Research Report Insights (RRI), a market intelligence and consulting firm, issues new report.
Industrial refrigeration system market is expected to reach USD 24.58 billion by 2024, at a CAGR of 4.79%, from its estimated market size of USD 18.59 billion in 2018. The growth is driven by the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and the strengthening of cold chain infrastructure in developing countries, especially across APAC.
North America held the largest share of the industrial refrigeration system market in 2017, followed by Europe and APAC. The US held the largest share of the North American industrial refrigeration system market owing to strong demand from refrigerated warehouse, and food and beverage processing industries. North America has the presence of key market players that export their refrigeration systems to domestic and international end-user markets.
Some of the key players operating in the commercial refrigeration equipment market are United Technologies Corporation, Hussmann Corporation, AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, Daikin Industries Ltd., AHT Cooling Systems GmbH, Ali Group S.p.A., Illinois Tool Works Inc., and Johnson Control International PLC.