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Centralized Refrigeration Systems Market to Reach $49.5 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research

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Allied Market Research published a report, titled, “Centralized Refrigeration Systems Market by Component (Compressor, Condenser, Evaporator, Control, and Others), Refrigerant Type (Ammonia, Carbon Dioxide, F-Gases, and others), and End-User Industry (Commercial and Industrial): Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the Centralized Refrigeration Systems industry generated $29.8 billion in 2022, and is projected to reach $49.5 billion by 2032, registering a CAGR of 5.2% from 2023 to 2032.

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A centralized refrigeration system cools a large space or multiple spaces efficiently from one central location. Centralized refrigeration systems are usually made up of a central cooling unit connected to a system of pipes or ductwork that distributes cooled air or cooled refrigerant to different areas. This type of cooling system is commonly used in commercial buildings, grocery stores, industrial settings, and other large-scale applications where cooling is required on a regular and efficient basis. Centralized cooling systems offer improved control, increased energy efficiency, and reduced maintenance requirements compared to individual cooling systems.
 
Prime Determinants of Growth:

The global centralized refrigeration systems market is experiencing growth due to several factors, including the growth of the refrigeration industry, the rise in the number of commercial building projects, and the advantages of centralized refrigeration. However, the requirement of high initial and maintenance costs and stringent government regulations restrict the market growth. Moreover, the Incorporation of the latest technology in centralized refrigeration systems presents new opportunities in the coming years.

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Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

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Base Year

2022

Market Size in 2022

$29.8 Billion

Market Size in 2032

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$49.5 Billion

CAGR

5.2 %

No. of Pages in Report

154

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Segments Covered

Components, Refrigerant, End-user Industry, and Region

Drivers 

Rise in demand for commercial cold storage facilities

Growth of the healthcare sector

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Rise in the food and beverages industry

Opportunities

Technological Advancements

Restraints

High initial and maintenance cost 

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Stringent government regulations


COVID-19 Scenario:

  • The outbreak of the COVID-19 pandemic had a negative impact on the global centralized refrigeration systems market, due to the temporary closure of manufacturing firms during the lockdown.
  • Not only the production but also the sale of refrigeration systems was hampered due to the closure of manufacturing sites across the world, especially in the initial period of the pandemic.
  • However, the epidemic has returned to normalcy, and the market is growing rapidly.

The others segment to maintain its leadership status throughout the forecast period-

Based on components, the condensers segment held the highest market share in 2022, accounting for more than one-fifth of the global centralized refrigeration systems market revenue. Condensers are key components of any refrigeration system as they are essential for condensing the refrigerant into a saturated liquid state. In centralized refrigeration systems, water-cooled condensers and evaporative condensers are used to remove the heat extracted from the interior of the unit to the outside air. Furthermore, most of the condensers use cooling water and air as coolants, which in turn, is expected to fuel the demand for these condensers in refrigerated warehouses, cold storage rooms, and food & beverage processing industries. On the other hand, the others segment is expected to maintain its leadership status throughout the forecast period. Moreover, the controls segment would display the fastest CAGR of 7.1% from 2023 to 2032.

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https://www.alliedmarketresearch.com/checkout-final/bf613ef7e4aac70b6924ce8b62db332c

The ammonia segment to maintain its leadership status throughout the forecast period-

Based on refrigerant, the ammonia segment held the highest market share in 2022, contributing to more than half of the global centralized refrigeration systems market revenue, and is expected to maintain its leadership status throughout the forecast period. Ammonia has a greater cooling capacity than other refrigerants, hence ammonia-based refrigeration systems are more energy efficient than those based on other refrigerants. On the other hand, the carbon dioxide segment would showcase the fastest CAGR of 7.0% throughout the forecast period. The demand for carbon dioxide refrigerant has rapidly increased in the centralized refrigeration systems market, as various industries prefer using carbon dioxide as a refrigerant where toxicity or flammability is a key concern. Carbon dioxide is used as the low-stage refrigerant in cascade installations.

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The commercial segment to maintain its lead position during the forecast period-

Based on end-user industry, the commercial segment accounted for the largest share in 2022, contributing for more than four-fifths of the global centralized refrigeration systems market revenue, and industrial segment is projected to maintain its lead position during the forecast period. Industrial centralized refrigeration helps to remove heat from large-scale processes or materials, lowering the temperature to a desired value. Moreover, in industrial sectors, centralized refrigeration is also used in cold stores of industrial facilities, where perishable goods are stored. However, the industrial segment would portray the fastest CAGR of 5.8% during the forecast period.

Asia-Pacific garnered the major share in 2032-

Based on region, Asia-Pacific garnered the highest share in 2022, holding nearly two-fifths of the global centralized refrigeration systems market revenue, and is expected to maintain its dominance during the forecast period. Simultaneously the same segment would also cite the fastest CAGR of 6.2% during the forecast period. Ongoing growth in online grocery shopping across the region, with continuously expanding application areas of natural refrigerant-based refrigeration systems to drive the growth of the Asia-Pacific region.

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/88363 
 
Leading Market Players: –

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  • Johnson Controls
  • Carrier Global Corporation
  • Emerson Electric Co.
  • Gea Group
  • Bitzer Se (Bitzer Kuhlmaschinenbau Gmbh)
  • Lu-Ve S.P.A.
  • Danfoss
  • Evapco, Inc.
  • Daikin Industries Ltd.
  • Industrial Frigo S.R.L

The report provides a detailed analysis of these key players in the global centralized refrigeration systems market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Artificial Intelligence

Global Health Exhibition Announces Opportunity for Healthcare Startups to secure over 100,000 SAR in Vision NextGen Competition Designed to Fast-Track Health Innovations

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Healthcare innovators developing novel medical advancements via their own business invited to compete for a prize fund exceeding 100,000 Saudi Riyal (SAR) to further product development, to be awarded at Global Health Exhibition 2024 in Malham, Riyadh, Saudi Arabia, one of the world’s most highly-attended healthcare eventsShortlisted startup businesses will present live to an expert judging panel including Dr Mohammed Alhamali, Chief Innovation Officer at Seha Virtual Hospital, Saudi Arabia Ministry of HealthEmerging businesses competing at the event will also meet and interact with the world’s leading minds in healthcare transformation including healthcare AI innovatorsThere is still time to apply – startups may complete a short online application by Monday 16 September 2024MALHAM, Saudi Arabia and RIYADH, Saudi Arabia, Sept. 11, 2024 /PRNewswire/ — The organizers of the October 2024 Global Health Exhibition taking place in Malham, Riyadh, today announced a 100,000 Saudi Riyal prize for the winner of the October 2024 event’s Vision NextGen competition.

The competition, which seeks to support the development of novel medical products, systems and treatments across multiple healthcare sectors, is supported by leading young business publication Startups Magazine. It is open to emergent healthcare companies which have been in operation for less than five years and have fewer than 25 employees. The winning business’ prize can be utilised to further advance product development in the interests of patients.
Closely aligned with the Kingdom of Saudi Arabia’s healthcare objectives including crisis response and health security, technological and digital transformation, public health and disease prevention and health innovation, Vision NextGen judges anticipate high demand to join a shortlist of 30 companies from an anticipated longlist of over 150 businesses. Six finalists drawn from the shortlist will present to the competition’s expert judging panel live at the Exhibition on 23 October 2024. The judges include:
Reenita Das, Partner and SVP, Frost & SullivanAhmed Abdulwahab, Founder, CEO and Chief Innovation Officer, Next ArabiaPilar Fernandez Hermida, Founder and MD, i-ExpandKristina Podnar, Digital Policy Consultant, Native Trust ConsultingDr Mohammad Alhamali, Chairman of the National Innovation and Regulatory Sandbox, Chief Innovation Officer at Seha Virtual Hospital, Ministry of Health, Saudi Arabia”Healthcare transformation often starts with small, innovative ideas and the Vision NextGen competition is here to nurture those with the potential to significantly impact patient care,” said Reenita Das, Partner and SVP at Frost & Sullivan and Vision NextGen judge. 
“We are looking for trailblazers who are tackling global healthcare challenges through novel therapeutics, digital health, virtual care delivery, or the automation of health services. Participants will not only have the chance to present their innovations to some of the world’s leading health experts but also benefit from the extensive networking and learning opportunities at the Global Health Exhibition.”
To apply, startups which meet the competition’s criteria have a final opportunity before 16 September 2024 to complete a short initial application online at: Vision NextGen – The Start-up Competition (globalhealthsaudi.com). Shortlisted companies will be notified ahead of the Exhibition and will be invited to compete for a finalist place on 21 October.
“Innovation in healthcare goes beyond just technology; it’s about understanding and addressing the deeper, often unspoken, needs of people. At Labayh, we’re committed to breaking down the barriers that prevent access to mental health care, ensuring that every individual feels supported and heard,” said Basim Albeladi, CEO of workplace mental health specialist Labayh. “Through initiatives like the Vision NextGen competition, we seek to empower those who are driving meaningful change in the healthcare landscape.”
Registration information alongside the newly-published event program for Global Health Exhibition 2024 can be found at the following link: Global Health Exhibition (globalhealthsaudi.com)
“Global Health Exhibition offers healthcare innovators and startups incredible opportunities to meet with major international and local investors and leaders in the healthcare sector,” said Rachel Sturgess, Group Director, Tahaluf, the event’s organizer.
“The Vision NextGen competition is seeking true change-makers who are actively addressing the most pressing challenges in global healthcare and bring a passion for transforming the lives of patients across a wide range of medical specialities.”
 
 

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Softeon Named Leader in SPARK MatrixTM for Warehouse Management System Market, Q3, 2024 by Quadrant Knowledge Solutions

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Softeon, with its comprehensive technology for its Warehouse Management System, has received strong ratings across the parameters of technology excellence and customer impact. 
RESTON, Va., Sept. 11, 2024 /PRNewswire/ — Quadrant Knowledge Solutions announced today that it has named Softeon, the only tier-1 Warehouse Management System (WMS) provider focused on optimizing warehouse and fulfillment performance to increase operational efficiency and throughput, as a Q3, 2024 leader in the SPARK MatrixTM analysis of the global Warehouse Management System (WMS) market and its vendors.

The Quadrant Knowledge Solutions SPARK MatrixTM: Warehouse Management System (WMS) Q3, 2024, includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading Warehouse Management System (WMS) vendors in the form of its SPARK MatrixTM. It provides users with strategic information to evaluate vendor capabilities, competitive differentiation, and market position.
“Softeon has solidified its position as a leading provider of cloud-based Warehouse Management System (WMS) solutions, Warehouse Execution Systems (WES), and Distributed Order Management (DOM) by catering effectively to both B2B and B2C clients,” says Pruthvi Raj, Senior Analyst at Quadrant Knowledge Solutions. “With advanced functionalities such as real-time inventory visibility, resource management, advanced automation capabilities, and seamless integration with other supply chain systems, Softeon empowers large enterprises to achieve operational efficiency and optimize resources.”
Pruthvi Raj adds, “Softeon’s year-on-year revenue growth, strong enterprise segmentation, a compelling vision & roadmap, and industry-specific capabilities, particularly in 3PL, healthcare, and life sciences, positions the company as a leader in the SPARK Matrix™: Warehouse Management System (WMS), Q3, 2024.”
“Unlike our competitors, Softeon is uniquely focused on a comprehensive fulfillment solution suite, designed to drive the most value and quickest ROI to our customers, many of them highly demanding 3PLs,” says Jim Hoefflin, CEO, Softeon. “Our philosophy is rooted in customer centricity and manifests in products, tools, and processes that create the most ideal workflows for warehouse operations. Simply put, we relentlessly micro-tune the application to capture the most operational efficiency.”
Quadrant Knowledge Solutions defines a Warehouse Management System (WMS) as “a software suite that helps businesses to visualize, optimize, and manage end-to-end warehouse operations such as slotting, receiving, put-away, inventory management, picking, packing, and shipping. WMS also offers resource (labor, machine, material, and devices) management capabilities for effective order allocation and task optimization. Additionally, it leverages emerging technologies, such as AI/ML, analytics, digital twin, IoT, voice recognition, robotic process automation, and edge computing, to develop strategies for transforming and automating warehouse and distribution/fulfilment center activities.”
As shown by their position as a leader in the SPARK MatrixTM for the Warehouse Management System market, Q3, 2024, Softeon’s technology empowers businesses to solve the complexities and challenges of today’s warehouses.
To unlock the full potential of your supply chain with Softeon’s innovative solutions, contact them today.
Additional Resources: 
Complimentary download – SPARK Matrix: Warehouse Management System (WMS), Q3 2024
For more available research, visit: https://quadrant-solutions.com/market-research/ 
About Softeon
Softeon is a WMS provider focused exclusively on optimizing warehouse and fullfilment operations. For over two decades now, we have been helping our customers succeed. Investing in R&D enables us to develop software to solve the most complex warehouse challenges. Softeon is laser-focused on customer results, with a 100% track record of deployment success. We believe warehouse leaders shouldn’t have to settle for a one-size-fits-all approach to technology. For more information, please visit www.Softeon.com.
Media Contacts:
Mike CatalinoDirector of Public Relations and Analyst [email protected]
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients achieve business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
Media Contacts:Shraddha Roy PR & Media Relations Quadrant Knowledge Solutions Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts 01949 United States Email: [email protected] Source: https://qksgroup.com/resources/newsroom/softeon-named-leader-in-spark-matrix-for-warehouse-management-system-market-q3-2024-by-quadrant-knowledge-solutions?id=765 Connect with us on LinkedIn- https://www.linkedin.com/company/qksgroup/ 
Logo: https://mma.prnewswire.com/media/746706/1470558/Quadrant_Knowledge_Solutions_Logo.jpg
 

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Vantiva Unveils ONYX, its latest Smart Media Device with Advanced AI Capabilities at IBC 2024

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This high-end Wi-Fi 6 enabled set-top box opens door for range of AI uses cases including event detection within video and image enhancement
PARIS, Sept. 11, 2024 /PRNewswire/ — Vantiva (Euronext Paris: VANTI), a global technology leader enabling NSPs to connect consumers worldwide, today introduced the ONYX 4K Ultra HD Android TV set-top box, the latest AI-enabled platform to be launched by Vantiva. Equipped with an extremely powerful 40K quad-core processor and featuring a 4 TOPS NPU, the ONYX STB is one of the first to incorporate innovative AI capabilities that open the door to numerous next-generation use cases including identifying and locating specific events in video (event detection within video) and image enhancement features such as sharpening (super resolution) or decreasing grain (advanced denoising). The ONYX will be demonstrated at IBC 2024 in Hall 1, Level 2, Balcony Suite 1.BS21, Rai, Amsterdam, Sept. 13 – 16.

“The expansion of AI technology into video delivery is driving further innovations and is set to completely transform the home entertainment sector,” said Leopold Diouf, Senior Vice President of the Product Division at Vantiva. “As the central hub of the home entertainment ecosystem, intelligent set-top boxes, like ONYX, play a crucial role in this AI revolution, enabling the integration of new added value services, such as predictive maintenance and enhanced security for NSPs and more personalized content for consumers. Furthermore, as ONYX supports HDR10, HDR10+ and Dolby® Vision formats, end-users will be able to enjoy a more immersive video experience.”
With the latest, most efficient and highest-performing dual-band Wi-Fi 6 technology, the ONYX allows for video streaming over Wi-Fi with support for IPTV and Over-the-Top (OTT) services such as Netflix, Hulu and Disney Plus. This allows more flexibility and mobility in the placement of the STB. The ONYX is running on Android TV 14 software and is ready for RDK as the bootloader can support both standards. The device is equipped with a quad-core processor, a powerful NPU, Bluetooth 5.2 LE technology and supports the latest Video Codecs H.266/VVC. This makes it a future-proof platform for enhanced services and data analytics features.
The ONYX will have the option for Far Field Voice (FFV) control with up to four microphones. This enables the end-user to have a true ‘lie-back’ experience where they will only need their voice to search or control the volume without having to find and press a button on the remote control. FFV will effectively incorporate smart assistant features into the STB and complement AI functionality as Large Language Models continue to evolve. Vantiva has designed this platform with flexibility in mind so it can be configured to suit the requirements of operators.
The ONYX casing is designed with recycled plastics and uses a USB-C power connector to maximize the re-use of power supply units. Additionally, the Bluetooth 5.2 LE technology enhances audio quality and manages power consumption more effectively, resulting in longer battery life for Bluetooth devices. 
PDF: https://mma.prnewswire.com/media/2502902/Vantiva_EN.pdfLogo: https://mma.prnewswire.com/media/2388773/Vantiva_Logo.jpg
 
 
Contacts:
Vantiva Press [email protected]
Thatcher+Co. for Vantiva [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/vantiva-unveils-onyx-its-latest-smart-media-device-with-advanced-ai-capabilities-at-ibc-2024-302245147.html

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