VATIS UPDATE Article

Research and Markets, Ireland, has announced the addition of the “Industrial Refrigeration Systems Market by Equipment, Refrigerant Type, Application, & Geography – Global Forecast to 2022” report to their offering. The global industrial refrigeration systems market is expected to reach USD 23.22 Billion by 2022, at a CAGR of 5.24% between 2016 and 2022. The market is expected to grow substantially owing to factors such as the stringent regulatory standards towards the adoption of environmentally-friendly or natural refrigerants.

The equipment market of industrial refrigeration systems has been segmented into compressors, condensers, evaporators, controls, vessels, pumps, valves, and auxiliary equipment. The compressors market has been further classified into screw and reciprocating compressors. The Condensers market has been segmented into evaporative, and air-cooled and water-cooled. Air-cooled and liquid chillers are different types of evaporators available.

Among the overall equipment market of industrial refrigeration systems, the market for controls is expected to grow at a higher rate because of the increasing significance of controls and software in the future, especially in improving the energy efficiency of existing refrigeration systems. The market for the CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest rate by 2022.