Industrial Refrigeration Systems Market to Register a 5.8% CAGR during 2018–2023

The food and beverages processing industry is witnessing rapid growth in developing countries. On an average, 90% of the produced food is processed in developed countries such as the U.S. While the growth of this industry was quite slow in developing countries, as compared to developed nations, in the past, the requirement for processed food is projected to increase significantly in the coming years. 

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The reason for this is the rising inclination toward ready-to-eat meal and growing number of food outlets in emerging economies. This rapidly increasing production and consumption of processed food in developing nations is further resulting in the rising requirement for industrial refrigeration systems.

Industrial refrigeration systems are utilized in different applications in various industries including chemicals & pharmaceuticals, oil & gas, and food & beverages. Some other industries which make use of these systems include construction and manufacturing. Among these, the largest demand for industrial refrigeration systems was created by the food & beverages industry during 2013–2017.

The fastest growth in demand for industrial refrigeration systems is projected to be registered by the chemicals & pharmaceuticals industry. The oil refining, petrochemical, and chemical industries require refrigeration for the preservation of compounds, condensation of gases, and dehumidification of air. In the pharmaceutical industry, refrigeration is needed for sterilization of products and maintenance of cleanliness of products. 

Industrial refrigeration systems are the refrigeration components utilized in process cooling and cold storage for industrial applications. In 2017, the global industrial refrigeration systems market generated a revenue of $23,862.7 million and is expected to advance at a 5.8% CAGR during the forecast period (2018–2023), as per a report by P&S Intelligence.

Additionally, the chemical industry needs advanced refrigeration to maintain the temperature limits of certain raw materials and semi-finished and finished products. Hence, the requirement for industrial refrigeration systems is increasing due to these factors.