Key Revenue Pocket of Industrial Refrigeration System Market
The global industrial refrigeration system market is estimated to grow from USD 19.3 billion in 2019 to USD 24.8 billion by 2025, at a CAGR of 4.3 %. Rising demand for innovative and compact refrigeration systems is one of the key factors driving the growth of the industrial refrigeration system market.
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Also, increasing government support to strengthen the cold chain infrastructure in developing countries acts as a major driver for the growth of the industrial refrigeration system market. Further, the growing adoption of natural refrigerant-based systems due to stringent regulatory policies is expected to propel the demand for industrial refrigeration systems during the forecast period.
Low-charge ammonia refrigeration systems and CO2 cascade refrigeration systems are experiencing a surge in interest across a diverse number of cooling sectors. The environmental benefits of a natural refrigerant with both zero ozone depleting and global warming potential (GWP), coupled with the proven safety credentials of low-charge ammonia systems, are catapulting low-charge ammonia refrigeration systems into the ranks of the high-end industrial refrigeration system market. Sales and opportunities for low-charge ammonia and CO2 cascade refrigeration systems are evolving and growing as environmental legislations become stricter. Not only do these advancements pioneer a more environmentally aware industrial refrigeration landscape but they also improve on-site safety, enhance productivity, and reduce operational costs.
The industrial refrigeration system market for compressors is expected to grow at a significant rate from 2019 to 2025. Screw compressors have seen increasing adoption in the industrial refrigeration ecosystem in the past 3 years, and a similar trend is expected to be observed during the forecast period. Screw compressors offer various benefits over reciprocating compressors, such as compact size; ability to work in humid conditions; high reliability; and easy servicing, automation, and remote control. Hence, players operating in the market may consider providing screw compressors to earn more revenue and strengthen their position in the industrial refrigeration system market.
The industrial refrigeration system market for CO2–based refrigeration systems is expected to grow at the highest CAGR during the forecast period. CO2 has some beneficial characteristics, such as non-toxicity, non-flammability, high refrigeration volumetric capacity, negligible GWP, non-corrosive with most of the materials, as well as environmentally safe and benign, thereby providing lucrative opportunities to the market for CO2-based refrigeration systems. Also, initiatives of government countries to ban the usage of harmful refrigerants would give an opportunity to the CO2-based refrigeration system market. Hence, investing in the development of CO2 refrigerant-based industrial refrigeration systems can help market players to broaden their revenue stream during the forecast period.
The market in APAC is expected to grow at the highest CAGR during 2019–2025. This growth can be attributed to the strong demand for industrial refrigeration systems from countries such as China and India. To reduce food wastage, governments in various countries across APAC are providing subsidies to improve the cold chain and preservation infrastructure and maintain the food quality throughout the value chain. Also, with the rise in disposable income in APAC, there has been a shift in dietary patterns, with demand increasing for premium products such as meat, seafood, and dairy products. These factors are expected to drive the growth of the industrial refrigeration system market in APAC.
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