The global industrial refrigeration market size was estimated at ~US$ 19,302 million in 2020. The market is forecast to reach ~US$ 26,463 million by 2030 by expanding at a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2021-2030.
Industrial refrigeration is a method of cooling using refrigeration and cooling systems. This method protects food and beverages from excess heat.
Factors Influencing
Industrial refrigeration applications in the Fast Moving Consumer Goods (FMCG) industry are primarily propelling the growth of the global industrial refrigeration market. As the adoption of packaged & processed food & beverages is rapidly increasing, product protection from excess heat has become an essential exercise.
The advancement of energy-efficient goods, the growing adoption of natural refrigerants worldwide are likely to fuel the market growth in the upcoming years.
In addition, progressing global cold chain capacity in developing countries is another factor contributing to the expansion of the global industrial refrigeration market.
The Indian government is promoting the use of the food processing industry. The government authorities recently added the food processing domain in its “Make in India” initiative. Such initiatives are beneficial in the growth of the global industrial refrigeration market.
On the contrary, the high setup cost associated with the use of industrial refrigeration systems can slow down the growth of the global industrial refrigeration market during the analysis period.
Geographic Analysis
Of all the regions, the Asia Pacific market held dominance in the global industrial refrigeration market. The region is expected to hold dominance in the coming years due to the rapidly growing cold-chain storage infrastructure. The demand for packed and processed food is increasing among the Asia Pacific population. Thus, it would ultimately fuel the demand for refrigeration.
Apart from that, North America is expected to witness significant growth in the compound annual growth rate during the forecast period. The United States has proven the leading consumer in the industrial refrigeration market. The country is witnessing extensive growth in the food & beverage processing sector. As a result, the demand for industrial refrigeration is forecast to increase.
Furthermore, nations such as the United States, Mexico, and Canada, are expanding installation platforms for CO2 cascade storage systems. Thus, the widespread use and popularity of CO2-based transport storage systems would propel the growth of the industrial refrigeration market.
COVID-19 Impact Analysis
The building, manufacturing, hotel, and tourism industries were severely impacted by COVID-19. Construction and transportation activities were disrupted on a global scale. However, due to the fact that food and beverage, wastewater treatment plants, and pharmaceutical firms were all working at full capacity, the industrial refrigeration market remained stable.
Apart from that, all industries are gradually restoring normal manufacturing and service operations.
Market Segmentation
By Component
By Refrigerant Type
By Application
By Type
By Region
Competitors in the market
