In addition, based on application, the pharmaceuticals segment is the expected to grow at highest CAGR.
PORTLAND, OR, UNITED STATES, September 21, 2020 /EINPresswire.com/ — The demand for industrial refrigeration systems has increased in the food & beverage processing and storage industries, as these systems prevent spoilage of perishable semi-processed foods & drinks. In addition, these systems provide controlled temperature conditions for food & beverage products to retain their freshness, taste, and prevent microbial contamination.
According to a recent report published by Allied Market Research, titled, "Industrial Refrigeration Market by Offering, Component, Refrigerant Type, Application, and type: Global Opportunity Analysis and Industry Forecast, 2019–2026," The global industrial refrigeration market accounted for $19,666 million in 2018 and is expected to reach $29,133 million by 2026, registering a CAGR of 4.9% from 2019 to 2026.
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There is a high demand for ammonia-based refrigeration systems, as these systems prevent the release of ozone depletion substances (ODS) and maximize the recycling ability of refrigerants. The compressors segment accounted for the highest share of 32.0% in the component industrial refrigeration market.
Based on offering, the industrial refrigerators segment dominated the global industrial refrigeration market in 2018, in terms of revenue. Furthermore, based on the refrigerant type, the HFCs segment is expected to lead the market throughout the forecast period.
Stationary refrigeration is anticipated to dominate the industrial refrigeration market during the forecast period, owing to rapid expansion of refrigerated warehouses and an increase in demand for industrial refrigeration and related equipment across various developing countries such as India, China, Latin America, and the Middle East.
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There is high demand for ammonia-based refrigeration systems, as these systems prevent the release of ozone depletion substances (ODS) and maximizes the recycling ability of refrigerants. The compressors segment accounted for the highest share of 32.0% in the component industrial refrigeration market.
Key Findings of the Study
• Based on offering, the industrial refrigerators segment generated the highest revenue in 2018.
• Based on component, the compressors segment was the highest revenue contributor in 2018.
• Based on refrigerant type, the HFCs segment was the highest revenue contributor in 2018.
• Based on application, the meat, poultry, & fish segment was the highest revenue contributor in 2018.
• Based on region, LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
The key players analyzed in global digital textile printing machine market are Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and United Technologies Corporation.
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Source: EIN Presswire