Global Industrial Refrigeration Market 2017-2021
About Industrial Refrigeration
The refrigeration process involves the transfer of heat from one location to another. It comprises evaporators, compressors, condensers, heat exchangers, and others. Refrigeration is used in food processing industries for preserving perishable items, ensuring food safety, and the nutritional content of the product. The refrigeration market also finds applications in the oil and gas sector, chemicals, and pharmaceuticals industries during their processing stages.
Technavio’s analysts forecast the global industrial refrigeration market to grow at a CAGR of 5.92% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial refrigeration market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Refrigeration Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial refrigeration market: DAIKIN INDUSTRIES, Danfoss, GEA Group, Ingersoll-Rand, and Johnson Control.
Other Prominent Vendors in the market are: BITZER Group, CIMCO, Dover Corporation, Emerson Electric, and UNITED TECHNOLOGIES.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing pharmaceutical sector in Asian countries. Rising investments for the expansion and upgrade of the pharmaceutical sector in countries, such as China, India, and Japan, has led to its growth. India is witnessing a significant growth rate due to reforms made by the government for boosting the pharmaceutical sector.”
According to the report, one driver in the market is growing processed food sector. Government support for processed products will aid in the growth of the food processing sector. This is expected to boost the food and beverage sector, thereby driving the market for industrial refrigeration. Major countries are investing in expanding their respective food processing sectors to meet the rising demand. For instance, in 2016, the governments of Canada and Manitoba invested approximately $582,000 in a state-of-the-art equipment to encourage local companies to produce nutritious and flavorful purees.
Further, the report states that one challenge in the market is faltering global economic conditions. The world economy is expected to witness a moderate growth, which is still at recessionary levels. In 2016, the world economy grew moderately at the rate of 2.2%. This can be mainly attributed to the deteriorating world trade, the feeble pace of global investments, high levels of debts, and declining productivity. Most key countries, such as China and countries in the EU, are underperforming due to numerous factors.
DAIKIN INDUSTRIES, Danfoss, GEA Group, Ingersoll-Rand, and Johnson Control. BITZER Group, CIMCO, Dover Corporation, Emerson Electric, and UNITED TECHNOLOGIES.
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