The expanding food and beverages processing industry in developing countries, and diversifying application in the chemicals and pharmaceuticals, and cold chain industry sectors are leading to increasing industrial refrigeration system sales.
Generating a revenue of $23,862.7 million according to a P&S Intelligence study, the industrial refrigeration systems market is slated to witness a CAGR of 5.8% during the forecast period 2018–2023. It is being predicted that by 2023, the domain value would be $33,614.3 million.
Talking of the current industrial refrigeration systems market developments, a shift is being observed with regards to the refrigerant technology. Globally, manufacturers are doing away with chlorofluorocarbons (CFCs) and transitioning to environment-friendly refrigerants, such as carbon dioxide and ammonia.
The term ‘industrial refrigeration system’ refers to large cooling equipment, used for industrial purposes. When segmented by equipment type, the industrial refrigeration systems market can be segregated into compressors, evaporators, controls, condensers, and others.
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Coming to the industrial refrigeration systems market growth factors, the expanding food and beverages processing industry is playing the most significant part here. Earlier limited to just developed countries, the consumption of ready-to-eat products is rising across the globe.
Therefore, it is clear that the major driving factor for the market would be the need to effectively store and transport perishable items.
Global Industrial Refrigeration Systems Market Segmentation
Market Segmentation by Equipment Type
o Shell and tube
o Bare tube
• Others (includes pumps, valves, vessels and auxiliary equipment)
Market Segmentation by Application
• Food and Beverages
• Chemicals & Pharmaceuticals
• Oil and gas
• Others (include manufacturing and construction)
Read More Related Reports:
MEA Industrial Refrigeration Systems Market : https://www.psmarketresearch.com/market-analysis/mea-industrial-refrigeration-systems-market
APAC Industrial Refrigeration Systems Market : https://www.psmarketresearch.com/market-analysis/apac-industrial-refrigeration-systems-market
Saudi Arabia Industrial Refrigeration Systems Market : https://www.psmarketresearch.com/market-analysis/saudi-arabia-industrial-refrigeration-systems-market
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