What is Industrial Refrigeration Market Scope?
In order to surge the growth of food, beverages and oil sector across the world, manufacturers are designing the industrial refrigeration systems to comply with the new standard. Industrial refrigeration is a process by which heat is removed from a low- temperatures reservoir and convert it into High-temperature reservoir. In addition, top manufacturers are sourcing new material and pursuing new certifications to provide a sustainable product. The increasing population, improvising economic condition including the growth in the GDP & disposable income and a booming consumer appliances sector have led to the growth of the industrial refrigeration system in the developing region.
The Industrial Refrigeration market study is being classified by Type (Compressors, Condensers, Evaporators, Industrial racks and Heat exchangers), by Application (Food processing industry, Oil and gas industry and Chemical/pharmaceutical industry) and major geographies with country level break-up.
The market is highly competitive and fragmented due to the presence of a number of established players with large market shares. The players in the market compete based on customer service, pricing optimization, inventory management, and distribution optimization and are increasingly focusing on innovation and advances in technology to develop advanced products with competitive pricing. The key players focus on providing energy-efficient equipment and technologically advanced systems to meet customer demands. To expand their product portfolio and global presence the players in this market space are also following M&A strategies. Analysts at AMA predicts that Vendors from Global will contribute to the maximum growth of Global Industrial Refrigeration market throughout the predicted period.
Carrier Corporation (United States),, Emerson Electric Company (United States), Daikin Industries, Ltd. (Japan), GEA Group AG (Germany), Nidec Secop (Germany), Standex International Corporation (United States), Lennox International Inc. (United States), Whirlpool Corporation (United States), United Technologies Corporation (United States), Qingdao Haier Co. Ltd. (China) and AHT Cooling Systems (Austria) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Fujimak Corporation (Japan), Hoshizaki Corporation (Japan), AB Electrolux (Sweden), Johnson Controls (United States), United Technologies Corporation (United States) and The Danfoss Group (Denmark).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Industrial Refrigeration market by Type, Application and Region.
On the basis of geography, the market of Industrial Refrigeration has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In November 2018, Daikin Industries Ltd. has an agreement for the acquisition of AHT group, a leading company in the commercial refrigeration market in Europe. By this agreement, Daikin Industries Ltd., expanding its products portfolio which is covering cold chain and bolstering integration of refrigeration systems with air conditioning.
The Energy Policy and Conservation Act of 1975 (EPCA), as amended, prescribes energy conservation standards for various consumer products and certain commercial and industrial equipment, including commercial refrigeration equipment (CRE). EPCA also requires the U.S. Department of Energy (DOE) to determine whether more-stringent standards would be technologically feasible and economically justified, and would save a significant amount of energy. In this final rule, DOE is adopting more-stringent energy conservation standards for some classes of commercial refrigeration equipment. It has determined that the amended energy conservation standards for these products would result in significant conservation of energy, and are technologically feasible and economically justified
Influencing Market Trend
- Adoption of Cold Chain Infrastructure in Developing Countries
- Increasing Use of Advanced Technologies Such as Magnetic Refrigeration
Market Drivers
- Improving Consumer Lifestyle and Flourishing Food and Healthcare Industries
- Ongoing Shift Toward Natural Refrigerant-Based and Energy-Efficient Refrigeration Systems Due to Strict Regulations
Opportunities
- Growing Popularity of Carbon Dioxide/Ammonia (CO2/NH3) Cascade Refrigeration Systems
- Further Improvements in Efficiency and Other Related Parameters Using Natural Refrigerants
Restraints
- High Initial Costs and Other Expenses
Challenges
- Lack of Skilled Personnel and Growing Safety Concerns
- Stringent Regulations Against the Use of Fluorocarbon Refrigerants
Key Target Audience
Industrial refrigeration Manufacturers, Industrial refrigeration Dealers and Suppliers, Raw Material Suppliers and Distributors, End users, Government and Research Organizations, Companies Operational in Material R&D, Associations and Industrial Bodies, Investment banks and Consulting Companies and Consultants in Chemical and Material Sectors
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.