A12232 | Pages: 243 | Jul 2021 | 1672 Views | ||
Author(s) : Digvijay Pawar & Rohit Sawant | Tables: 92 | Charts: 81 |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Asia & Mena Industrial Refrigeration Market
Request Now !The Asia & MENA industrial refrigeration market was valued at $9,746.0 million in 2020, and is expected to reach $16,351.6 million by 2030, registering a CAGR of 5.3% from 2021 to 2030. Industrial refrigeration refers to the process of cooling using refrigeration and cooling systems to remove the heat from a low-temperature medium and transferring it to a high-temperature medium. Industrial refrigeration systems are deployed at large freezing and refrigeration plants for use in various industrial applications such as food & beverage processing, cold storage, and others.
The COVID-19 pandemic did not affect the industrial refrigeration market to a large extent. A brief negative impact during the initial period of lockdown was register. However, the market started recovering thereafter.
The growth in demand for Asia & MENA industrial refrigeration systems in the FMCG industry majorly drive the growth of the market, owing to increased use of packaged & processed food & beverages in the developing countries and prevention of spoilage of semi-processed food & drinks. Furthermore, rise in trend of upgrading cold storage infrastructures across emerging economies drives the growth of the market.
Get more information on this report : Request Sample Pages
However, high energy consumption for operation and high investment in maintenance of industrial refrigeration systems hamper the growth of the Asia & MENA industrial refrigeration market. Moreover, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were also stopped or restricted to a huge extent. Construction and transportation activities, along with their supply chains hampered on a global level. This led to decline in manufacturing of refrigeration systems, which directly hampers the growth of the Asia & MENA industrial refrigeration market. The food & beverage, wastewater treatment plants and pharmaceutical companies were running on full capacity, which led to the stability of the Asia & MENA industrial refrigeration market. Â However, gradually all industries are resuming their regular manufacturing and services. This is further expected to lead to re-initiation of refrigeration manufacturing companies at their full-scale capacities, which is expected to help the market to start to recover by mid of 2022.
On the contrary, introduction of advanced technologies such as innovative IoT-enabled refrigeration monitoring solutions provides growth opportunities for Asia & MENA industrial refrigeration market growth.
The Asia & MENA industrial refrigeration market is segmented into component, refrigerant type, application, type and region. By component, it is segregated into compressor, condenser, evaporator, control, adiabatic coolers and others. Depending on refrigerant type, it is classified into ammonia, carbon dioxide, hydroflurocarbon and others. On the basis of application, the market is divided into food processing, dairy, chemical & pharmaceutical, steel, cement, cold storage, brewery & distillery, hospitality, automobile, oil & gas, and others. By type, it is segregated into stationary refrigeration and transport refrigeration. By region, it is analyzed across countries in Asia & MENA region that include India, South East Asia, SAARC countries, rest of Asia, Middle East and North Africa.
Get more information on this report : Request Sample Pages
On the basis of component, in 2020, the industrial compressors segment dominated the Asia & MENA industrial refrigeration market, in terms of revenue and the adiabatic coolers segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of refrigerant type, the HFC segment led the market in 2020, in terms of revenue and carbon dioxide segment is anticipated to register highest CAGR during the forecast period. By application, the food processing segment led the market in 2020, in terms of revenue and brewery & distillery segment is anticipated to register the highest CAGR during the forecast period. On the basis of type, in 2020, the stationary refrigeration segment dominated the Asia & MENA industrial refrigeration market, in terms of revenue and the transport refrigeration segment is expected to witness growth at the highest CAGR during the forecast period. By country, the rest of Asia region led the market in 2020 in terms of revenue.
The major players profiled in the Asia & MENA industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand Plc, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development, and product launch, to offer better products and services to customers in the Asia & MENA industrial refrigeration market.
Get more information on this report : Request Sample Pages
Key Benefits For Stakeholders
Key Market Segments
By ComponentÂ
By Refrigerant TypeÂ
By ApplicationÂ
By TypeÂ
By Country
Key Players
Loading Table Of Content...
The Asia & MENA industrial refrigeration market is mainly driven by increase in demand for FMCG products in the global market. In addition, upgrading cold storage infrastructure in developing countries is driving the growth of the industrial refrigerant market. Further, rise in trend of using energy efficient and eco-friendly refrigerants boost the growth of the market. The Asia & MENA industrial refrigeration market was valued at $9,746.0 million in 2020, and is expected to reach $16,351.6 million by 2030, registering a CAGR of 5.3% from 2021 to 2030.
However, high maintenance costs and high operating costs have adversely affected the installation of industrial refrigeration systems. Moreover, strict rules implemented on usage of refrigerants have adversely affected the growth of the Asia & MENA industrial refrigerant market. On the contrary, increase in adoption of IoT enabled refrigeration solution drive the growth of the Asia & MENA industrial refrigeration market during the forecast period.
Major companies in the market have adopted strategies such as acquisition, partnership, business expansion, product development, and product launch, to offer better services to customers in the Asia & MENA industrial refrigeration market.
A. The Asia & MENA industrial refrigeration market size was valued at $9,746.0 million in 2020, and is projected to reach $16,351.6 million by 2030, growing at a CAGR of 5.3% from 2021 to 2030.
A. The forecast period considered for the Asia & MENA industrial refrigeration market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
A. To get latest version of Asia & MENA industrial refrigeration market report can be obtained on demand from the website.
A. The base year considered in the Asia & MENA industrial refrigeration market report is 2020.
A. The top companies holding the market share in the Asia & MENA industrial refrigeration market report include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. By refrigerant type, in 2020 the HFC segment dominated the Asia & MENA industrial refrigeration market, in terms of revenue and is expected to maintain this trend during the forecast period.
A. By application, the food processing segment is the highest share holder of Asia & MENA industrial refrigeration market.
A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
A. The market value of the Asia & MENA industrial refrigeration market is $10,248.0 million in 2021.
Start reading instantly.
This Report and over 13,000+ more Reports, Available with Avenue Library. T&C*.
10%
Discount
10%
Discount
15%
Discount
15%
Discount
Enterprise
License/PDF
20%
Discount
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers