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Industrial Refrigeration Market Driven By Factors Such as the Rising Demand by 2026

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Industrial Refrigeration Market Driven By Factors Such as the Rising Demand by 2026

May 23
10:50 2022
Industrial Refrigeration Market Driven By Factors Such as the Rising Demand by 2026
Industrial Refrigeration Market
The global Industrial Refrigeration Market size is expected to reach USD 25.1 billion by 2026 from USD 19.4 billion in 2021, at a CAGR of 5.3%

Industrial refrigeration is a vital component of modern industry, powering the production of a wide variety of products. The market for industrial refrigeration is expected to grow at a CAGR of 5.3% over the next five years, owing to factors such as the rising demand for innovative and compact systems, the global industrial refrigeration market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026.

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The increasing adoption of smart technologies in various industrial applications is boosting the market for industrial refrigeration systems. These systems are designed to improve efficiency and reduce operating costs by automating processes and controlling environmental conditions. In addition, the growing trend towards green manufacturing is also contributing to the growth of this market.

Some of the key players in the industrial refrigeration market include Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), Danfoss (Denmark), Mayekawa (Japan), Daikin (Japan), Ingersoll Rand (Ireland), EVAPCO, Inc. (US), Baltimore Aircoil Company (US), BITZER (Germany), LU-VE Group (Italy), MTA S.p.A. (Italy) so on.

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The Growing Demand for New and Innovative Systems

Factors such as the increasing demand for innovative and compact systems. The growth in this market is mainly driven by the increasing adoption of advanced refrigeration technologies, which is making it more cost-effective and reliable.

Factors Driving the Growth of the Market

Refrigeration is one of the most important and pervasive applications in industrial settings. The demand for compact and innovative systems has been driving the growth of the industrial refrigeration market. Commercial establishments, such as hospitals, food processing plants, and other retail establishments, are major consumers of refrigeration systems. Moreover, the increasing focus on health and safety in commercial establishments is also contributing to the growth of the market.

In terms of region, North America is expected to account for the largest share of the global industrial refrigeration market. The region has been witnessing growth owing to factors such as increasing demand from commercial establishments and growing investment in R&D initiatives. China is also expected to witness significant growth due to rising demand from industrial sectors such as automotive and electronics manufacturing.

Factors Behind the Inadequacy of Cold Chain Infrastructure

The growth is mainly due to the increasing demand for innovative and compact systems. The inadequacy of cold chain infrastructure, however, is likely to restrain the growth of the market. The inadequacy of cold chain infrastructure has been one of the major restraining factors for the growth of the industrial refrigeration market. This is because it results in high manufacturing costs and slows down the overall process flow. In addition, it also hampers industry adoption of new technology and reduces efficiency. To address this issue, various manufacturers are working on developing innovative cold chain solutions that will improve logistics and efficiency.

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