Skip to main content

Flourishing Cold Chain Industry Propelling Industrial Refrigeration Systems Demand

The petrochemical, oil refining, and chemical sectors deploy industrial refrigeration systems to preserve compounds, condense gases, and dehumidify the air. Pharmaceutical companies use these systems for cold sterilization of biologics, tissues, and medical devices. Whereas, chemical companies need advanced refrigeration systems to maintain the temperature of raw materials and semi-finished and finished products.

As most of the vaccines, biologics, and bioengineered drugs derived from living cells need to be stored at stable temperatures to remain viable, the burgeoning demand for such pharmaceuticals will create a huge requirement for industrial refrigeration systems in the coming years. Additionally, the expansion of the cold chain industry will fuel the industrial refrigeration systems market at a CAGR of 5.0% during the forecast period (2020–2030).



The market revenue is expected to surge from $26.8 billion in 2019 to $41.1 billion by 2030. The growth of the cold chain industry can be attributed to the rising sales of biologic products and biotech drugs. Hospitals, clinics, and pharmacies require special logistics solutions to maintain the quality of such temperature-sensitive products during their transportation from manufacturing companies to end users.

In recent years, industrial refrigeration system manufacturers have been focusing on partnerships and product launches to cater to the needs of end users. For example, in July 2019, Axima Refrigeration France entered into a partnership with The Chemours Company to use the Opteon XL A2L-class refrigerants for commercial refrigeration.

As per the partnership agreement, this refrigerant will be used before the implementation of the next European F-Gas hydrofluorocarbon (HFC) cap. Likewise, in November 2019, Danfoss India introduced incompressible computational fluid dynamics (ICFD) defrost module to reduce energy consumption and improve defrost performance in industrial refrigeration applications.

Comments

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog...

Increasing Prevalence of Road Accidents Fueling Demand for Tunnel Automation

As a result, the value of the market is predicted to grow significantly in the coming years. Depending on tunnel type, the market is divided into highway and roadway tunnels and railway tunnels categories. Between these two, the railway tunnels category dominated the market in 2020. This was because of the various benefits of integrating tunnel automation solutions in railway tunnels such as reduced security and safety threats and improved efficiency of various tunnel operations. Signalization, lighting and power supply, fire and safety, air conditioning, communication, and ventilation systems are some of the major elements of railway tunnel automation, that greatly improve tunnel functioning. The tunnel automation market is also categorized, based on component, into signalization, heating, ventilation, and air conditioning (HVAC), and lighting and power supply. Out of these, the HVAC category led the market in 2020, and it is predicted to exhibit the fastest growth in the coming years...

Demand for Webgames Set to Shoot Up in Asia-Pacific in Coming Years

The global webgame market valuation will rise from $3.5 billion in 2019 to $6.5 billion by 2030. Furthermore, the market is predicted to demonstrate a CAGR of 5.7% between 2020 and 2030. Depending on genre, webgames are classified into sports games, real-time strategy games, massive multiplayer online roleplaying games (MMORPGs), arcade games, and first-person shooters. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/webgame-market-insights/report-sample Out of these, the popularity of first-person shooters will grow sharply across the world in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. These types of games are not like the third-person shooters, in which, the gamers can see the character which they are controlling. As these games are highly engrossing and thrilling, their popularity is soaring rapidly all over the world. Globally, the webgame industry is predicted to exhibit the...