Skip to main content

Industries Use Industrial Refrigeration Systems for Temperature-Sensitive Items

The surging sales of biotech drugs and biologic products, on account of the growing prevalence of chronic and infectious diseases, will result in the large-scale adoption of industrial refrigeration systems in pharmaceutical companies in the coming years. Pharmaceutical companies use special logistics solutions to maintain the quality of such temperature-sensitive products while transporting them from production units to pharmacies, patients, clinics, and hospitals. 

Additionally, pharmaceutical companies also deploy such systems in their warehouses to store biologic products and biotech drugs. Moreover, the increasing usage of refrigeration systems in pharmaceutical manufacturing units for cold sterilization of medical devices, tissue samples, and biologics is also expected to fuel the industrial refrigeration systems market at a CAGR of 5.0% during the forecast period (2020–2030). 


According to P&S Intelligence, the market revenue stood at $26.8 billion in 2019 and it will reach $41.1 billion by 2030. In recent years, the governments of several countries have implemented stringent laws to ban the use of fluorinated refrigerants and encourage the adoption of eco-friendly refrigerants to reduce the greenhouse gas burden.

Globally, Asia-Pacific (APAC) is expected to account for the largest share in the industrial refrigeration systems market during the forecast years. This will be on account of the presence of a vast population in APAC countries and numerous industrialized nations in the region. Besides, the heavy investments being made by APAC nations in the creation of world-class cold-chain infrastructure will also facilitate the demand for industrial refrigeration systems. 

For example, the Government of India aims to develop 27 new integrated cold-chain systems through its Pradhan Mantri Kisan Sampada Yojana (PMKSY). Therefore, the burgeoning demand for biotech products and biologic drugs will create a huge demand for industrial refrigeration systems, globally.
Labels:

Comments

Post a Comment

Popular posts from this blog

Revenue Explosion Predicted in Global Micro Battery Market During 2020—2024

The global micro battery market had a valuation of $418.2 million in 2018 and is predicted to generate a revenue of $1,100.0 million by 2024. Furthermore, the market will exhibit a CAGR of 18.4% between 2019 and 2024. The increasing usage of wearable devices, the rising integration of the internet of things (IoT) in medical devices, and the soaring usage of compact batteries in healthcare applications are the major factors fueling the progress of the market. The rising incorporation of the IoT in medical devices is an important factor propelling the growth of the micro battery market across the globe. With the soaring population levels and the rising prevalence of chronic diseases in various countries, the healthcare industry is rapidly adopting high-tech solutions. The growing usage of advanced medical devices and wearable electronics is causing huge improvements in patient care and treatment procedures. Moreover, it is massively reducing the healthcare costs.  For example, medic...
Post a Comment
Read more

Power Electronics Market Analysis by Industry Segments, Share, Application, Development, Growing Demand, and Top Key Players

The expanding application pool of power electronics, the increasing utilization of renewable energy sources, and the rapid advancements in power electronics technology are the main factors driving the progress of the market across the globe. Additionally, the rising usage of power electronic devices in various utility applications and the growing demand for high power density in wind power generators, electric rail traction drives, solar power generators, and inverter systems are fueling the growth of the market. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/power-electronics-market/report-sample Power electronic devices make sure that power is supplied effectively, thereby providing high flexibility, reliability, and security to the power systems. Due to these devices, the already-existing electrical grids can be easily converted into next-generation networks. When end user is taken into consideration, the power electronics market is divided in...
Post a Comment
Read more

Why Are Smart Solar Devices Trending in Solar Street Lighting Market?

The component segment of the solar street lighting market is divided into lamp, solar panel, battery, and controller. Under this segment, the solar panel division generated the highest revenue in 2019, and it is expected to maintain its dominance during the forecast period. Solar panels are a quintessential component of a solar lighting system, and they are relatively costlier than other components.  Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/solar-street-lighting-market/report-sample These panels offer electricity to charge the battery in daylight, which illuminates the lamps attached to them in less or no sunlight. During the historical period (2014–2019), the Asia-Pacific (APAC) market accounted for the largest share. This was due to the rising expenditure on infrastructure development and growing number of government initiatives in South Korea, India, Australia, China, and Japan for the installation of solar lighting systems.  As ...
Post a Comment
Read more