Global Industrial Refrigeration Equipment Market Trends And Strategies Of Major Players In The Industrial Refrigeration Equipment Market 2020
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The global industrial refrigeration equipment market is expected to decline from $39.71 billion in 2019 to $36.96 billion in 2020 at a compound annual growth rate (CAGR) of -6.9%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $43.63 billion in 2023 at a CAGR of 5.7%. The growth of the food and beverage processing industry especially in developing countries is expected to drive the industrial refrigeration equipment market.
The industrial refrigeration equipment market consists of sales of industrial refrigeration equipment by entities (organizations, sole traders and partnerships) that produce industrial refrigeration equipment such as chillers, refrigeration compressors, condensers, cooling towers, and others, which are used in food, distillery, dairy and other industries. Only goods and services traded between entities or sold to end consumers are included.
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The Global Industrial Refrigeration Equipment Market is further segmented based on equipment type, end-user, refrigerant type and geography.
By Equipment Type: Condenser, Compressor, Evaporator, Controls.
By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Others.
By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon.
By Geography: The global industrial refrigeration equipment market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American industrial refrigeration equipment market was the largest in the global industrial refrigeration equipment market.
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Trends In The Industrial Refrigeration Equipment Market
The trend of adopting environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming, and have low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants.
Industrial Refrigeration Equipment Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides industrial refrigeration equipment market overviews, analyzes and forecasts market size and growth for the global industrial refrigeration equipment market, industrial refrigeration equipment market share, industrial refrigeration equipment market players, industrial refrigeration equipment market segments and geographies, industrial refrigeration equipment market’s leading competitors’ revenues, profiles and market shares. The industrial refrigeration equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.