NEW YORK, Sept. 19, 2018 /PRNewswire/ -- The global
industrial refrigeration system market is expected to grow at a
CAGR of 4.78% from 2018 to 2024, to reach USD 24.48 billion by 2024 from USD 18.49 billion in 2018. Factors such as the
ongoing shift toward natural refrigerant-based and energy-efficient
refrigeration systems due to strict regulations, and the
strengthening of cold chain infrastructure in developing countries,
especially across APAC, are driving the industrial refrigeration
system market. However, high initial costs and other operating
expenses related to refrigeration systems are expected to hinder
market growth.
Read the full report: https://www.reportlinker.com/p04911704
Ammonia-based industrial refrigeration systems held largest
market share in 2017
Ammonia refrigerant-based refrigeration systems are currently most
widely used across wide industrial applications.Ammonia possesses
good thermodynamic properties, high efficiency, and zero ODP and
GWP.
It is also preferred over other refrigerants owing to its
availability and low cost for large industrial
operations.Furthermore, ammonia is regarded as a high-pressure and
high-capacity refrigerant.
However, ammonia is also known to be corrosive and toxic if
released in large quantities.It is incompatible with copper,
because of which more expensive metals have to be used for making
refrigeration system components.
There have been a few cases of ammonia leakage leading to
fatalities. Safety concerns are a restraint for the application of
this refrigerant. As a result, many key manufacturers in the
industrial refrigeration ecosystem are focusing on the use of
NH3-CO2 cascade systems. Carnot Refrigeration (Canada) is one of the providers of NH3-CO2
cascade systems for the industrial refrigeration market. Moreover,
developed economies across North
America and Europe are
undertaking R&D activities for developing CO2 refrigerants.
These factors are expected to drive the market for CO2-based
industrial refrigeration systems at the highest rate during the
forecast period.
Market in Asia Pacific to grow
at highest CAGR from 2018 to 2024
North America accounted for a
major share of the industrial refrigeration system market in
2017.The refrigerated warehouse industry has considerable demand
for industrial refrigeration systems across North America.
The market in APAC is expected to grow at the highest CAGR during
the forecast period.Global market players are experiencing strong
demand from countries such as China, India,
Japan, and South Korea.
Currently, China dominates the
industrial refrigeration system industry in APAC on the back of the
increasing demand from refrigerated transportation and refrigerated
warehouse.Each year, there is a loss of billions of tons of fresh
food products and millions of dollars' worth export due to the lack
of proper cold chain systems in developing markets of China and India.
Government initiatives to further strengthen cold chain management
systems are expected to be the key driver for the growth of
industrial refrigeration systems across these countries.
In the process of determining and verifying the market size for
several segments and subsegments gathered through secondary
research, extensive primary interviews have been conducted with key
people in the industrial refrigeration system marketspace.
The breakup of primary participants for the report has been shown
below:
• By Company Type: Tier 1 – 47%, Tier 2 – 35%, and Tier 3 – 18%
• By Designation: C-level Executives – 30%, Directors – 54%, and
Others – 16%
• By Region: North America – 35%,
Europe – 50%, APAC – 10%, and RoW
– 5%
The report profiles the key players in the industrial refrigeration
system market and provides their market share analysis. The
prominent players profiled in this report are Johnson Controls
(US), Emerson Electric Co. (US), GEA Group AG (Germany), United Technologies Corporation
(US), The Danfoss Group (Denmark),
BITZER Kuhlmaschinenbau GmbH (Germany), Mayekawa Mfg. Co. Ltd. (Japan), Ingersoll Rand Plc (Ireland), Daikin Industries, Ltd.
(Japan), Evapco, Inc. (US),
Baltimore Aircoil Company (US), Lennox International Inc. (US), and
LU-VE Group (Italy).
Study Coverage
This report categorizes the global industrial refrigeration system
market based on equipment, refrigerant type, industry, and region.
The report describes key drivers, restraints, challenges, and
opportunities pertaining to the industrial refrigeration system
market and forecasts the market till 2024.
The report would help leaders/new entrants in this market in the
following ways:
1. This report segments the industrial refrigeration system market
comprehensively and provides the closest market size projection for
all subsegments across regions.
2. The report helps stakeholders understand the pulse of the market
and provides them information on key drivers, restraints,
challenges, and opportunities governing market growth.
3. This report would help stakeholders understand their competitors
better and gain more insights to improve their position in the
business. The competitive landscape section includes competitor
ecosystem, and strategies such as new product developments,
partnerships, and mergers & acquisitions.
Read the full report: https://www.reportlinker.com/p04911704
About Reportlinker
ReportLinker is an award-winning market research solution.
Reportlinker finds and organizes the latest industry data so you
get all the market research you need - instantly, in one place.
__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001
View original
content:http://www.prnewswire.com/news-releases/the-global-industrial-refrigeration-system-market-is-expected-to-grow-at-a-cagr-of-4-78-from-2018-to-2024--to-reach-usd-24-48-billion-by-2024-from-usd-18-49-billion-in-2018--300715646.html
SOURCE Reportlinker