Autonomous Agriculture, Construction, And Mining Machinery Market Definition

The autonomous agriculture, construction, and mining machinery market consists of sales of autonomous agriculture, construction, and mining machinery by entities (organizations, sole traders or partnerships) that are engaged in manufacturing autonomous machinery and vehicles which function with minimal human intervention and work on wireless communication technologies, by communicating with radio signals from other equipment receiving commands. The equipment includes sensors such as Light Detection and Ranging (LiDAR) and cameras to recognize humans and obstacles in order to perform a task autonomously. This type of equipment assures benefits such as improved efficiency and productivity, reduced errors, improved safety, and reduced unscheduled maintenance, as these machines send abnormalities to user through connected devices.

Commercial Fan And Air Purification Equipment Market Definition

The commercial fan and air purification equipment market consists of sales of commercial fan and air purification equipment and related services by entities (organizations, sole traders and partnerships) that produce industrial and commercial fan and air purification equipment such as industrial dust and fume collection equipment, electrostatic precipitation equipment, warm air furnace filters, air washers, and other dust collection equipment, attic fans and industrial and commercial fans and blowers, such as commercial exhaust fans and commercial ventilating fans.

Autonomous Construction Equipment Market Definition

Autonomous construction equipment refers to machinery and vehicles used in the construction industry that operate without direct human intervention. These autonomous machines leverage advanced technologies, such as artificial intelligence, GPS (global positioning system) navigation, sensors and telematics, to perform various tasks and functions typically carried out by human operators. This equipment consists of sensors, such as LiDAR (light detection and ranging) and cameras, to detect humans and obstacles and makes use of geofencing and GPS technology to keep machinery within the construction sites. The autonomous construction equipment market consists of sales of autonomous construction equipment by entities (organizations, sole traders and partnerships) that manufacture autonomous construction equipment, such as excavators, dozers, load-carriers and haul trucks, which are used for excavating and grading soil on construction sites.

Autonomous Mining Equipment Market Definition

Autonomous mining equipment refers to vehicles and other machinery used in the mining industry that can be operated remotely or without human intervention, often through the integration of robotic components, advanced software, GPS (Global Positioning System) and internet connectivity. The autonomous mining equipment market consists of sales of autonomous mining equipment by entities (organizations, sole traders or partnerships) that are engaged in manufacturing autonomous equipment and vehicles which function with minimal human intervention and primarily help in safe mining and transportation of ores and other materials. Autonomous mining equipment works on wireless communication technologies and electronic tracking (CT) systems.

Mining Machinery And Equipment Market Definition

The mining machinery and equipment market consists of the sales of mining machinery and equipment by entities (organizations, sole traders or partnerships) that are engaged in manufacturing mining machinery and equipment, such as underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing and screening equipment and mineral processing machinery. Mining machinery and equipment is defined as electrical or diesel-powered heavy-duty machinery or equipment involved in the excavation, transportation, and processing of commodities such as coal, minerals, and metals.

Air Purification Equipment Market Definition And Segments

The air purification equipment refers to a device used for removing contaminants from the air in a room to improve indoor air quality. The main product types of air purification are stand-alone air purification equipment and induct air purification equipment. An in-duct air purifier will be installed directly into the air duct path. It will be installed either before or after the air handler in homes with a central HVAC unit. The technologies involved are HEPA, electrostatic precipitators, activated carbon, ionic filters, and other technologies. The various end-users involved are residential, commercial, and industrial. The air purification equipment market covered in this report is segmented – 1) By Product Type: Stand-Alone Air Purification Equipment, Induct Air Purification Equipment 2) By Technology: HEPA, Electrostatic Precipitators, Activated Carbon, Ionic Filters, Other Technologies 3) By End User: Residential, Commercial, Industrial The air purification equipment market size has grown strongly in recent years. It will grow from $65.35 billion in 2023 to $71.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increasing awareness of air quality, industrialization and urbanization, government regulations, health concerns. The air purification equipment market size is expected to see strong growth in the next few years. It will grow to $98.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to sustainability and green initiatives, climate change and natural disasters, growing demand for smart homes, aging population, air quality monitoring. Major trends in the forecast period include technological advancements, smart and connected devices, hepa and advanced filtration, customization and personalization, portable and compact designs.

Health Impacts Of Air Pollution Fueling Demand For Air Purification Equipment

Increasing health problems due to air pollution is projected to boost the demand for the air purification equipment market. Rising deaths and diseases caused by air pollution are generating higher demand for devices used for air purification to remove harmful pollutants in the air. According to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, air pollution is a major cause of death and various diseases. Air pollution is responsible for approximately 4.2 million deaths annually across the globe, mainly from heart disease, chronic obstructive pulmonary disease, lung cancer, acute respiratory infections, and stroke. In the USA alone, there are around 200,000 premature deaths annually. Moreover, air pollution is alone responsible for 29% of lung cancer, 43% of chronic obstructive pulmonary disease, 17% of acute lower respiratory infection, and 24% of stroke of all deaths and diseases worldwide. The increase in impurities in the air is expected to drive the demand for the air purification equipment market during the forecast period.

Elevated Demand For Air Purification Equipment Driven By Home Remodeling And Renovations

An increasing inclination toward home remodeling and renovations is expected to drive the air purification equipment market. Home remodeling and renovations refer to the process of making changes or improvements to a residential property, such as modifying the interior or exterior, adding new features, or updating existing elements to enhance its functionality, aesthetics, and overall value. Integrating air purification equipment into home renovations or remodels is aimed at enhancing indoor air quality and eliminating contaminants, achieved through the installation of air purifiers, filtration systems, or related devices during the project. For instance, in January 2023, according to Joint Center for Housing Studies of Harvard University, a US-based research center and think tank, national spending on remodeling and repairs for owner-occupied homes is projected to reach $485 billion in 2023, marking a 2.6 % increase from the previous year, 2022. Therefore, increasing inclination toward home remodeling and renovations will drive the air purification equipment market going forward. Major companies operating in the air purification equipment market include Daikin Industries Ltd., Sharp Corporation, Camfil Group, Philips Electronics N.V., LG Electronics Inc., Panasonic Corporation, 3M Company, Mann+Hummel, Honeywell International Inc., Clarcor Inc., Whirlpool Corporation, SPX Flow, Eureka Forbes, Electrocorp, Fumex Inc.

Risks And High Maintenance Costs Impacts Air Purification Equipment Market Growth

The risk and high maintenance charges associated with air purification equipment are expected to limit the growth of the air purification equipment market. Air purification systems are good at eliminating dust but may not prove an effective solution for removing bad odors. Some air purification systems release an excess number of ions into the air, which leads to ozone emissions and is considered harmful to the environment. Moreover, high maintenance charges on disposable and replaceable filters ranging between $20 and $200 are another major restraint on market growth. These disadvantages associated with the usage of air purification systems are expected to hamper the air purification equipment market during the forecasted period.

Strategic Collaborations And Partnerships Driving Expansion In The Air Purification Equipment Market

Major companies are strategically entering partnerships and collaborations with start-ups and mid-sized companies in the air purification market to broaden the products and services offered by the company. Strategic collaborations and partnership agreements help companies expand their existing product portfolio and geographical reach. For instance, in May 2022, ScentAir Technologies, LLC, a US-based scent solution provider, partnered with HealthWay to introduce DFS Compact and DFS Ultrafine, an innovative air purification system that combines HealthWay's patented Disinfecting Filtration System technology with ScentAir's service. The DFS Compact and DFS Ultrafine are fully portable in-room solutions for providing pure air. HealthWay is a US-based air purification solution provider.

Portable Air Filtration Systems Sets New Standard For Innovation

Major companies operating in the air purification equipment market are developing innovative portable air filtering products such as RZ AIRflow to gain a competitive advantage. RZ AIRflow is an innovative portable air purification filter designed to attach to ductless HVAC systems, purifying indoor air and reducing allergens, viruses, and odors efficiently. For instance, in March 2023, RZ Industries, a US-based company providing air purification solutions, launched RZ AIRflow, an innovative portable air purification filter designed to seamlessly attach to ductless HVAC systems, particularly those commonly used in hotel rooms, such as packaged terminal air conditioners and through-the-wall heating and cooling units. RZ AIRflow is a collapsible, lightweight solution that conveniently fits into a protective case, making it travel-friendly for users. This cutting-edge device is highly effective, purifying up to 99.97% of allergens and bacteria, reducing viruses to.3 microns, eliminating odors, and refreshing stagnant air within minutes of operation. Furthermore, it offers long-lasting, replaceable HEPA and active carbon filters, presenting a cost-effective alternative to standalone air purifiers.

Daikin Expands Presence In Commercial Air-Conditioning Market Through Citizen Industries Acquisition

In January 2021, Daikin, an Indian based Airconditioning manufacturer acquired Citizen Industries for an undisclosed amount. With this acquisition of citizen industries, Daikin would strengthen its presence in the fast-growing commercial air-conditioning mark and expects the segment to increase its contribution up to 35 percent of its turnover from next year. Citizen industries is an India-based manufacturer and distributor of applied secondary equipment. The Asia-Pacific was the largest region in the air purification equipment in 2023. Western Europe was the second largest region in the air purification equipment market during the forecast period. The regions covered in the air purification equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the air purification equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The air purification equipment market consists of sales of ultraviolet air purifiers, HEPA air purifiers, activated carbon air purifiers, ionic air purifiers, electronic air cleaners, central air cleaners, air-to-air exchangers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The air purification equipment market research report is one of a series of new reports from The Business Research Company that provides air purification equipment market statistics, including air purification equipment industry global market size, regional shares, competitors with an air purification equipment market share, detailed air purification equipment market segments, market trends and opportunities, and any further data you may need to thrive in the air purification equipment industry. This air purification equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Fertilizing Machinery Market Definition And Segments

Fertilizing machinery refers to solutions to crop farmers to sow the seeds for crop production and spread fertilizers. The main product types of fertilizing machinery are fertilizer dryers, fertilizer screening machines, fertilizer crushers, fertilizer granulators, and fertilizer mixers. Fertilizer granulators refer to the machines used in fertilizer manufacturing factories. They are suitable for making organic and compound fertilizer materials into specific fertilizers The disc types are single-disc fertilizer spreaders and double-disc fertilizer spreaders. The various applications involved are agriculture, forestry, greenbelt, and other applications. The fertilizing machinery market covered in this report is segmented – 1) By Product Type: Fertilizer Dryers, Fertilizer Screening Machines, Fertilizer Crushers, Fertilizer Granulators, Fertilizer Mixers 2) By Disc Type: Single Disc Fertilizer Spreaders, Double Disc Fertilizer Spreaders 3) By Application: Agriculture, Forestry, Greenbelt, Other Applications The fertilizing machinery market size has grown strongly in recent years. It will grow from $14.54 billion in 2023 to $15.72 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to agriculture trends, population growth, environmental regulations, economic factors. The fertilizing machinery market size is expected to see strong growth in the next few years. It will grow to $20.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to sustainability and environmental concerns, increasing global food demand, government incentives and regulations, changing farming practices, climate change and weather variability. Major trends in the forecast period include technological advancements, market consolidation, autonomous and ai-driven machinery, variable rate technology (vrt), integration with other farming equipment.

Elevated Global Food Crop Demand Fuels Growth In The Fertilizing Machinery Market

High demand for food crops across the globe is expected to contribute to the growth of the fertilizing machinery market. The expanding agriculture sector is driving the need for fertilizer machines to improve crop growth. According to the Second Advance Estimates for 2021-22, the overall estimated food grain production in India was 316.06 million tons. The total production of rice during 2021-22 was estimated to be 127.93 million tons. Furthermore, the total production of Nutri/coarse cereals was estimated at 49.86 million tons. The rising demand for high-yield food crops to meet the global food demand is inducing the growth of the fertilizing machinery market.

Government Initiatives To Promote Agricultural Mechanization

The increasing number of government initiatives for agricultural mechanization is expected to propel the growth of the fertilizing machinery market. Agricultural mechanization refers to the use of various mechanical and technological equipment, machinery, and techniques to perform agricultural tasks and processes, with the goal of increasing efficiency, productivity, and sustainability in farming operations. Government initiatives support the market by offering subsidies, promoting mechanization, funding research, improving infrastructure, influencing trade policies, supporting sustainability, and incorporating modern equipment into rural development programs. These initiatives encourage farmers to invest in advanced machinery, contributing to agricultural modernization and increased productivity. For instance, in August 2022, according to the Government of UK official handle, the UK government is offering farmers and growers in England up to $591,220 (£500,000) in funding to invest in cutting-edge robotics and technology to increase food output. This funding is available through the Farming Futures Automation and Robotics competition, which is part of the government’s $319.25 (£270) million Farming Innovation Programme. Therefore, the increasing number of government initiatives to promote agricultural mechanization is driving the growth of fertilizing machinery market. Major companies operating in the fertilizing machinery market include Deere and Company, Kuhn Group, AGCO Corporation, Kubota Corporation, Lanco Corporation, CNH Industrial NV, Mahindra Tractors, Simonsen Industries Inc., Crump Spreaders Australia, Salford Group Inc., Great Plains Manufacturing Inc., Dawn Equipment Company Inc., Yetter Manufacturing Company Inc., Bourgault Industries Ltd., Horsch Maschinen GmbH, Hardi International A/S, John Shearer Pty. Ltd., Morris Industries Ltd., Vaderstad-Verken AB, Kverneland Group, Amazone Ltd., Bogballe A/S, Rauch Landmaschinenfabrik GmbH, Sulky-Burel SAS, Vicon Industries Inc., Chandler Equipment Inc., Adams Fertilizer Equipment, Dalton Ag Products, Doyle Equipment Manufacturing Co., Newton Crouch Company LLC, RBR Enterprise, Willmar Fabrication LLC, GT Bunning and Sons Ltd., Cosmo Srl, Fimco Industries, Gandy Company

Environmental Concerns And Fertilizer Restrictions Impacting The Fertilizing Machinery Market Growth

The restrictions laid on the use of fertilizers due to their impact on the environment limit the growth of the fertilizing machinery market. The overuse of fertilizers can infect both the farm produce as well as the topsoil. For instance, in 2021, Sri Lanka's president banned fertilizers and pesticides and ordered farmers to switch to organic farming immediately. In 2021, according to the National Academy of Sciences, 7 out of 10 agriculture-related deaths are caused by emissions from livestock waste and fertilizer applications. Fertilizers consist of substances and chemicals like methane, carbon dioxide, ammonia, and nitrogen, the emission of which has contributed largely to the number of greenhouse gases present in the environment, thereby, leading to global warming and weather changes. Therefore, imposing a ban on fertilizers to protect the environment restrains the fertilizing machinery market.

Rising Popularity Of Fertilizer Drone Machines Revolutionizing The Fertilizing Machinery Market

The launch of fertilizer drone machines is gaining popularity in the fertilizing machinery market. Fertilizer drone machines can be used for the fertilization of crops such as rice, wheat, vegetables, seeding, flowers, and others. It can also reduce the use of pesticides by 20% compared to manual operations, greatly reduce operating time, reduce the cost of growers, and increase spraying accuracy. For instance, in 2021, Da-Jiang Innovations (DJI) launched DJI AGRAS T20, an agriculture drone with an upgraded spraying system. The DJI AGRAS T20 can carry a maximum payload of 20kg, and the layout of the nozzles has been optimized to improve the uniformity of spray droplets by 20% and the spray width by seven meters. This improved form of system is designed for various applications, such as grassland reseeding, granular fertilizer spreading, and the spreading of feed for fish and shrimp.

Rapid Advancements In Autonomous Technology Reshape The Fertilizing Machinery Market

Major companies operating in the fertilizing machinery market are developing autonomous technology to sustain their position in the market. An autonomous fertilizing machine is a specialized agricultural equipment that can perform fertilization tasks without the need for direct human intervention or manual control. For instance, in August 2022, Case IH, a US-based agricultural machinery company in collaboration with Raven Industries Inc., a US-based agricultural products company launched the Trident 5550 applicator. This innovative autonomous spreader combines driverless technology with a specially designed spreading platform, powered by Raven's guidance and steering, perception, and path-planning software. It allows operators to plan and execute field operations remotely, detect obstacles through advanced cameras and radar systems, and offer real-time monitoring and control through a mobile device. The product addresses labor challenges and enhances operational efficiency while delivering consistent and precise spreading in the field, offering a pioneering solution in the world of autonomous agriculture equipment.

Cnh Industrial's Strategic Acquisition Of Raven Industries Bolsters Precision Agriculture Capabilities

In June 2021, CNH Industrial N.V., a UK-based agricultural machinery company acquired Raven Industries, Inc. for an undisclosed amount. The acquisition of Raven Industries by CNH Industrial enhanced the latter's capabilities in precision agriculture technology, fostering innovation and advancing its position in the global agriculture equipment market to better serve its customers and boost productivity. Raven Industries is a US-based agriculture company that specializes in precision agriculture technology, high-performance specialty films, and aerospace and defense solutions. The Asia-Pacific was the largest region in the fertilizing machinery market in 2023. North America was the second largest region in the fertilizing machinery market analysis. The regions covered in the fertilizing machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the fertilizing machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The fertilizing machinery market consists of sales of wheel hoe, cono weeder, self-propelled power weeder, fertilizer band placement cum earthing up machine, tractor operated fertilizer dibbler for ratoon sugarcane, and GPS based variable rate granular fertilizer applicator. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The fertilizing machinery market research report is one of a series of new reports from The Business Research Company that provides fertilizing machinery market statistics, including fertilizing machinery industry global market size, regional shares, competitors with a fertilizing machinery market share, detailed fertilizing machinery market segments, market trends and opportunities, and any further data you may need to thrive in the fertilizing machinery industry. This fertilizing machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Industrial Refrigeration Equipment Market Definition And Segments

The industrial refrigeration equipment refers to the cold storage equipment that is designed to contain and use refrigerant gas to establish or maintain colder than ambient temperatures in a confined space, used in commercial settings. The main equipment types of industrial refrigeration equipment are condenser, compressor, evaporator, and controls. A condenser refers to a piece of industrial equipment that will act as a heat exchanger to convert a vapor to a liquid. The refrigerant types are ammonia, carbon dioxide, and hydrofluorocarbon. The various end-user industries included are food and beverage, refrigerated warehouse, chemical, petrochemical, pharmaceutical, refrigerated transportation, and other end-user industries. The industrial refrigeration equipment market covered in this report is segmented – 1) By Equipment Type: Condenser, Compressor, Evaporator, Controls 2) By Refrigerant Type: Ammonia, Carbon Dioxide, Hydrofluorocarbon 3) By End-User Industry: Food and Beverage, Refrigerated Warehouse, Chemical, Petrochemical, Pharmaceutical, Refrigerated Transportation, Other End-User Industries The industrial refrigeration equipment market size has grown steadily in recent years. It will grow from $33.53 billion in 2023 to $34.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to industrialization, food safety and regulations, cold chain logistics, environmental concerns. The industrial refrigeration equipment market size is expected to see steady growth in the next few years. It will grow to $40.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to population growth, expansion of retail and e-commerce, increasing demand for process cooling, cold storage for pharmaceuticals and biotechnology, retrofit and replacement market. Major trends in the forecast period include technological advancements, green refrigerants, iot and smart refrigeration, cold chain optimization, modular and scalable solutions, hybrid refrigeration systems.

Food And Beverages Industry Growth Drives Expansion Of The Industrial Refrigeration Equipment Market

Growth in food and beverages industry is expected to propel the growth of the industrial refrigeration equipment market going forward. The food and beverages industry refers to all companies involved in processing, packaging, and distributing raw food materials. Industrial refrigeration equipment can be used to pre-cool food products, which slows down their metabolism and increases their usable life. This can result in a significant improvement in shelf life, reducing waste and increasing profitability. For instance, according to the United States Department of Agriculture, a US-based government agency, Food and beverage processing establishments (plants) employed 1.7 million workers in 2021, which is about 15.4% of all US manufacturing employment and just over 1.1% of all US nonfarm employment. Thus, the growth in food and beverages industry will fuel the industrial refrigeration equipment market.

Food And Beverage Processing Boosts The Industrial Refrigeration Equipment Market

The growth of the food and beverage processing industry especially in developing countries is expected to drive the industrial refrigeration equipment market. Globally, food and beverage processing is considered to be one of the largest industries. On average, 90% of the produced food is processed in developed countries such as the USA. High demand for processed and convenience meat products was witnessed in the last decade due to the changing and busy lifestyles of consumers. For the last five years, ranked fifth in the world in terms of production, consumption, and exports, India’s food-processing sector is growing by 8% annually. For instance, by 2024, according to a joint study by ASSOCHAM India and Grant Thornton UK, India's food processing sector is estimated to have the potential to attract $33 billion in investments and the total food production in India is estimated to double by 2024. To keep processed food products fresh and healthy, industrial refrigeration systems are required and the increasing consumption of processed foods is propelling the demand for industrial refrigeration systems and further supporting the market growth. Major companies operating in the industrial refrigeration equipment market include Johnson Controls Inc., Emerson Electric Co., United Technologies Corporation, Ingersoll-Rand Inc., Lennox International Inc., Danfoss A/S, GEA Group AG, EVAPCO Inc., BITZER Kühlmaschinenbau GmbH, Mayekawa Mfg. Co. Ltd., Daikin Industries Ltd., Industrial Frigo Srl, Parker Hannifin Corporation, Baltimore Aircoil Company Inc., Guntner GmbH & Co. KG, Star Refrigeration Ltd., Hussmann Corporation, Clauger SA, Rivacold srl, Dorin SPA, Thermal Care Inc., New York Blower Company, Kuhlman Inc., Samifi France SAS, Jean Paumier et Fils Ets, Honeywell International Inc., Zero Zone, KeepRite Refrigeration, Artic Temp Inc., Howe Corporation, Colmac Coil Manufacturing Inc., Frick India Limited, Carrier Commercial Refrigeration, Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Schneider Electric SE

Strict Regulations On Gwp Refrigerants Constrain The Refrigeration Equipment Market

Strict regulations imposed on the use of global warming potential (GWP) refrigerants due to global concerns are expected to restrain the growth of the refrigeration equipment market. Major greenhouse gases that are responsible for environmental concerns such as global warming are chlorofluorocarbon and hydrochlorofluorocarbons. Stringent regulations are being imposed by developing countries to overcome global environmental concerns. For instance, by 2030, according to the Montreal Protocol, full consumption phase-out of refrigerants with higher GWP to promote environmental health, is aimed at non-Article 5 countries. The Montreal Protocol has set limits for the HCFC consumption (or cap) at 0.5% cap in 2020 and a full consumption phase-out in 2030. According to the EU F-Gases Regulation, from January 2020, the use of fluorinated greenhouse gases for servicing and maintaining refrigeration equipment with a charge size of 40 tons of CO2 equivalent [CO2e] or more, which are with a global warming potential of 2,500 or more shall be prohibited. Under this, the permission for use of virgin HFCs with a GWP >2,500 for topping up and/or maintaining existing systems onboard EU-flagged ships is prohibited. Thus, strict regulations imposed on the use of GWP refrigerants due to global concerns are acting as a restraint on market growth.

The Rise Of Environmentally-Friendly Refrigerants Fuels Industrial Refrigeration Equipment Market Growth

The trend of adoption of environment-friendly refrigerants is increasing within the industrial refrigeration equipment market, which is expected to fuel the growth of the market. A major contribution towards environmental concerns such as ozone layer depletion and global warming are contributed by refrigerants as they absorb infrared radiation and retain it in the atmosphere. The environment-friendly refrigerants do not deplete the ozone layer in the atmosphere, do not contribute to global warming, and have a low Global Warming Potential (GWP). Halogen-based refrigerants face stringent regulations by governments of several countries and this is strengthening the use of environment-friendly refrigerants. For instance, in May 2021, MIRAI INTEX, an Czechia-based engineering company that manufacture ultra-low temperature refrigerators for the pharmaceutical industry launched MIRAI Cold 80 T, which is an eco-friendly ultra-low temperature refrigeration system. MIRAI Cold 80 T uses only air as a refrigerant and does not use oil for lubrication, making it the most environmentally friendly Ultra-Low Temperature (ULT) refrigeration solution. Therefore, the adoption of natural refrigerant-based equipment owing to stringent regulatory policies is another factor driving the industrial refrigeration system market growth.

Honeywell Introduces Solstice L40X Refrigerant For Versatile Cooling Solutions

Major companies operating in the industrial refrigeration equipment market are developing innovative products such as Solstice L40X refrigerant to better serve the customers. Solstice L40X refrigerant is a mildly flammable, zeotropic blend designed to serve as an alternative for low-, medium-, and high-temperature applications in new refrigeration systems. For instance, in February 2023, Honeywell International Inc., a US-based company launched Solstice L40X refrigerant. The refrigerant is compatible with most common materials, and customers should consult the manufacturer or conduct further independent testing.

Johnson Controls Expands Sustainable Refrigeration Portfolio With M&M Carnot Acquisition

In June 2023, Johnson Controls, a US-based company acquired M&M Carnot for an undisclosed amount. The acquisition is expected to enhance the sustainable industrial refrigeration portfolio of Johnson Controls and help them to better serve their growing customer base in this vertical. M&M Refrigeration Inc., is a US-based provider of natural refrigeration solutions with ultra-low global warming potential (GWP). The Asia-Pacific was the largest region in the industrial refrigeration equipment market in 2023. North America was the second largest region in the industrial refrigeration equipment market. The regions covered in the industrial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the industrial refrigeration equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The industrial refrigeration equipment market consists of sales of chillers, refrigeration compressors, condensers, cooling towers, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The industrial refrigeration equipment market research report is one of a series of new reports from The Business Research Company that provides industrial refrigeration equipment market statistics, including industrial refrigeration equipment industry global market size, regional shares, competitors with an industrial refrigeration equipment market share, detailed industrial refrigeration equipment market segments, market trends and opportunities, and any further data you may need to thrive in the industrial refrigeration equipment industry. This industrial refrigeration equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.