DEERFIELD BEACH, Fla. — The global industrial refrigeration equipment market was valued at $24 billion in 2015 and is expected to generate revenue of $36.25 billion by the end of 2021, growing at a compound annual growth rate (CAGR) of slightly above 7 percent between 2016 and 2021, according to a new report published by Zion Research.
Industrial refrigeration equipment is widely used in food and beverage production, cold storage, warehousing, and the chemical and pharmaceutical industry, which requires temperature controlled handling of raw materials and in-process materials.
Changing food habits and improved international trade of food products are expected to support industrial refrigeration equipment market growth in the near future. However, the fragmented supply chain of the food and beverage processing industries in developing countries may hamper the growth of this market during the forecast period.
The industrial refrigeration equipment market is segmented on the basis of different products including compressors, evaporators, industrial racks, heat exchangers, and others. In 2015, the compressor segment was the largest, followed by industrial racks and evaporators. Compressors, industrial racks, and evaporators jointly accounted for over 62 percent share of the market in 2015. Industrial racks are expected to be the fastest growing segment in the coming years.
Key application segments of the industrial refrigeration equipment market include food production and processing, beverage production, chemicals and pharmaceuticals, energy (gas production), logistics (storage-warehouses), and petrochemicals. Food production and processing was the leading segment, accounting for over 24 percent market share in 2015.
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa are the key regional segments of the market. Demand for industrial refrigeration equipment was highest in Asia-Pacific. However, Latin America and the emerging countries have also shown promising growth during the past few years. Rapid growth of the food processing industry coupled with the expansion of refrigerated warehouses in developing countries is expected to increase the demand for industrial refrigeration during the forecast period. The European industrial refrigeration equipment market is expected to grow at a sluggish rate in the next few years.
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Publication date: 5/30/2016