Global Industrial Refrigeration Market Anticipated to Garner a Revenue of $30,250.6 Million by 2028 at a CAGR of 5.3% from 2021-2028 - Exclusive Report [198 Pages] By Research Dive

The global industrial refrigeration market is set to gain significant revenue in the forecast period. The Asia-Pacific region is predicted to dominate the market. Various key players are working on initiatives to help the market growth.

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Aug 25, 2021, 07:30 ET

NEW YORK, Aug. 25, 2021 /PRNewswire/ -- The latest report by Research Dive states that the Global Industrial Refrigeration Market is predicted to witness a rise in revenue from $20,117.9 million in 2020 to over $30,250.6 million by 2028 at a steady CAGR of 5.3% from 2021-2028.

Regional Analysis: Industrial Refrigeration Market

Asia-Pacific Industrial Refrigeration Market is expected to witness a significant rise in revenue from 2021-2028. This growth is primarily due to the increased requirement from consumers for fresh products and beverages. Also, the governments in the region have been working on initiating a switch in the method of refrigeration from hydrochloroflourocarbons (HCFCs) to more natural forms. Also, the online delivery system of food has led to a need for advanced refrigeration systems. These factors have assisted in the growth of the region in the analysis period.

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Key Market Segments

By component, the compressor sub-segment is predicted to garner a significant revenue of $11,966.9 million by 2028. Compressors are one of the most important parts of a refrigerator as they help in increasing the levels of refrigerant vapor in a condenser which helps in temperature control and other methods of preservation. To add further, multiple organizations have been working on improvements on the compressors to accommodate consumers demands adding to the growth of the segment.
By application, the food and beverage sub-segment is anticipated to witness a rise in revenue from $11,006.4 million in 2020 to over $16,653.6 million by 2028 at a steady CAGR in the forecast period. Food consumption varies from one person to the other and the shift in trends which has led to increased demand for more processed food products has resulted in production of more refrigerated warehouses. These factors are expected to add to the growth of the segment in the analysis period.

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Market Dynamics

The latest refrigeration devices have been witnessing implementation of multiple developments which also include the Internet of Things. This has led to improvement in terms of energy efficiency, productivity as well as enhanced customer experience. The use of IoT within integrated sensors has also made monitoring of the humidity, temperature as well as the power usage easier. These factors along with multiple collaborations and initiatives by pioneers of the market have further added to the growth of the market in the estimated timeframe.

On the contrary, most of the industrial refrigerators consume a large amount of energy which is one of the prominent reasons limiting the growth of the market. Additionally, the cost of maintenance of these devices is also extremely high which is further expected to restrict the industrial refrigeration market growth in the forecast period.

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The medical sector which includes clinics, hospitals, pharmacies require a safe storage space for blood derivatives and drug molecules which is anticipated to lead to the growth of the industrial refrigeration market. Also, a steady reduction in the maintenance costs as well as temperature control is set to provide a boost to the growth of the market in the analysis period.

Top 10 Key Players, New Developments, and Strategies: Industrial Refrigeration Market

As per the report, some of the renowned key players of the market are –

Danfoss A/S.
Clauder
Bitzer
Johnson Controls International Plc
Carrier Global Corporation
Rivacold srl
Guntner GmbH & Co. KG
Daikin Industries
Ingersoll Rand
EVAPCO, Inc.

For instance, in December 2020, Daikin Industries, a pioneer in refrigeration solutions launched their latest variants of truck and van refrigeration units from their Zanotti range into the European market. This is expected to expanding their geographical boundaries while also allowing transport of products and good throughout the region with ease.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Enquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]

Impact of COVID-19 on the Global Refrigeration Market

With COVID-19 being declared a pandemic, many industries such as transportation, textiles and petroleum had to implement several changes to help them stay afloat in the crucial time period. But, the industrial refrigeration market experienced a positive effect of the lockdown and other restrictions. This is because the refrigerators were put into use to preserve a large quantity of food products which helped in reduction of harvest loss. Also, due to the pandemic, people bought frozen food products in bulk as they last longer and are also easier to cool. Apart from food, basic groceries were also purchased in bulk which needed effective refrigeration systems to preserve them. These factors ensured the growth of global refrigeration market.

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