DUBLIN–(BUSINESS WIRE)–The “Industrial Refrigeration System Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The industrial refrigeration system market is expected to grow at CAGR of 6% over the forecast period 2021-2026.
Increased use of packaged and processed food and beverages in the developing are accelerating the demand of industrial refrigeration systems to prevent the spoilage of fully and semi-processed food and drinks.
Key Highlights
The government of India has been instrumental in the growth and development of the food processing industry which accounts for 32% of the country’s total food market. The Ministry of Food Processing Industries (MoFPI) is making all efforts to encourage investments in the business also it has approved proposals for joint ventures (JV), foreign collaborations, industrial licenses, and 100% export-oriented units. As per IBEF 2019 report, Amazon, a global e-commerce giant, is planning to enter the Indian food retailing sector by investing USD 515 million in the next five years.
The rapid increase in demand for the safe storage of blood, blood derivatives, temperature-sensitive medicines from hospitals, pharmacies, clinics, and diagnostic centers are also fueling the growth of the refrigeration system market across the world.
Rising research activities for the treatment of chronic and infectious diseases has led to the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices. For instance, in 2019, the UK MRC and the Japan Agency for Medical Research and Development AMED collaborated to conduct research on infectious diseases to provide bi-lateral support to biomedical and health researchers in the UK and Japan.
Key Market Trends
Oil and Gas industry to witness significant growth in forecast period
The refrigerating systems are essential elements of the gas and oil manufacturing industry. They are used in various processes starting from the extraction of natural gas and oil from the reservoir rocks in the form of crude oil and natural gas to the transportation to end consumers. Refrigeration plants can be very lucrative pieces of equipment that cool natural gas to approximately -162 F and change it to a liquid form (natural gas liquids) that can be easily stored and transported through the pipelines.
Due to the development of sophisticated equipment that provides extremely accurate and reliable information to track the oil reservoir such as GPR equipment, the oil and gas industry is still flourishing apart from the concerns regarding clean source of energy. Engineers rely upon them for the examination of geological bodies dangerous for drilling operations (carven load, bedded ices), detection of underground pipeline leakage.
As per the IOGP’s Global Production report 2019, demand for oil and gas is at the peak, greater than ever before, with dramatic growth in Africa, Asia Pacific, the Middle East, and the Americas. This has fueled the investment in exploration and production of oil to meet the demand and supply. For instance, in 2019, Ecopetrol and Occidental Petroleum Corp agreed to form a joint venture for the development of unconventional reservoirs in approximately 97,000 acres of the Permian Basin in the State of Texas.
North America is expected to showcase significant market growth
Industrial refrigeration system market is expected to witness growth due to technological developments, convenience and aggressive marketing of frozen foods in a number of varieties, including skillet and oven meal kits, bowl meals, restaurant-quality pizza, by food producers which will drive the demand in the coming years.
Fueling research and clinical testing to halt the spread of COVID-19 across North America is also driving the growth of the refrigeration system market in the pharmaceutical industry.
Competitive Landscape
The industrial refrigeration system market is competitive and consists of few major players such as Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss, GEA Group, Daikin Industries Ltd, and Dover Corporation. In terms of market share, few of the major players currently dominate the market.
These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/i7scyp
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