The global industrial refrigeration system market size is anticipated to account for USD 26.90 billion by 2027. The market is projected to register 4.6% CAGR over the forecast duration. Increasing demand for compact and innovative industrial refrigeration systems coupled with government initiatives to consolidate cold chain infrastructure is driving the growth of the market. In addition, the rapid expansion of retail food store globally is further attributing to the growth of the market.
Food processing industry faces challenges in ensuring the freshness of perishable goods. As a result, they are increasingly focusing on the development of cold chain storage. Rising consumption and production of processed food is expected to play a key role in the growth of the industrial refrigeration system.
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The demand for the medical and pharmaceutical product has increased considerably owing to COVID-19 outbreak. Medical products such as drugs, blood bags, vaccine and others are temperature sensitive. Therefore, increasing the need to preserve the pharmaceutical products is driving the demand for the industrial refrigeration system.
North America held the highest share in the market by revenue in 2019. Increasing demand for online grocery product is driving the growth of the industrial refrigeration system market in the region. In addition, stringent regulations pertaining to processing and supply of perishable food products coupled with the advent of advanced refrigerated warehousing system is fueling the market growth in the region.
Further key findings from the report suggest:
• Based on the component, the compressor segment is likely to dominate the market over the forecast duration.
• Food & beverage application segment is projected to lead the market from 2020 to 2027 owing to the increasing disposable income and changing lifestyle that led to increasing consumption of processed food.
• North America is anticipated to dominate the market over the forecast duration.
COVID-19 Impact Analysis
The market has been negatively affected owing to the outbreak of COVID-19. Majority of industrial operations were shut down across different parts of the world to contain the spread of the virus. Further, consumers’ preferences for home-cooked products have led to a significant drop in the demand for processed food. In addition, disruption in the supply chain further restrained the market growth. However, the demand for essential items continued to rise during the pandemic. Panic buying of food products has positively affected the market growth initially. In addition, the demand for refrigeration system has witnessed a surge from the pharmaceutical industry. This trend is anticipated to continue owing to ongoing clinical trials and increased demand for medicine.
Global Industrial Refrigeration Systems Market : Key Players
Emerson Electric Co, DAIKIN INDUSTRIES, Danfoss Industries Pvt. Ltd and Johnson Controls
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