The global industrial refrigeration service market revenue was around US$ 4.1 billion in 2022 and is estimated to reach US$ 7.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2023 to 2032.
Industrial refrigeration services are known as all the services of industrial refrigeration systems. These services include installation, designing of refrigeration system, and repair and maintenance which includes rehabilitation, renovation, remote maintenance, and other relevant services.
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Factors Influencing Market Growth
– Industrial refrigeration services are vital systems in many industries, as they are utilized for maintaining different temperature-sensitive goods from pharmaceuticals, beverages and food, chemicals, and other industries.
– The rise in oil demand will have a positive influence on the petrochemical industry, which is anticipated to ultimately benefit the global industrial refrigeration services market
– The unstable cost of raw materials utilized for manufacturing industrial refrigeration gear is anticipated to hinder the growth of the industrial refrigeration service market.
Impact of COVID-19
The industrial refrigeration services market noticed different obstructions in its regular functions due to the COVID-19 pandemic. The global lockdowns resulted in decreased industrial activities, ultimately leading to the reduction in demand for industrial refrigeration services from different sectors like pharmaceuticals, petrochemicals, food and beverages, and others.
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In 2022, Asia-Pacific dominated the global industrial refrigeration services market in terms of revenue because of the comprehensive presence of the pharmaceuticals and beverage and food manufacturing sector. LAMEA is anticipated to dominate the global industrial refrigeration services market during the forecast period. Also, among the service kinds, the repair and maintenance segment accounted for the largest market share.
The leading prominent companies profiled in the global industrial refrigeration service market are: –
– Daikin Industries, Ltd.
– Nimlas Group
– Seward Refrigeration Limited
– ACE Service
– Newman Refrigeration Ltd.
– KG Refrigeration and Air Conditioning
– Star Refrigeration
– Other prominent key players
The global industrial refrigeration service market segmentation focuses on Services, End-user Industry, and Region.
Segmentation based on Services
– Maintenance and Repair
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Segmentation based on End-user Industry
– Fresh fruits and vegetables
– Meat, poultry, and fish
– Dairy and ice cream
– Chemical and Pharmaceutical
Segmentation based on Region
– North America
– The U.S.
– Rest of Europe
– South Korea
– Rest Of Asia-Pacific
– Latin America
– Middle East
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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