NEW YORK — The global industrial refrigeration market is forecast to grow from $22.57 billion in 2014, and reach $33.90 billion in 2020, with a compound annual growth rate (CAGR) of 7.1 percent, according to a report from P&S Market Research. Evaporator units, industrial racks, and compressors together accounted for about a 64 percent share of the global industrial refrigeration market in 2014. The growth of the food processing industry, in addition to the expansion of refrigerated warehouses in developing countries such as India, China, and Brazil, is expected to boost the demand for industrial refrigeration during the forecast period. The growth in outsourcing of pharmaceutical manufacturing by developed countries has increased demand in the pharmaceuticals cold chain in recent years.

An industrial refrigeration system is a combination of different mechanical and electrical components including compressors, heat exchangers, evaporators, racks, and others; the components used for the system may be in distinct parts, from more than one manufacturer. The components are assembled as a custom engineered system by the installation service provider.