As cited by the business intelligence report titled ‘Global Vapor Compression Refrigeration System Market Size study, by Application (Food Industry, Chemical Industry, Pharmaceutical Industry, Sludge and Waste Drying, Agriculture, Paper and Pulp Industry) and Regional Forecasts 2020-2027’, available with Market Study Report, global vapor compression refrigeration system market is expected to accrue substantial revenues during 2020-2027.
 

Factors such as widespread adoption across several industries including chemical sector, paper & pulp industry, and food & beverage, coupled with escalating product demand from the healthcare vertical for manufacturing pharmaceutical products are stimulating the global vapor compression refrigeration system market outlook.
 

For the record, vapor compression refrigeration systems primarily utilize circulating liquid refrigerant as a medium for absorbing and removing heat from the space to be cooled. The overall system comprises of four components, namely evaporator, thermal expansion valve, condenser, and compressor.
 

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Industry experts claim that flourishing paper manufacturing industry of India, mounting sales volume of chemicals in Asia, and increasing adoption of the systems for their beneficial attributes, mainly energy efficiency, are positively swaying the business dynamics.
 

Citing an instance, China accounts for annual chemical sales worth USD 1436.65 billion, whereas Japan accounts for around USD 171.11 billion. The chemical sales of the rest of the Asian subcontinent reflect a revenue of USD 530 billion, as cited by United Nations Environment Programme report.
 

Based on application spectrum, the business vertical is bifurcated into paper & pulp industry, agriculture, sludge & waste drying, pharmaceutical industry, chemical industry, and food industry.
 

From a geographical point of view, global vapor compression refrigeration system market sphere is segmented into Latin America, Europe, Asia-Pacific, North America, and rest of the world.
 

Among these, North America is expected to dominate the business in terms of market share over 2020-2027, on account of flourishing manufacturing sector, technological advancements, and surging demand for refrigeration in the region.
 

On the other hand, Asia-Pacific market is reckoned to expand with the highest compound annual growth rate over the stipulated timeframe, owing to rising establishment of manufacturing facilities.
 

Established companies that influence the global vapor compression refrigeration system industry trends are Doosan Heavy Industries & Construction Co. Ltd., Ecolab Inc., Toray Industries Inc., Hydranautics, Kurita Water Industries Ltd., BWT AG, H2O Innovation Inc., 3M Purification Inc., Suez Environnement S.A., and Brita LP among others.