Industrial Refrigeration Market Registering a CAGR of 5.4% by 2028
Industrial Refrigeration Market Drivers:
Owing to growth in population and rise in trend
of consumption of packaged food, the demand for industrial refrigeration has
increased in the food & beverage industry. In addition, upgrading of old
cold storages in developing countries is driving the industrial refrigeration
market. Moreover, adoption of eco-friendly and energy efficient
refrigerants is a major factor driving the industrial refrigeration market.
The industrial
refrigeration market was valued at $19.3 billion in 2020, and is expected
to reach $29.2 billion by 2028, registering a CAGR of 5.4% from 2021 to 2028.
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Top
Leading Players:
The
major players profiled in the industrial refrigeration market include Daikin
Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson
Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The
Danfoss Group, and Carrier.
Major companies in the market
have adopted strategies such as business expansion, partnership, acquisition,
product development and product launch, to offer better products and services
to customers in the industrial refrigeration market.
Industrial Refrigeration Segments:
- By Application
- Fresh
fruits & vegetables
- Meat,
poultry & fish
- Dairy &
ice cream
- Beverages
- Chemicals
- Pharmaceuticals
- Others
- By Type
- Stationary
Refrigeration
- Transport
Refrigeration
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Segments Outlook:
By region, it is
analyzed across North America (the U.S., Canada, and Mexico), Europe (UK,
Germany, France, Russia, Belarus, Croatia, Czech Republic, Hungary, Lithuania,
Poland, Romania, Serbia and Montenegro, Bulgaria, Slovakia, Ukraine, Rest of
Europe), Asia-Pacific (China, India, Japan. Australia and rest of
Asia-Pacific), and LAMEA (Latin America, Africa, Turkey, Kazakhstan, rest of
Middle East).
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