The global industrial refrigeration systems market reached a valuation of USD 18.3 billion in 2021 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period. The markets growth is attributed to factors such as the increasing demand for packaged and processed foods, the adoption of natural refrigerants, and the expansion of e-commerce grocery sales.
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Growing Demand for Processed Foods and Beverage Drives Industrial Refrigeration Systems Market
The global demand for packaged and processed foods and beverages is on the rise, contributing to the growth of the industrial refrigeration systems market. As the consumption of these products increases, the need for efficient refrigeration systems to maintain product freshness and prevent spoiling becomes crucial. Additionally, advancements in cold chain systems, such as the use of evaporator/passive coolers and absorption refrigerators, are aiding in minimizing harvest spoilage. The adoption of advanced cold chain technologies is expected to impact the market positively during the forecast period.
Shift Towards Natural Refrigerants and Environmentally Friendly Technologies
The growing concerns about global warming have led businesses to prioritize the use of natural refrigerants over hazardous cooling agents. Natural refrigerants, such as ammonia, CO2, and hydrocarbons, offer environmental neutrality and lower production costs, contributing to the markets growth. Moreover, companies are focusing on adopting environmentally friendly technologies, like Active Magnetic Regenerative refrigeration, which reduces energy usage by approximately 30%. Opportunities for manufacturers are also emerging in the realm of artificial intelligence, next-generation technology, and the Internet of Things (IoT).
Pandemic Spurs Demand for Industrial Refrigeration Systems for Vaccine Storage
While the pandemic disrupted industrial operations due to lockdowns and quarantines, the industrial refrigeration systems market experienced a boost in demand due to the need to preserve and distribute large quantities of vaccines and medicines. The requirement to store vaccines at specific temperatures led to an increased demand for refrigeration systems that can ensure proper storage and distribution, supporting the markets growth during the pandemic.
Compressor Segment to Witness Rapid Growth with Technological Advancements
Among the market segments, the compressor segment is projected to experience the fastest growth rate during the forecast period. Compressors play a crucial role in providing driving power for various industrial operations, making them essential components. Technological advancements in compressors, including improved control systems, energy efficiency, and oil-free options, are contributing to the segments expansion.
North America Leads Due to Rising E-commerce Grocery Sales
North America is expected to dominate the industrial refrigeration systems market due to the rapid growth of e-commerce and the increasing popularity of online grocery shopping. The surge in e-commerce grocery sales, coupled with the need to adhere to food safety standards and regulations, has led to the installation of refrigeration systems for perishable goods. Additionally, government initiatives to enhance cold chain infrastructure further fuel market growth.
Companies Focus on Technological Innovations and Environmental Sustainability
Key players in the industrial refrigeration systems market are emphasizing technological innovations and environmental sustainability to stay competitive. Johnson Controls expanded its product range with the Quantech QWC4 Water-Cooled Screw Chiller, which offers energy efficiency and carbon emissions reduction. Emerson Electric Co. introduced a new line of solenoid valves to support compact machine design and fluid control performance. As manufacturers move toward natural refrigerant solutions and eco-friendly technologies, opportunities for growth continue to emerge.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/industrial-refrigeration-systems-market
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