According to this report, the Global Industrial Refrigeration System market accounted for $16.64 billion in 2017 and is expected to reach $27.9 billion by 2026, growing at a CAGR of 5.9% during the forecast period.
Some of the key factors propelling the market growth are rising demand for packaged food storage capabilities and rise in usage of these systems in the FMCG production. However, the harmful effects of ammonia, lack of skilled labor and high energy consumption for operation are some of the factors hindering the growth of the market. Moreover, the introduction of advanced technologies is one of the major opportunities during the forecast period.
Amongst End User, food processing segment accounted for significant market growth during the forecast period. Food processing industries have the main share in the global market in terms of utilization. In the food processing industry, they are used for processing of fruits, vegetables, poultry, fish, meat and dairy products.
By Geography, North America is expected to have the largest market share and dominated the market during the forecast period, the US is the top region in the market due to huge usage of food and beverage processing applications.
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