Market Research Report
Industrial Refrigeration System Market to 2025 - Global Analysis and Forecasts by Refrigerant Type (CO2, HFC, and Ammonia); Equipment (Compressor, Condenser, Evaporator, and Others); and Application
|Published by||The Insight Partners||Product code||692847|
|Published||Content info||145 Pages
Delivery time: 1-2 business days
|Industrial Refrigeration System Market to 2025 - Global Analysis and Forecasts by Refrigerant Type (CO2, HFC, and Ammonia); Equipment (Compressor, Condenser, Evaporator, and Others); and Application|
|Published: September 4, 2018||Content info: 145 Pages||
The global industrial refrigeration system market is expected to grow to US$ 33.66 billion by 2025 from US$ 20.02 billion in 2017, growing at a CAGR of 6.8%. The demand for industrial refrigeration system is largely influenced by a number of regulations laid down by the environmental agencies. The Environmental Protection Agency (EPA) in the US has laid out directives to the companies dealing with chemical hazards regarding the harmful emissions from their manufacturing plants. For ensuring that the manufacturers comply with the set standards, the EPA conducts frequent inspections in these manufacturing plants. EPA and OSHA are expanding regulatory requirements applicable to the operation of larger ammonia systems. Ammonia is toxic, and accidental releases can cause injuries and death owing to the exposures to this substance even in low concentrations. EPA selects enforcement priorities based upon identification of "national environmental problems where there is significant noncompliance and where federal enforcement efforts can make a difference. This has had a significant impact on the North American industrial refrigeration system market.
Some of the innovations and up gradation occurring in the industrial refrigeration system market in the recent times include; installation of transcritical CO2 refrigeration system on the rooftop by Canadian industrial refrigeration systems manufacturer, CIMCO. Attributing to the interest of the industrial end users for transcritical rooftop installation of refrigeration systems, the company aims to continuously deliver and install rooftop systems in order to replace machine rooms. On the other hand, a Canadian manufacturer of refrigeration systems, Carnot Refrigeration Systems, Inc. has introduced the cascade CO2/NH3 refrigeration systems for the food processing industry. Another major invention is led by Virginia, US-based Innovative Refrigeration Systems, Inc. is the innovation of computer operated CO2, Ammonia, and Freon refrigeration system.
The global industrial refrigeration system market has been segmented by refrigerant type, equipment and application. The global industrial refrigeration system market has been segmented by refrigerant type into CO2, HFC, and Ammonia (NH3). On basis of equipment, the industrial refrigeration system market is segmented into compressor, condenser, evaporator, and others. These systems have found their applications in some of the major manufacturing industries for storage and preservation purposes. The applications of the industrial refrigeration system constitute food processing, chemicals & pharmaceuticals, oil & gas, and refrigerated logistics. These applications form the basis of application segment for the industrial refrigeration system market.
The overall industrial refrigeration system market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the industrial refrigeration system market. It also provides the overview and forecast for the global industrial refrigeration system market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, the primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the industrial refrigeration system market.