Global industrial refrigeration systems market size is projected to witness an exponential growth by 2026, driven by rapid industrial development in emerging economies and extensive product application in numerous industrial processes. Ongoing technological innovations and R&D efforts by manufacturers will positively impact the industry trends over the next few years.
Compressor, evaporator, condenser, and controls are among the major components of refrigeration systems used in industrial settings. The demand for evaporators is likely to grow substantially, with the growing need for reliable and energy-efficient systems. Evaporators have the ability to intensify cooling by absorbing excess heat. As a result, they play a central role in ensuring optimum cooling performance of refrigerators.
Evaporator is the component of a refrigerator that performs the actual cooling. The evaporator is placed inside the refrigeration because its function is to absorb heat into the system. It consists of finned tubes which absorb heat from the air blown via a coil by a fan. The tubes and fins are made of metals with high thermal conductivity in order to ensure maximum heat transfer. Manufacturers are constantly focusing on implementing strategies for enhancing process control and energy consumption during evaporation, boosting evaporator performance and efficiency.
Carbon dioxide (CO2), ammonia, and hydrofluorocarbons (HFCs) are some of the common types of refrigerants. HFCs are extensively used in a wide range of industries. They have gradually replaced chlorofluorocarbons (CFC) and hydrochlorofluorocarbons (HCFC), which lead to ozone layer depletion. However, HFCs can also lead to environmental pollution and increase the risk of hazardous accidents due to toxic leaks, which may affect their adoption significantly in the future.
HFC’s impact on global warming can be considerably higher than that caused by carbon dioxide per unit of mass. They are among the fastest growing greenhouse gases, mainly as a result of a strong demand for refrigeration and air-conditioning systems, particularly in emerging economies. The presence of stringent government norms regulating the use of harmful refrigerants in industrial applications and the availability of sustainable alternative may further lead to a weaker product demand in the near future.
Refrigerators are prominently used in food & beverage, pharmaceutical, chemical & petrochemical, utility, and numerous other applications. The utility sector is projected to capture more than 5% revenue share of global refrigeration systems market by 2026, driven by an increasing product demand in district heating and cooling applications.
In terms of the regional perspective, Latin America industrial refrigeration systems industry is set to record substantial gains by 2026, with rapid expansion of the food & beverage sector. Refrigerators find extensive application in food processing for storage and preservation of food and beverages.