The industrial refrigeration sector already experiences constant growth due to the evolving industries it serves – dairy processing, cold food storage, beverage production, ice rinks etc. all of which rely on these large-scale cooling systems to operate.
Predictions show the global industrial refrigeration market will reach a worth of $30,250.6M by 2028, a CAGR of 5.3% from its worth of $20,117.9M in 2020. One main driver of this significant growth is the Internet of Things (IoT) which will have a worldwide impact on the sector as technological advances continue to be made. It has also been noted however, that high investment costs of industrial refrigeration framework could have an opposite effect on the market, hampering its global growth.
One area expected to boom is the Asia-Pacific region, which during the forecast period of 2020 – 2028 is anticipated to grow at a CAGR of 6.1%, registering a revenue of $10,557.5M.
Though some sectors have suffered severely because of the COVID19 pandemic, the industrial refrigeration market has continued to thrive during this time. There are numerous factors contributing to this, including:
- The need for the preservation of food products
- The increase in demand for frozen foods during and post-lockdown
- More people are now buying food in bulk which has therefore seen an increase in demand for refrigeration systems
The Internet of Things continues to revolutionise the industrial refrigeration industry when it comes to areas such as productivity, energy efficiency, cost-effectiveness, and delivering better customer experiences.
The healthcare sector is expected to play a significant role in the growth of the industrial refrigeration market as there is an increasing need to safely store drug molecules and blood derivatives from hospitals, clinics, and diagnostic centres alike. Advancements in industrial refrigeration have led to reduced electrical consumption, fewer maintenance costs, 24/7 remote monitoring, and precise temperature control – all things which make these systems attractive to the healthcare sector.
Other key figures:
- The compressors sub-segment is expected to have the dominating share in the global market and register a revenue of $11,966.9 million by 2028.
- Controls sub-segment of the global industrial refrigeration market is anticipated to have lucrative growth, and surpass $3,278.4 million by 2028, with a rise from $2,098.7 million in 2020.
- The food & beverage sub-segment of the global industrial refrigeration market is estimated to grow at the most notable CAGR and surpass $16,653.6 million by 2028, with a rise from $11,006.4 million in 2020.
- Asia-Pacific industrial refrigeration market is estimated to grow at the fastest growth rate and surpass $10,557.5 million by 2028, with a rise from $6,598.7 million in 2020