Increasing Application of Refrigeration Systems in Pharmaceuticals and Food & Beverages Industry to Preserve Product Quality Driving Industrial Refrigeration Systems Market Growth: Reports and Data

Increasing Application of Refrigeration Systems in Pharmaceuticals and Food & Beverages Industry to Preserve Product Quality Driving Industrial Refrigeration Systems Market Growth: Reports and Data

PR Newswire

NEW YORK, Jan. 5, 2022

Increasing use of refrigeration systems in various end-use industries such as chemical and petrochemicals, pharmaceuticals, food & beverages, and electricity, among others, is a key factor expected to drive market revenue growth

NEW YORK, Jan. 5, 2022 /PRNewswire/ -- Reports and Data has published its latest report titled "Industrial Refrigeration System Market, By Component (Compressors, Condensers, Evaporators, Controls, Others), By Refrigerant (Ammonia, Carbon Dioxide (CO2), Others), By Application, and By Region Forecast to 2028."

Reports_and_Data_Logo

According to the latest report by Reports and Data, the global industrial refrigeration systems market size was USD 20.45 billion in 2020 and is expected to reach USD 30.43 billion in 2028 and register a revenue CAGR of 5.1% during the forecast period, 2021-2028.  

Request a Sample Report – https://www.reportsanddata.com/sample-enquiry-form/4665

Drivers, Restraints, and Opportunities

Industrial refrigeration systems refer to equipment and accessories that are used to remove heat from large-scale processes or materials and for lowering temperature to a desired degree. Industrial refrigeration plays a crucial part in various sectors such as food & beverages, petrochemicals, and pharmaceuticals, among others. Industrial refrigeration systems are used to maintain ideal conditions to store products and to achieve maximum yield, maintain quality of products, and to avoid product decay. Increasing use of refrigeration systems across various end-use industries and introduction of more individualized systems to meet regulatory requirements are some key factors expected to drive market revenue growth over the forecast period.

Industrial refrigeration systems are vital in several end-use industries including power generation, marine industry, petrochemical oil & gas, and food & beverages, among others. Based on different parameters such as production scale, temperature difference, and others, different methods are used to apply industrial refrigeration. Industrial refrigeration systems include a wide range of processes – from low temperature freezers to high temperature process chilling. Industrial refrigeration systems also play an important part in any processes where low temperatures should be maintained for cold storage. Industrial refrigeration systems comprises four main components including compressor, condenser, expansion valve, and evaporator. Industrial applications have large loads running for long periods of time and these require significantly more resources in order to improve performance. Other units and equipment such as liquid receivers, suction trap, and low pressure receivers are often used with industrial refrigeration systems. Industrial refrigeration systems are essential to smooth operations of some crucial industrials across the globe and this is another key factor expected to contribute to revenue growth of the market going ahead.

Industrial refrigeration systems are often used across various end-use industries, from food processing to construction. Industrial refrigeration systems are used in manufacturing plants where cooling processes are required for testing of extreme conditions such as testing high and low temperatures or low and high humidity levels. In addition, stringent legislative requirements in chemical and pharmaceutical industries have necessitated integration of industrial refrigeration processes and this is expected to further contribute to revenue growth of the market going ahead. However, high costs of set up and installation of industrial refrigeration system is a key factor expected to restrain market growth to a certain extent going ahead.

To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/industrial-refrigeration-system-market

COVID-19 Impact Analysis

Compressors Segment Accounted for Largest Revenue Share in 2020:

Compressors segment accounted for largest revenue share in the global market in 2020 and is expected to register significant revenue growth over the forecast period. Compressors are crucial components of refrigeration systems and increasing advancements in invertor compressors with regards to improvements in their efficiency capability and noise-free operation are expected to contribute to revenue growth of this segment going ahead.

 Ammonia Segment to Dominate Other Refrigerant Segments:

Ammonia segment is expected to dominate other refrigerant segments in terms of revenue share over the forecast period, attributable to increasing use of ammonia in industrial refrigeration systems owing to environment friendly attributes and easy availability of ammonia.

Buy Premium Research Report @ https://www.reportsanddata.com/checkout-form/4665

North America to Account for Largest Revenue Share:

North America is expected to account for largest revenue share over the forecast period, attributable to increasing demand for and adoption of industrial refrigeration segments in food and beverages, pharmaceutical, and chemical industries, stringent regulatory framework to reduce negative environmental impact of refrigerants, and robust presence of key market players in the region.

Asia Pacific Market Revenue to Expand Significantly:

Asia Pacific is expected to register robust revenue CAGR over the forecast period, attributable to increasing progress of food & beverages industries, growing trend of online grocery shopping and growth of e-Commerce industry, increasing government initiatives to promote usage of natural refrigerants, and robust development of cold chain facility.

Major Companies in the Market Include:

Download Report Summary @ https://www.reportsanddata.com/download-summary-form/4665

Market Segmentation:

For this study, Reports and Data has segmented the global industrial refrigeration system market based on component, refrigerant, application, and region: 

Component Outlook (Revenue, USD Billion; 2018-2028)

Refrigerant Outlook (Revenue, USD Billion; 2018-2028)

Application Outlook (Revenue, USD Billion; 2018-2028)

Ask for Customize Research Report @ https://www.reportsanddata.com/request-customization-form/4665

Regional Outlook (Revenue, USD Billion; 2018–2028)

Some points on how the report benefits stakeholders:

Explore Trending Research Reports by Reports and Data:

Vacuum Valve Market size was USD 1.06 billion in 2020 and is expected to register a CAGR of 7.45% during the forecast period. Increasing use of high vacuum and ultra-high vacuum systems and equipment to test the effects of a vacuum on components parts, materials, and assemblies, as well as to test performance of applications for manufacturing operations is expected to continue to drive global vacuum valve market revenue growth.

Power Tools Market size was USD 28.18 Billion in 2020 and is expected to register a revenue CAGR of 4.2% during the forecast period. Increasing implementation of cordless power tools, rising demand for fastening tools in the energy industry, and surging implementation of power tools in the automotive industry are key factors expected to drive market revenue growth over the forecast period.

Real Estate Market size was USD 7,158.45 Billion in 2020 and is expected to register a revenue CAGR of 3.1% during the forecast period. Rapid urbanization, growing urban population, rising trend of people moving to urban areas for work, increasing infrastructure development in residential and commercial sectors, offering of lucrative home loans by banks as well as private financial firms are some of the key factors expected to drive real estate market revenue growth over the forecast period.

Hardwood Flooring Market size was USD 44.05 Billion in 2020 and is expected to register a revenue CAGR of 4.3% during the forecast period. Steady global hardwood flooring market revenue growth can be attributed to rising demand for more eco-friendly products in the building and construction sector.

Machine Automation Controller (MAC) market size is expected to reach USD 51.40 Billion in 2028 and register a CAGR of 4.2% during the forecast period. Market revenue growth is driven by factors such as increasing emphasis on minimizing overall operational costs, rising need to enhance productivity in the process industry, growing consumption of consumer electronic goods, and increasing deployment of robots and automation in the manufacturing sector.

About Reports and Data     

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact: 

John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs
Read Latest Press Release @ https://www.reportsanddata.com/press-release/global-industrial-refrigeration-system-market

Logo: https://mma.prnewswire.com/media/1579615/Reports_and_Data_Logo.jpg  

Voltar noticias em Inglês