Industrial Refrigeration System Demand Predicted To Explode in Asia-Pacific in Future

The booming food and beverages processing industry in the emerging economies is also fueling the sales of industrial refrigeration systems. This is, in turn, propelling the growth of the global industrial refrigeration systems market. Due to this, the value of the market is predicted to rise from $26.8 billion in 2019 to $41.1 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 5.0% between 2020 and 2030.

Depending on equipment type, the market is classified into compressors, condensers, evaporators, and controls. Amongst these, the compressor category held the largest share in the industrial refrigeration systems market in 2019, and the situation is predicted to remain the same in the future as well. The main factor fueling the expansion of this category is the fact that the industrial refrigeration systems are bought as complete units, and compressors account for 25–35% of the total cost of the unit.



Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/industrial-refrigeration-equipment-market/report-sample

Moreover, the price and efficiency of the compressor are the major factors that determine the sale of the refrigeration system. Globally, the industrial refrigeration systems market will exhibit the fastest growth in Asia-Pacific (APAC) in the coming years, as per the estimates of the market research company, P&S Intelligence. This is credited to the soaring demand for packaged foods, changing food habits of people, rising industrialization rate, and the ballooning popularity of the eating out culture in the region.

Hence, it can be said with full surety that the demand for industrial refrigeration systems will shoot-up across the world in the upcoming years, mainly because of the expansion of the cold chain industry and the surging demand for processed food items.

Comments

Post a Comment

Popular posts from this blog

Increasing Penetration of Cloud Services Fueling AI-Powered Storage Market Growth

Image
The artificial intelligence (AI)-powered storage market growth thrives on the increasing adoption of data analytics to improve decision-making capabilities, burgeoning demand for AI in high-performance-computing data centers, mounting number of connected devices, surging use of cloud-enabled services by businesses to store their data on virtual servers, and soaring volume of data. Moreover, the rising number of government regulations and compliance rules related to data storage and protection will also facilitate the market growth in the foreseeable future. The surging adoption of cloud-based applications and services and rising number of connected devices are supporting the AI-powered storage market growth globally. Get the Sample Copy of this Report @  https://www.psmarketresearch.com/market-analysis/ai-powered-storage-market/report-sample The usage of AI-powered storage systems for high-performance computing assists businesses in working with and unifying high volumes of unstru...
Read more

Micro Battery Market Assessment Covering Growth Factors and Upcoming Trends

Image
Due to the mushrooming use of wearable devices, increasing adoption of the internet of things (IoT) in medical instruments, and surging utilization of compact batteries in the healthcare sector, the global micro battery market is expected to demonstrate a CAGR of 18.4% from 2019 to 2024. According to the estimates of the market research company, P&S Intelligence, the revenue of the market will surge from $418.2 million in 2018 to $1.1 billion by 2024. With the rising prevalence of chronic diseases, such as diabetes and cancer and the surging population of geriatric people, the incorporation of advanced technologies and solutions in the healthcare sector is rising sharply. For instance, as per the World Health Organization (WHO), 422 million people all over the world are diagnosed with diabetes every year. Furthermore, the organization found that the disease claims the lives of 1.6 million people across the world every year.  Besides the aforementioned factor, the growing use of...
Read more

Increasing Focus on Energy Conservation Fueling Popularity of Ambient Lighting

Image
The growing public awareness about environmental degradation and the importance of energy conservation has made the governments of many countries implement strict policies pertaining to the energy efficiency of lights. These policies are aimed at increasing energy and cost savings in several sectors.  Such energy codes for residential and commercial buildings are predicted to mitigate CO2 emissions by as much as 841 MMT and save around $126 billion in electricity costs. For instance, the U.S. Department of Energy has recently enacted the U.S. Energy Standard for Buildings, which is a national model code for commercial buildings and a critical parameter for developing various designs and systems.  Get the Sample Copy of this Report at:  https://www.psmarketresearch.com/market-analysis/ambient-lighting-market-report/report-sample China, which is one of the largest users of ambient lighting solutions in the world, has become one of the biggest consumers of power in the world...
Read more