The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Industrial Refrigeration System Market Growth & Trends
The global industrial refrigeration system market size is expected to reach USD 26.90 billion by 2027, expanding at a CAGR of 4.6% over the forecast period, according to a study conducted by Grand View Research, Inc. Growing demand for innovative and compact industrial refrigeration equipment and the government initiatives to strengthen cold chain infrastructure is projected to fuel the market growth. Furthermore, the expansion of food retail chains across the globe is likely to spur the demand in the forthcoming years.
Retailers are focusing on developing long-term strategic planning to withstand the increasing intensity of the retail competition and shifts in customer needs. The critical challenge of food processing applications currently is to make sure the freshness of perishable goods by taking into consideration that they have a less adverse impact on the environment. Moreover, the growing production and consumption of processed food in the food processing industry of the developing economies are predominantly driving the market growth.
The market is presently depending on cold storage infrastructure to efficiently and effectively store surplus build-up of food. At the same time, also deliver and store essential medication and pharmaceutical products effectively. In the outbreak of COVID-19 pandemic, increased demand for pharmaceutical and medical products worldwide is projected to boost the overall market growth. Since most pharmaceutical and medical products such as vaccines, blood bags, drugs, and others are enormously temperature-sensitive, they must be preserved in constant temperature places to prevent spoiling. The factors mentioned above are driving the storage refrigeration market growth.
North America dominated the market in 2019. This is due to the surge in demand for online grocery shopping in North America, with continuously growing application areas of natural refrigerant-based industrial refrigeration systems, which are anticipated to drive the overall market growth. Further, strict regulations for the supply and processing of perishable food products, coupled with the increasing number of technologically advanced refrigerated warehouses in the region, are likely to facilitate the development in exports and imports of perishable products. The demand for sophisticated warehousing, cold storage, transportation, and distribution facilities is gaining traction, thus, creating opportunities for regional as well as foreign companies to enter the market for the industrial refrigeration systems. It is also expected to generate business through various means such as mergers, acquisitions, alliances, and distribution partnerships.
Industrial Refrigeration System Market Report Highlights
- The compressors product segment is expected to dominate the market and is expected to continue leading over the forecast period
- The food and beverage application segment is expected to dominate the market due to increasing disposable income and growing population resulting in an augmented demand for frozen and processed food products
- North America is projected to account for the majority share of the market over the forecast period
- The prominent industry participants include Johnson Controls; Emerson Electric Co.; GEA Group Aktiengesellschaft; DAIKIN INDUSTRIES, Ltd.; and Danfoss Industries Pvt. Ltd.