The global Industrial Refrigeration Systems market size is expected to be worth around US$ 32.65 billion by 2030, according to a new report by Trends Market Research.
The global Industrial Refrigeration Systems market size was valued at US$ 22.18 billion in 2020 and is anticipated to grow at a CAGR of 8.9% during forecast period 2021 to 2030.
The growth of food retail chains worldwide is expected to boost the demand for industrial refrigeration systems over the forecast period. Moreover, increasing initiatives taken by governments to improve and strengthen the cold chain infrastructure are expected to drive market growth.
The increasing demand for industrial refrigeration systems is attributed to the rising use of packaged and processed foods and drinks worldwide and the growing need to prevent them from spoilage. Global warming concerns have shifted manufacturers' focus from harmful coolants to natural refrigerants. Since natural refrigerants are climate-neutral and inexpensive to produce, the demand for natural refrigerant-based equipment has increased significantly, creating numerous growth opportunities for the market.
Rising concerns around global warming have shifted the focus of industrial refrigeration system manufacturers and users from the thermodynamic properties of refrigerants to their Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Major industrial refrigeration systems players are focused on designing environment-friendly refrigeration systems owing to various benefits they offer, such as cost-effectiveness, lower power consumption, and low toxicity.
The compressors segment is anticipated to witness the fastest CAGR of over 10.0% from 2021 to 2030. The growth of the compressors segment is attributed to features such as cost-effectiveness and heavy-duty design that supports longevity and durability. These forces work as the backbone of most of the operations, such as the push in stamping, air spent in the performance of the machine, and others. The compressors segment is further segmented into the reciprocating, rotary screw, centrifugal, and others. Reciprocating compressors dominated the market with the highest revenue share in 2020.
The compressors segment accounted for the largest revenue share of the overall market in 2020 and is expected to retain its dominance over the forecast period. Key players are also making significant investments in storage cabinets, display cases, coolers, and heat exchangers, which is driving the growth of the other’s segment.
The 500kW-1,000kW capacity segment accounted for a high revenue share of over 40.0% of the overall market in 2020. This cooling capacity range is widely used by the food & beverage industry for storage and processing, especially for perishable and processed products. It is also used by dairy plants to store items for longer periods without spoilage. This medium-level capacity range of 500kW-1,000kW is considered as an optimal cooling environment in industrial plants for preventing large quantities of edible items from spoiling.
The food and beverage segment accounted for the largest revenue share of over 65.0% of the market in 2020 and is expected to continue dominating the market over the forecast period. The rising consumption of packaged food and expansion of retail food chains globally are expected to drive the growth of this segment. Meanwhile, the refrigerated warehouse segment is expected to experience substantial growth over the forecast period due to the rising population and increasing demand for frozen food.
The chemical, petrochemical, and pharmaceutical segment is anticipated to witness the fastest growth, registering a CAGR of over 10.0% from 2021 to 2030. This growth is attributed to the increased demand for sterilizing tissues, samples, and medical devices. Advanced refrigerators are deployed by the chemical industry to maintain the temperature of inorganic- and organic-industrial chemicals, ceramic products, agrochemicals, rubber, and petrochemicals.
North America accounted for the largest revenue share of over 40.0% in 2020 and is expected to experience steady growth over the forecast period. This growth can be attributed to the rapid expansion of online grocery business operations, which has created a demand for refrigerated storage systems to preserve perishable food materials. In addition, clinical trials, and research to diminish the spread of the COVID-19 pandemic across the region are driving the growth of the market in North America.