Industrial Refrigeration Equipment Market to Grow to $36.25 Billion by 2021
Changing food habits and improved international trade of food products are expected to support growth
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.