Industrial Refrigeration Systems Market Worth $23.22 Billion by 2022
Growth driven by stringent laws and standards, strengthening cold chain across developing countries
PUNE, India — The global industrial refrigeration systems market is expected to reach $23.22 billion by 2022, increasing at a compound annual growth rate (CAGR) of 5.24 percent between 2016 and 2022, according to a report published by MarketsandMarkets.
The growth in the industrial refrigeration systems market is expected to be driven by stringent laws and standards supporting environmentally-friendly refrigerant substitutes and growing focus in developing economies for strengthening the cold chain infrastructure.
The market for CO2-based refrigeration systems is expected to grow at the highest rate during the forecast period owing to the benefits it offers, such as excellent thermodynamic properties, high energy efficiency, zero toxicity, and non-flammability. Many food and beverage industry players, especially across developed economies in the North America and Europe regions have shifted towards the usage of CO2 as a preferred refrigerant type, especially as a secondary refrigerant and also in cascade systems.
Industrial refrigeration systems are most widely used in the refrigerated warehouses industry, which is expected to remain dominant in the near future as well, closely followed by fruits and vegetables processing. Many industrial refrigeration systems manufacturers have started offering natural refrigerants compatible products and equipment, and low-global warming potential (GWP) refrigerants, which are being developed to replace their comparatively high-GWP counterparts, to follow strict adherence to regional and international regulatory standards.
North America held the largest market share in 2015 for industrial refrigeration systems, followed by Europe and Asia-Pacific. The U.S. held the largest share of the North American industrial refrigeration systems market owing to strong demand from refrigerated warehouses and food and beverage processing applications. Rapid commercialization of CO2-based transport refrigeration and the growing installation base of NH3/CO2 cascade refrigeration systems (especially across the food processing industry) are further adding to the growth of industrial refrigeration systems across the U.S., Canada, and Mexico. Asia-Pacific offers potential growth opportunities owing to the strengthening of the cold chain infrastructure across developing countries in the region.
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Publication date: 11/10/2016