Newark, April 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 30.48 Billion in 2023 centralized refrigeration systems market will reach USD 54.27 Billion by 2033. The demand for energy-efficient refrigeration systems has increased as more refrigeration systems have been fitted with energy-saving technology, such as floating head pressure controls, variable-frequency drives in evaporator fans, screw compressor VFD controls, and other features. Natural refrigerants, like carbon dioxide, water, ammonia, and others, are used by many businesses to mitigate the consequences of global warming and ozone depletion. As a result, the market for environmentally friendly refrigerants has grown. Furthermore, the availability of natural and environmentally friendly refrigerants has further restricted the usage of alternative refrigerants with higher efficiency. As a result, it is projected that this will hinder market expansion during the projected timeframe.
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Key Insight of the Centralized Refrigeration Systems Market
Asia Pacific is anticipated to expand at the highest CAGR of 7.46% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 7.46% over the forecast period. Changes in consumer behaviour, urbanization, food safety laws, the rise of the pharmaceutical and healthcare industries, the extension of the cold chain, environmental concerns, government programmes, technological developments, infrastructure growth, and healthcare awareness are the main factors driving market expansion in this region. The APAC market will be strong and evolving as long as these patterns remain correct.
The control segment is expected to register the highest CAGR of 8.65% over the projected period in the centralized refrigeration systems market.
The control segment is anticipated to grow at the highest CAGR of 8.65% in the centralized refrigeration systems market. This is because there is an increasing need for control systems with cutting-edge technology. Temperature and pressure within the refrigeration system are optimized using refrigeration control systems, which include thermostat, defrost, and head pressure controls. These systems regulate the flow of liquid refrigerant.
Over the projected period, the carbon dioxide segment is expected to register the highest CAGR of 8.15% in the centralized refrigeration systems market.
Over the forecasted period, the carbon dioxide segment is anticipated to grow at the highest CAGR of 8.15% in the centralized refrigeration systems market. Utilizing carbon dioxide as the refrigerant, CO2-based centralized refrigeration systems provide a non-toxic and sustainable substitute. Because of its low environmental effect, energy efficiency, and adaptability to various uses, including commercial refrigeration, CO2 systems are becoming increasingly popular.
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Market Dynamics
Driver: Growing need for effective logistics in the cold chain
The increased requirement for efficient cold chain logistics in industries such as pharmaceuticals and food drives the market for centralized refrigeration systems. These systems are necessary to maintain the right temperature for perishable goods during transportation and storage. As the importance of the environment is increasingly acknowledged, there is a growing demand for refrigeration systems that are both energy- and environmentally-efficient. Centralized refrigeration systems meet environmental laws and achieve energy conservation and reduction of greenhouse gas emissions. The growing popularity of centralized refrigeration systems can be attributed to continuous improvements in compressor technology, refrigerants, and control systems. These advancements enhance performance and reliability, drawing interest from businesses seeking innovative solutions. The need for centralized refrigeration systems in the retail and food service is growing. These systems are necessary to preserve perishable commodities in grocery shops, restaurants, and food processing facilities. Government regulations and incentives encouraging energy efficiency and eco-friendly practices push businesses to invest in centralized refrigeration systems. The market is expanding due to companies attempting to follow environmental laws. The growth of cold storage facilities, particularly in the food and pharmaceutical industries, is driving up demand for central refrigeration systems.
Restraint: Environmental regulations
Strict environmental regulations governing the use of refrigerants have a significant influence on the market for centralized refrigeration systems. As governments and international organizations work to reduce greenhouse gas emissions, high-GWP refrigerants are being phased out. This is leading to the development of new, ecologically friendly refrigerants. Rapid technological advancements and industry revolutions in the refrigeration sector could threaten well-established players in the market for centralized refrigeration systems. Cutting-edge developments such as alternative cooling methods, magnetic refrigeration, or distributed cooling strategies could threaten the dominant market share of the widespread centralized systems.
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Some of the major players operating in the centralized refrigeration systems market are:
• Carrier Global Corporation
• Gea Group
• Lu-Ve S.P.A.
• Evapco, Inc.
• Industrial Frigo S.R.L.
• Johnson Controls
• Bitzer Se (Bitzer Kuhlmaschinenbau Gmbh)
• Daikin Industries Ltd.
• Emerson Electric Co.
• Danfoss
Key Segments cover in the market:
By Component:
• Condenser
• Control
• Compressor
• Evaporator
• Others
By Type:
• Ammonia
• Carbon Dioxide
• F Gases
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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