The global industrial refrigeration
system market is anticipated to reach USD 24.8 billion by 2025, expanding at a Compound Annual Growth Rate of 4.3 percent. The surge in demand for innovative and compact refrigeration systems is one of the main factors fueling the growth of this market. According to reports, the North American region is likely to continue to lead the global industrial refrigeration system market during the forecast period.
Based on the type, the compressors held a majority of the global industrial refrigeration system market share in 2019. Now, the compressor segment is expected to dominate the market over the forecast period. This is because, in the industrial refrigeration systems landscape, the compressors play a prominent role.
The refrigerant vapor pressure in a condenser is increased by the compressor. And, this ensures the right temperature for food storage and preservation applications.
Therefore, this has resulted in propelling the market growth of refrigerant compressors. Furthermore, the increasing focus of companies to come up with new compressors with an aim to meet the various needs and requirements of customers is expected to propel its market growth during 2019-2025.
Based on the application, the refrigerated warehouse application is anticipated to dominate the industrial refrigeration system market and the major factors include the growing population and increasing disposable income as these have resulted in an increased demand for frozen and processed food. This surge in demand for convenience products has increased the number of refrigerated warehouses globally, with improved capacity in the last few years. Moreover, the governments of developing nations are promoting the creation of cold chain facilities through multiple schemes and by providing various subsidies.
Ensuring operational efficiency
Due to the surge in demand for cooling in key industry operations, the chemicals and petrochemicals application of industrial refrigeration systems is expected to see steady growth during 2019-2025. Refrigeration is highly critical to control the heat dissipation which occurs during the operational activities in oil refining and chemical plants in the chemical industries and oil refineries, Therefore, the industrial refrigeration equipment’s ability such as ensuring the efficient operation of critical processes in the chemical and petrochemical industry will boost its adoption in the coming days.
The United States is predicted to hold the largest market share and is anticipated to witness the highest Compound Annual Growth Rate in the industrial refrigeration system market over the forecast period. The increasing trend of online grocery shopping in the US is predicted to propel the demand for refrigerated warehouses. Also, this in turn is expected to drive the industrial refrigeration system market in the United States.