How Rising Demand for a Safer Cooling Systems is Contributing to Industrial Refrigeration Systems Market Growth?

Cold chain is a logistics system which helps maintain the ideal storage conditions for perishable items while transporting them from the point of origin to the point of consumption in the supply chain. The aim of the cold chain is to reduce spoilage and retain the quality of products till their consumption.

The cold chain infrastructure comprises pre-cooling facilities, cold storages, packaging, refrigerated carriers, warehousing, and information management systems (traceability and tracking). It plays a major role in the logistics of various products, such as pharmaceutical drugs, seafood, frozen foods, and agricultural goods. 

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The systems also maintain the nutritional content of the food items as well as increase their shelf life. In the coming years, these systems are expected to witness the fastest growth in demand by the chemicals & pharmaceuticals industry due to the rising requirement for pharmaceuticals across the globe, especially from the African region, as the countries in this region lack proper pharmaceutical industry setup.

With ease of doing business and increasing globalization, it has become easier to produce vaccines and other pharmaceutical products on one side of the earth and transport them to other. However, it is crucial to store these products at a specified temperature to maintain their viability, thereby necessitating the use of industrial refrigeration systems.

Due to this, the industrial refrigeration systems market is expected to register a 5.8% CAGR, generating $33.6 billion revenue, in the near future.

Industrial refrigeration systems are used in various industries, such as oil & gas, food & beverage, chemicals & pharmaceuticals, manufacturing, and construction. These systems were most heavily deployed in the food & beverage industry during 2013–2017. This was because of the ability of refrigeration systems to maintain the freshness of food and beverages over a long period.

Global Industrial Refrigeration Systems Market Segmentation

Market Segmentation by Equipment Type

• Compressors
  • Reciprocating
  • Screw
  • Centrifugal
  • Scroll
• Condensers
  • Air-cooled
  • Evaporative
  • Water-cooled
• Evaporators
  • Shell and tube
  • Bare tube
  • Finned
  • Plate
• Controls
• Others (includes pumps, valves, vessels and auxiliary equipment)