Flourishing Cold Chain Industry Driving Demand for Industrial Refrigeration Systems

The rapid expansion in the global cold chain industry is fueling the demand for industrial refrigeration systems across the world. The mushrooming sales of medicines is the biggest factor responsible for the growth of the worldwide cold chain industry. According to reports, the sales of biotech drugs and biologic products surpassed $340 billion valuation in 2019 and are predicted to rise even more in the coming years.

This is pushing up the requirement for special logistics solutions. These solutions are required to maintain the quality of temperature sensitive products such as those that need to be stored in the temperature range of 2–8 °C, during their shipping from manufacturing zones to pharmacies, clinics, patients, and hospitals across the world.

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The ballooning consumption of these temperature-sensitive products in both developing and developed countries is driving the demand for cold chain in the pharmaceuticals industry. This is subsequently augmenting the requirement for industrial refrigeration systems. Because of the aforementioned reasons, the demand for industrial refrigeration systems is rising rapidly across the globe.

This is, in turn, propelling the advancement of the global industrial refrigeration systems market. As a result, the market revenue is predicted to grow from $26.8 billion to $41.1 billion from 2019 to 2030. Furthermore, as per the estimates of P&S Intelligence, a market research company based in India, the market would advance at a CAGR of 5.0% between 2020 and 2030.

This market research report provides a comprehensive overview of the industrial refrigeration systems market

• Historical and the present size of the industrial refrigeration systems market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential

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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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