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Selbyville, Delaware, November 22, 2020 (GLOBE NEWSWIRE) –
Global Market Insights, Inc. has recently added a new report on the Industrial Refrigeration Systems Market that estimates the global market valuation for industrial refrigeration system will exceed US $ 19 billion by 2026. The market will experience high growth due to increased investments by e-commerce and food retail companies in advanced industrial refrigeration equipment. Companies like Amazon and Walmart are investing huge amounts in these systems to maintain food quality.
The growth of the industrial refrigeration systems industry is largely hampered due to the impacts of the ongoing COVID-19 pandemic. The production capacities of industrial refrigeration equipment manufacturers are restricted due to the unavailability of abundant and affordable raw materials. Labor shortages are another factor hampering the size of the market in 2020. However, the industry is expected to witness upward growth due to the high demand for industrial refrigeration systems in the pharmaceutical industry.
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The chemical and petrochemical application of industrial refrigeration systems will see steady growth over the forecast period due to increasing demand for refrigeration in key industry operations. Refrigeration is used in chemical industries and oil refineries to control heat dissipation that occurs during operating activities in oil refineries and chemical plants. The ability of industrial refrigeration equipment to ensure efficient operation of critical processes in the chemical and petrochemical industry will drive its adoption.
The Asia Pacific industrial refrigeration systems market is expected to experience rapid growth due to the rapid growth of the e-commerce sector and the offline retail industry in countries such as India, China and Japan. The growing demand for food and beverage storage by e-commerce companies supports the market for industrial refrigeration systems. Government initiatives to support the development of the manufacturing industry in Asia Pacific will provide lucrative opportunities for market development.
Industry players are investing in R&D and innovation initiatives to launch high-quality products and components to meet stringent regulations related to industrial refrigeration systems. For example, in July 2019, Ingersoll-Rand Plc announced the launch of new compressors with innovative technologies on the market. The company launched a rotary screw compressor and an air-cooled reciprocating compressor for industrial applications.
Explore key industry insights spread over 170 pages with 186 market data tables and 21 report figures and graphs, “Market Share and Forecast of Industrial Refrigeration Systems, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-refrigeration-system-market
Some Important Findings in the Industrial Refrigeration Systems Market Report Include:
- Strict regulations and standards related to food safety and preservation are anticipated to drive the size of the global market for industrial refrigeration systems over the anticipated period of time. The increasing adoption of these systems by players in the foodservice industry is supporting market development.
- HFC refrigerants are expected to lose market share in the coming years due to their harmful impacts on the environment and the emission of toxic greenhouse gases.
- The positive outlook for the hotel and tourism industry in Latin America is expected to increase the adoption of industrial refrigeration systems in the food and beverage industry. Increasing demand for frozen foods and cold storage facilities will increase the size of the market.
- The main strategies adopted by industry players include partnerships and collaborations to improve their core competencies and gain greater market share. Companies are also focusing on R&D initiatives to launch new components and products on the market.
- Key players operating in the industrial refrigeration systems market include Ingersoll-Rand, Plc, M&M Systems, Kirloskar Pneumatic, Emerson, Johnson Controls, and Danfoss.
Browse the table of contents (ToC) for full reports: https://www.gminsights.com/toc/detail/industrial-refrigeration-system-market
Partial chapters of the report table of contents (TOC):
Chapter 3 Industry Outlook
3.1 Industry segmentation
3.2 Impact of COVID-19 on the industrial refrigeration systems industry
3.2.1 Global perspective
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Analysis of the industry ecosystem
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End-use landscape
3.3.5 Analysis of the distribution channel
3.3.6 Suppliers matrix
3.4 Alternatives to HFC refrigerants
3.5 Overview of technology and innovation
3.5.1 Innovations in compressors
3.5.1.1 Centrifugal compressors
3.5.1.2 Piston compressors
3.5.1.3 Screw compressors
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Industry impact forces
3.7.1 Growth engines
3.7.1.1 High demand for energy efficient industrial refrigeration systems in North America
3.7.1.2 Strict refrigerant-related regulations in Europe
3.7.1.3 Increase investments in food retail and e-commerce in Asia Pacific
3.7.1.4 Positive outlook for the cold chain industry in Latin America
3.7.1.5 Great emphasis on food preservation in MEA
3.7.2 Industry Pitfalls and Challenges
3.7.2.1 High initial installation cost of industrial refrigeration systems
3.7.2.2 Fluctuating prices of refrigerants
3.8 Analysis of growth potential
3.9 Porter’s analysis
3.9.1 Provider power
3.9.2 Buying power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
Browse related report:
Beverage Refrigeration Market Size per product (undercounter beverage cooler [Gliding Door, Swing Door], Countertop beverage cooler [Gliding Door, Swing Door], Beverage Storage Refrigerator, Milk Coolers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share and Forecast, 2017-2024
https://www.gminsights.com/industry-analysis/beverage-refrigeration-market
About Global Market Insights
Global Market Insights, Inc., based in Delaware, USA, is a global market research and consulting services provider that offers syndicated and customized research reports along with growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed through a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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