Global $24 Billion Industrial Refrigeration System Market by Equipment, Refrigerant Type, Industry and Geography - Forecast to 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 19, 2018--The “Industrial Refrigeration System Market by Equipment (Compressors, Condensers, Evaporators), Refrigerant Type (Ammonia, CO2, HFCs), Industry (Fruit & Vegetable Processing, Beverage, Refrigerated Warehouse), and Geography - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
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.
Ammonia refrigerant-based refrigeration systems are currently most widely used across 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. 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.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industrial Refrigeration System Market, By Equipment
7 Industrial Refrigeration System Market, By Refrigerant
8 Industrial Refrigeration System Market, By Industry
9 Geographic Analysis
10 Competitive Landscape
11 Company ProfilesJohnson Controls International PLC Emerson Electric Co. Ingersoll-Rand PLC GEA Group AG The Danfoss Group Daikin Industries, Ltd. Bitzer Kuhlmaschinenbau GmbH United Technologies Corporation Mayekawa Mfg. Co. Ltd. Lu-Ve Group Lennox International Inc. Evapco, Inc. Baltimore Aircoil Company, Inc. Alfa Laval Gntner GmbH & Co. Kg
For more information about this report visit https://www.researchandmarkets.com/research/knz8j6/global_24?w=4.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180919005515/en/
Laura Wood, Senior Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics:Industrial Refrigeration,Refrigerants
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING OTHER SCIENCE SCIENCE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 09/19/2018 11:00 AM/DISC: 09/19/2018 11:01 AM