The Industrial Refrigeration Equipment Global Market Report 2023 by The Business Research Company, provides industrial refrigeration equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032
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According to The Business Research Company’s Industrial Refrigeration Equipment Global Market Report 2023, the market size is expected to grow from$35.58 billion in 2022 to $37.02 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global industrial refrigeration equipment market is expected to grow to $42.5 billion in 2027 at a CAGR of 3.5%.
The growth of the food and beverage processing industry especially in developing countries is expected to drive the industrial refrigeration equipment market. Globally, food and beverage processing is considered to be one of the largest industries. On average, 90% of the produced food is processed in developed countries such as the USA. High demand for processed and convenience meat products was witnessed in the last decade due to the changing and busy lifestyles of consumers. For the last five years, ranked fifth in the world in terms of production, consumption, and exports, India’s food-processing sector is growing by 8% annually.
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The industrial refrigeration equipment market is segmented:
1) By Equipment Type: Condenser, Compressor, Evaporator, Controls
2) By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon
3) By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Other End-User Industries
The trend of adoption of environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming, and have a low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants. For instance, in May 2021, MIRAI INTEX, an Czechia-based engineering company that manufacture ultra-low temperature refrigerators for the pharmaceutical industry launched MIRAI Cold 80 T, which is an eco-friendly ultra-low temperature refrigeration system. MIRAI Cold 80 T uses only air as a refrigerant and does not use oil for lubrication, making it the most environmentally friendly Ultra-Low Temperature (ULT) refrigeration solution. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.
The industrial refrigeration equipment market report table of contents includes:
1. Executive Summary
2. Hook Lifts and Skip Loaders Market Characteristics
3. Hook Lifts and Skip Loaders Market Trends And Strategies
4. Hook Lifts and Skip Loaders Market – Macro Economic Scenario
5. Hook Lifts and Skip Loaders Market Size And Growth
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26. Africa Hook Lifts and Skip Loaders Market
27. Hook Lifts and Skip Loaders Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hook Lifts and Skip Loaders Market
29. Hook Lifts and Skip Loaders Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Marrel Corporation
- Cargotec Oyj
- MEILLER Kipper
- VDL Containersystemen B.V
- Volvo Construction Equipment
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