Research Nester assesses the growth and market size of the global industrial refrigeration market which is anticipated to be on account of the growing importance of refrigeration solutions to increase the shelf life of the commodities.
Research Nester’s recent market research analysis on “Industrial Refrigeration Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global industrial refrigeration market in terms of market segmentation by component, refrigeration type, type, capacity, application, and by region.
Growing Concern for the Food Wastage to Promote Global Market Share of Industrial Refrigeration
The global industrial refrigeration sector is estimated to grow on account of the rising food wastage across the globe owing to the lack of inefficiency of storage systems. Industrial refrigerant is used for protecting food products from perishing and further increases their shelf life. As per the data shared by the United Nations in 2022, almost 17% of food is wasted from global food production. Thus, to lower food wastage, the usage of industrial refrigeration is estimated to grow considerably in the forecasted period.
Some of the major growth factors and challenges that are associated with the growth of the global industrial refrigeration market are:
Growth Drivers:
· Use in Various End-Use Industries
· Surge in Investment in Research and Development Activities
Challenges:
The rising concern for risks associated with the usage of industrial refrigeration along with the unavailability of skilled professionals and the high cost of installation processes are some of the major factors anticipated to hamper the global market size of industrial refrigeration.
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By application, the global industrial refrigeration market is segmented into refrigerated warehouses, food & beverage, chemical & petrochemical, pharmaceutical, and refrigerated transportation. Out of these, the food & beverage segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period, owing to the rising demand for food items and beverage products by the burgeoning products which require proper industrial refrigeration systems to safeguard them till it reaches the consumer base. Also, the working population has increased owing to which the demand for ready-to-eat and packaged food has increased the demand for industrial refrigeration.
By region, the North American industrial refrigeration market is to generate the highest revenue by the end of 2035. The key factor responsible for the increment in market value is the rising government initiatives such as the Significant New Alternatives Policy (SNAP) and American Innovation and Manufacturing (AIM) Act encourage food manufacturers to use natural industrial refrigerant solutions to avoid food wastage.
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This report also provides the existing competitive scenario of some of the key players of the global industrial refrigeration market which includes company profiling of Johnson Controls, Emerson Electric Co., GEA Group Aktiengesellschaft, Danfoss A/S, Mayekawa Group of Companies, Daikin Industries, Ltd., BITZER Kühlmaschinenbau GmbH, EVAPCO Inc., Guntner GmbH & Co. KG, LU-VE S.p.A, and other key players.
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