The expanding food and beverages processing industry in developing countries, and diversifying application in the chemicals and pharmaceuticals, and cold chain industry sectors are leading to increasing industrial refrigeration system sales.
The term ‘industrial refrigeration system’ refers to large cooling equipment, used for industrial purposes. When segmented by equipment type, the industrial refrigeration systems market can be segregated into compressors, evaporators, controls, condensers, and others.
Generating a revenue of $23,862.7 million according to a P&S Intelligence study, the industrial refrigeration systems market is slated to witness a CAGR of 5.8% during the forecast period 2018–2023. It is being predicted that by 2023, the domain value would be $33,614.3 million.
Talking of the current industrial refrigeration systems market developments, a shift is being observed with regards to the refrigerant technology. Globally, manufacturers are doing away with chlorofluorocarbons (CFCs) and transitioning to environment-friendly refrigerants, such as carbon dioxide and ammonia.
Request Sample Copy of Report :: http://bit.ly/2Pd7hPQ
Coming to the industrial refrigeration systems market growth factors, the expanding food and beverages processing industry is playing the most significant part here. Earlier limited to just developed countries, the consumption of ready-to-eat products is rising across the globe.
Therefore, it is clear that the major driving factor for the market would be the need to effectively store and transport perishable items.
This post was originally published on Technology Trend