It has been predicted that the industrial refrigeration equipment market will undergo significant growth in the coming 10 years due to the increasing use of equipment in different industries, including food and beverage processing, chemical processing, and applications related to cold storage. Other factors contributing to this growth are the growing use of natural refrigerants, and an increasing food processing market, as well as efforts geared to attaining energy efficiency.
As mentioned in our previous blog, industrial refrigeration equipment also plays a major role in the pharmaceutical sector where it is used for the storage and transporting of various samples and drugs, including some of the COVID 19 vaccines.
In a recent report, the industrial refrigeration equipment market was analysed over a nine-year period beginning in 2017 and ending in 2026. Projections within the report estimated the market to be worth $36,900M USD by the end of 2026; a significant increase to the $22,650M the market was worth in 2017, and a CAGR of 5.6% during the estimated period.
The beverage production sector is expected to see the highest growth of all sectors who utilise industrial refrigeration equipment at a CAGR of 7.5% during the 2017-2026 period. This segment is expected to stand at a value of almost $6,600M USD by the end of 2026.
When it comes to demographics, the North American industrial refrigeration equipment market is expected to emerge the largest when looked at in terms of value. By the end of 2026, it is estimated that this market will possess a value of approximately $10,900M.
So, as the industry is set to boom over the coming years, remember we at EJM are here to assist you with all your industrial refrigeration requirements.