Global Industrial Refrigeration Market Anticipated to Experience Augmented Growth by 2028
Industrial refrigeration is defined as a cooling system that helps to eliminate heat from various objects through numerous large-scale processes and maintain their respective suitable temperature. Components that significantly contribute the industrial refrigeration process include compressor, condenser, evaporator, and others. Industrial refrigeration is extensively used in chemical and petrochemical industries, dairy processing, cold food storage, electricity production, pharmaceutical industries, beverage production, and many more.
Forecast Analysis of the Global Industrial Refrigeration Market
The global industrial refrigeration market is anticipated to grow exponentially, owing to the integration of internet of things (IOT). This integration will enable the users to ensure real-time monitoring of humidity, power usage, and surrounding temperature. Due to these reasons, application of IOT-enabled industrial refrigeration systems is on the rise, especially in the food & beverage industry. These factors are expected to drive the growth of the market during the forecast period (2021-2028). However, high initial investment and expenses associated with the installation of components in industrial refrigeration is expected to hinder the growth of the global industrial refrigeration market during the forecast period.
There has been immense need for a secure repository of blood samples and drug molecules in pharmacies, clinics, hospitals and various diagnostic centers, which can be provided by industrial refrigeration due to the enhanced conveniency, reduced maintenance expense and accurate temperature moderations provided in the process. Therefore, rising adoption of industrial refrigeration is expected to create immense opportunities in the near future.
According to a report published by Research Dive, the global industrial refrigeration market is anticipated to generate a revenue of $30,250.6 million during the forecast period. The major players of the market include Rivacold srl, EVAPCO Inc., DAIKIN INDUSTRIES Ltd., Danfoss A/S, Carrier Global Corporation, Johnson Controls International Plc, BITZER, Ingersoll Rand, Guntner GmbH Co. KG, and many more.
Recent Trends in the Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and product launches to maintain a robust position in the overall market, which is subsequently helping the global industrial refrigeration market to grow exponentially.
In February 2021, American Refrigeration Company (ARC), a leading industrial refrigeration service provider in New England, acquired Capitol Engineering, a British design, installation, and service of commercial and industrial HVAC systems company, so as to expand the operations and capabilities of ARC in order to provide a high-quality service to their customers.
In July 2019, Intercool, one of the USA’s leading industrial refrigeration design-build contractors, acquired the industrial refrigeration division of Freije-RSC, an in-house engineering solutions company, in order to advocate massive growth opportunities for Intercool’s employees and customers.
In June 2021, Blue Pearl Energy, a creative European energy services platform acquired REFRECO, a Belgium-based industrial and commercial refrigeration company, to provide an innovative low energy consumption system to the customers.
Most Dominant Region
The Asia-Pacific region is anticipated to be most lucrative and have the highest market share during the forecast period. This is due the increasing demand for fresh fruits, vegetables, other food products and beverages among people in the region. In addition, governmental regulations on elimination of HCFC refrigerants and adoption of natural refrigerants for various purposes are further expected to bolster the growth of the market in the region during the forecast period.
COVID-19 Impact on the Market
The outbreak of novel coronavirus has resulted in a significant growth of the global industrial refrigeration market, owing to the surging need among people to stock-up various food products, groceries and beverages during the nation-wide lockdowns that were prevalent across the globe. Thus, the demand for refrigeration systems consequently increased which was required to store these items. This factor positively impacted the growth the global industrial refrigeration market during the COVID-19 outbreak.
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