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. 

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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.

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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)

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