Global Industrial Refrigeration Systems Market 2016-2022
Research and Markets has announced the addition of the „Industrial Refrigeration Systems Market by Equipment, Refrigerant Type, Application, & Geography — Global Forecast to 2022“ report to their offering.
The global industrial refrigeration systems market is expected to grow at a CAGR of 5.24% between 2016 and 2022 to reach USD 23.22 billion by 2022.
Changing international regulations towards adopting environmentally-friendly refrigerants and strengthening of the cold-chain infrastructure by developing countries are some of the major factors driving the growth of the industrial refrigeration systems market worldwide. However, the market is expected to be hindered by high initial costs and other operating expenses associated with natural refrigerant-based alternatives to the existing refrigeration systems.
Ammonia-based industrial refrigeration systems are currently most widely used across various applications, including refrigerated warehouses, fruits and vegetables processing, and beverages industries. However, ammonia still faces issues due to its toxicity levels and possible health risks associated with its accidental leakage. Considering various properties such as excellent thermodynamic properties, high energy efficiency, non-toxicity, and non-flammability; CO2 refrigerant-based industrial refrigeration systems are expected to grow at the highest rate during the forecast period.
North America is among the most favorable market for many leading industrial refrigeration systems‘ manufacturers. The refrigerated warehouses application holds a considerable demand for industrial refrigeration systems across North American region. In APAC, developing nations such as China and India hold strong potential for the growth of industrial refrigeration systems, owing to the rising demand from refrigerated transportation and refrigerated warehouses applications.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key people in the industrial refrigeration systems marketspace.