Jul 14, 2017   SOURCE: BusinessWire

Global Industrial Refrigeration Market 2017-2021: Industry Analysis and Top Application Segments by Technavio

According to the latest market study released by Technavio, the global industrial refrigeration market is expected to grow at a CAGR of close to 6% during the forecast period.

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Technavio has published a new report on the global industrial refrigeration market from 2017-2021. ( ...

Technavio has published a new report on the global industrial refrigeration market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Industrial Refrigeration Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

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The market research analysis categorizes the global industrial refrigeration market into three major application segments. They are:

  • Food processing
  • Chemical and pharmaceuticals
  • Oil and gas

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Global industrial refrigeration market by food processing

Industrial refrigeration systems find extensive applications in the food and beverage sector globally. Refrigeration systems are used for cooling food products to maintain quality and taste till it reaches end-users. The rise in demand for processed food and increase in investments in food processing plants is expected to drive the global industrial refrigeration market.

Rising disposable incomes, rapid urbanization, and demographic changes have led to the increased consumption of processed food in countries, such as India, China, and Indonesia. Also, governments too are announcing incentives to boost the food processing sector. Such developments will lead to increased investments in refrigeration systems, with an emphasis on energy efficiency and compliance with environmental regulations.

Global industrial refrigeration market by chemical and pharmaceuticals

In the chemical and pharmaceutical industries, highly advanced refrigeration technology for process cooling is mandatory to achieve the end-products. For instance, condensation of gases, such as ammonia, requires temperatures ranging between -20⁰C to +10⁰C before storage. In the pharmaceutical sector, considering the extremely high value of pharmaceutical raw materials, intermediate products, and finished products, it is mandatory to have refrigeration systems that are highly reliable and operate at very precise temperatures. The manufacture of certain drugs, such as antibiotics and blood plasma, requires freeze drying. Therefore, refrigeration systems play a key role in the chemical and pharmaceuticals sector. Growth in this sector is expected to drive the demand for industrial refrigeration systems.

“Many countries are involved in investing in the chemical sector as the demand for chemicals and petrochemicals is increasing significantly. Developing economies, such as China and India, are expanding their chemical production and becoming less dependent on European imports. Major investments for petrochemical complexes is expected to propel the demand for industrial chillers,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.

Global industrial refrigeration market by oil and gas

Refrigeration in the oil and gas sector is vital during the upstream, midstream, and downstream activities. Growing investment for the expansion of the oil and gas sector is expected to drive the global industrial refrigeration market as refrigeration is necessary for all the individual processes in the oil and gas sector whether it is upstream, midstream or downstream.

“The recovery of the oil and gas industry market during the forecast period is expected to boost the demand for industrial refrigeration from this segment. Many countries are involved in expansion projects to boost their refineries. For instance, the China National Petroleum Corporation built a refinery in 2016 in Cambodia. Such expansion activities in gas pipelines and refineries will drive the growth of the market,” says Anju.

The top vendors highlighted by Technavio’s market research analysts in this report are:

  • DAIKIN INDUSTRIES
  • Danfoss
  • GEA Group
  • Ingersoll-Rand
  • Johnson Control

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