Industrial Refrigeration Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
WILMINGTON, DELAWARE, UNITED STATES, June 6, 2024 /EINPresswire.com/ — Allied Market Research published a report on the global industrial refrigeration market which is projected to expand from $21.9 billion in 2020 to $41.7 billion by 2032, with a CAGR of 5.2% from 2023 to 2032. In addition, the report extensively studies the segments, future investment possibilities in different regions, industry trends, and the factors influencing its growth.
Prominent trends in the industrial refrigeration market
Contemporary trends in the industry are marked by a focus on sustainability, energy efficiency, and advanced technologies. Companies are increasingly adopting natural refrigerants like ammonia and carbon dioxide to minimize environmental impact and comply with regulations. Smart monitoring and control systems utilizing IoT and AI optimize energy usage and prevent system failures. Modular and scalable designs cater to evolving needs, while remote monitoring and predictive maintenance enhance reliability. Moreover, there is a growing emphasis on cold chain logistics to ensure the safe transportation and storage of perishable goods. These trends reflect an industry-wide commitment to innovation and sustainability in meeting the demands of a rapidly changing world.
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A note on the recent developments and collaborations
Recent developments in the industrial refrigeration market highlight a trend toward collaboration and innovation to address evolving challenges. Partnerships between refrigeration companies and technology firms are driving the integration of smart sensors and IoT solutions, enabling real-time monitoring and predictive maintenance to optimize system performance.
For instance, in February 2020, Carrier announced a strategic partnership with AWS to co-develop innovative solutions for enhancing the efficiency, sustainability, and performance of HVAC (Heating, Ventilation, and Air Conditioning) and refrigeration systems. This collaboration aims to leverage AWS’s expertise in cloud computing, data analytics, and machine learning to develop innovative IoT-enabled solutions for remote monitoring, predictive maintenance, and energy optimization in refrigeration and HVAC systems.
Collaborations with environmental organizations are promoting the adoption of eco-friendly refrigerants and sustainable practices, aligning with global efforts to combat climate change. Moreover, strategic alliances between refrigeration providers and logistics companies are enhancing cold chain management, ensuring the safe and efficient transport of temperature-sensitive goods. These collaborations highlight the industry’s commitment to driving efficiency, sustainability, and reliability in industrial refrigeration systems through collective expertise and innovation.
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Competitive landscape
The report also analyzes the overall performance of the industry leaders, includes product portfolios, and assesses their strategic moves such as mergers, acquisitions, partnerships, product launches, and collaborations.
These key players include:
ABB Ltd., GEA Group AG, Daikin Industries, Ltd., Rivacold srl, LU-VE S.p.A., Munters Group AB, Trane Technologies plc (Thermo King), Danfoss A/S, Baltimore Aircoil Company Inc., EVAPCO, Inc., Emerson Electric Co., SPX Technologies, Inc., Dover Corporation, Refplus, BITZER Group, Mayekawa Mfg. Co., Ltd., Dorin S.p.A., Investment AB Latour (Swegon AB), Johnson Controls International plc, Gordon Brothers Industries Pty Ltd., Carrier Global Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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