected to lose market share over the coming years due to their harmful impacts on the environment and emission of toxic greenhouse gasses.
Positive outlook of the hospitality and tourism industry in Latin America is expected to augment the adoption of industrial refrigeration systems in the food & beverage industry. The increase in demand for frozen food and cold storage facilities will enhance the market size.
Major strategies adopted by industry players include partnerships and collaborations to enhance their core competencies and gain a higher market share. Companies are also focusing on R&D initiatives to launch new components and products in the market.
Key players operating in the industrial refrigeration system market include Ingersoll-Rand, Plc, M&M Systems, Kirloskar Pneumatic, Emerson, Johnson Controls, and Danfoss.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/industrial-refrigeration-system-market
Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on industrial refrigeration systems industry
3.2.1 Global outlook
3.2.2 Regional impact
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
3.2.3 Industry value chain
22.214.171.124 Research & development
3.2.4 Competitive landscape
126.96.36.199 Distribution network
188.8.131.52 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Alternatives to HFC refrigerants
3.5 Technology & innovation landscape
3.5.1 Innovations in compressors
184.108.40.206 Centrifugal compressors
220.127.116.11 Piston compressors
18.104.22.168 Screw compressors
3.6 Regulatory landscape
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
22.214.171.124 High demand for energy efficient industrial refrigeration systems in North America
126.96.36.199 Stringent regulations related to refrigerants in Europe
188.8.131.52 Increasing investments in food retailing and e-commerce in Asia Pacific
184.108.40.206 Positive outlook of cold-chain industry in Latin America
220.127.116.11 High focus on food preservation in MEA
3.7.2 Industry pitfalls & challenges
18.104.22.168 High initial installation cost of industrial refrigeration systems
22.214.171.124 Fluctuating prices of refrigerants
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
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