Industrial Refrigeration Systems Market Driven by Growing Cold Chain Sector

The industrial refrigeration systems market is progressing due to the growing food and beverage processing domain in emerging economies and rising usage of such equipment in the chemicals and pharmaceuticals and cold chain industries. From $23,862.7 million in 2017, the market revenue is expected to increase to $33,614.3 million in 2023, at a 5.8% CAGR during the forecast period (2018–2023).

Such systems are generally larger compared to domestic-use models, as they are used to store significantly higher amounts of stuff. Condensers, compressors, controls, evaporators, and others are the various categories, on the basis of equipment type. Compressors are further divided into centrifugal, reciprocating, scroll, and screw.

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Among these, the reciprocating category led the industrial refrigeration systems market in 2017, with more than 32.0% share, in terms of value. Despite their high costs, these devices are preferred, as they create less heat and result in minimal energy wastage. Additionally, they find wide application in chemical factories and oil refineries.

During the forecast period, Asia-Pacific (APAC) is projected to experience the fastest growth in the market, in terms of value, due to the expansion of the cold chain, with the major chunk of the industry revenue coming from meats, seafood, ice creams, and vegetables.

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. 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.

In addition, the processed food niche is also prospering in the region, with the demand for several traditional Asian food products rising in North America and Europe. This is leading to an increase in the international food trade, thereby driving the market.

Therefore, it is clear that the major driving factor for the market would be the need to effectively store and transport perishable items.