The industrial refrigeration market is projected to grow to $29.19 billion by 2028, driven by demand for FMCG products and eco-friendly refrigerants.
Allied Market Research published a research report on the industrial refrigeration market. The findings of the report states that the global market for industrial refrigeration generated $19.30 billion in 2020, and is projected to reach $29.19 billion by 2028, witnessing a CAGR of 5.4% from 2021 to 2028. The report offers an extensive analysis of changing market trends, key investment pockets, top segments, and competitive landscape for leading market players, startups, investors, shareholders, and new entrants.
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Rohit Sawant, the Industry Analyst for Construction & Manufacturing at Allied Market Research, highlighted, “Growth of the industrial refrigeration market is majorly driven by rise in demand for FMCG products and major changeover on using eco-friendly and efficient refrigerants. On the basis of component, in 2020, the industrial compressors segment dominated the industrial refrigeration market. On the basis of refrigerant type, the HFC segment led the market in 2020. By application, the meat poultry & fish segment led the market in 2020. On the basis of type, in 2020, the stationary refrigeration segment dominated the industrial refrigeration market. By region, the Asia-Pacific region led the market in 2020.”
The report provides a detailed analysis of drivers, challenges, and opportunities to help market players in determining strategies and tap on opportunities. Surge in usage of FMCG products worldwide and upgrade of cold storage infrastructure across emerging countries drive the growth of the global industrial refrigeration market. However, high costs for operation and maintenance along with stringent regulations related to utilization of refrigerants hinder the market growth. Contrarily, implementation of IoT-enabled refrigeration solutions for monitoring of equipment is projected to present new opportunities in the future.
The research offers an extensive scenario of Covid-19 along with outlining its impact on the industrial refrigeration market across the world. Owing to stoppage of daily activities in construction, manufacturing, and tourism industries, the demand for refrigeration systems declined significantly. In addition, supply chain and manufacturing activities were disrupted. This led to supply-demand gap. During the post-lockdown, the market is expected to grow steadily as operations in the end user industries such as manufacturing, construction, and others begin.
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The report offers a detailed analysis of segments of the global industrial refrigeration market based on component, refrigerant type, application, type and region. This analysis offers insights for new entrants, investors, stakeholders, and market players to determine the largest revenue generating and fastest growing segments to devise strategies according for the future.
Based on component, the industrial compressors segment held the highest share in 2020, and is expected to maintain its dominance in terms of revenue during the forecast period. On the basis of refrigerant, the HFCs segment accounted for the largest share in 2020, and is estimated to continue its lead position by 2030. This is due to its rapid usage in refrigeration systems.
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By application, the meat poultry & fish segment contributed to the highest market share in 2020, and will maintain its dominant share throughout the forecast period. Based on region, the Asia-Pacific segment generated the largest revenue in 2020, and will maintain its leadership status in terms of revenue by 2030. This is due to increase in demand for FMCG and ready-to-eat food products along with surge in consumption of pharmaceutical drugs.
Leading players of the global industrial refrigeration market analyzed in the research include Daikin Industries, Ltd., Evapco, Inc., Emerson Electric Co., Johnson Controls, Inc., GEA Group AG, LU-VE Group, Ingersoll Rand Plc, The Danfoss Group, Mayekawa Mfg. Co. Ltd., and Carrier.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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The article discusses the growth of the global industrial refrigeration market, projected to reach $29.19 billion by 2028.
The growth is driven by increased demand for FMCG products and the adoption of eco-friendly refrigerants.
The Asia-Pacific region led the industrial refrigeration market in 2020 and is expected to maintain its leadership.
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