According to the research report titled ‘Global Industrial Refrigeration Equipment Market Size study with COVID-19 Impact, by Type (Refrigeration Compressor, Evaporators Unit, Industrial Rack, Heat Exchanger and Others), by Application (Food & Beverage Production, Chemicals & Pharmaceuticals, Energy Industry, Logistics Industry and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global industrial refrigeration equipment market is expected to grow substantially during 2020-2026.
 

Global industrial refrigeration equipment market is primarily driven by increasing demand for innovative as well as compact refrigeration systems and favorable government initiatives to reinforce the cold chain infrastructure in developing economies. Widespread adoption of natural refrigerants in refrigeration systems on account of strict regulatory policies is also propelling the market growth.
 

Notably, industrial refrigeration equipment is employed in variety of end use industries like chemical processing, food & beverages, and processing of cold storage applications, where it is mandatory to control the temperature of the materials. The equipment is used for products that are required to be kept at a specific temperature to increase their life span.
 

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Strategic alliances and introduction of innovative products by various prominent firms is augmenting the market growth in the forthcoming years. In fact, Danfoss A/S introduced six new innovative items namely, IFCD defrost module, EKE 400, ICSH 2 step solenoid valve, Danfoss plate heat exchanger, Danfoss gas detector, and Danfoss air purger/ intelligent purging system (IPS) from its cooling segment at RefCold, India in November 2019. The organization claims that these products will change application standards for industrial refrigeration & cooling industry. However, hefty installation cost and additional expenses associated with industrial refrigeration equipment may impede the market growth over the analysis period.
 

Besides this, government protocols to stay indoors owing to the spread of COVID-19 is negatively impacting the growth of industrial refrigeration equipment market.
 

From a regional perspective, global industrial refrigeration equipment market is fragmented into Latin America, Asia Pacific, Europe, and North America. The report cites that North America currently holds a majority of market share, meanwhile, Asia Pacific industrial refrigeration equipment industry is projected to grow substantially during 2020-2026.
 

Major contenders in global industrial refrigeration equipment market are Daikin Industries, Ltd., GEA Group AG, Dover Corporation, Lennox International Inc., Ingersoll-Rand plc, Danfoss A/S, Parker Hannifin Corp., United Technologies Corporation, Emerson Electric Co., and Johnson Controls International plc.