Industrial Refrigeration Systems Market Growth, Demand & Opportunities
Posted by Devanshu Shrivastava on March 31st, 2021
With the boom in the global cold chain industry, the demand for industrial refrigeration systems is growing rapidly across the globe. According to reports, the revenue generated from the sales of biotech products and biologic products surpassed 0 billion in 2019. Moreover, the adoption of special logistics solutions and technologies to maintain the quality of these temperature sensitive products, while transporting them from warehouses to clinics, hospitals, patients, and pharmacies all over the world is increasing rapidly.
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The increasing consumption of these items in both developing and developed countries is fueling the expansion of the cold chain industry. As a result, the worldwide logistics expenditure in the cold chain industry is predicted to rise from .9 billion in 2019 to more than .6 billion by 2022. This high dependence on cold chain infrastructure is propelling the requirement for higher cod warehouse capacity, which is, in turn, pushing up the demand for industrial refrigeration systems across the world.
Besides the aforementioned factors, the growing requirement for refrigeration in the pharmaceutical and chemical industry is also fueling the sales of industrial refrigeration systems around the world. In the oil refining, petrochemical, and chemical industries, refrigeration is required for condensing gases, dehumidifying air, and preserving compounds. In chemical industries, advanced refrigeration is required to maintain the temperature of certain finished and semi-finished products. Furthermore, in the pharmaceutical industry, refrigeration is required for cold sterilizing medical devices, biologics, and tissue samples.
Due to the above-mentioned factors, the sales of industrial refrigeration systems are climbing, which is, in turn, propelling the expansion of the global industrial refrigeration systems market. As a result, the valuation of the market is predicted to grow from .8 billion in 2019 to .1 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 5.0% between 2020 and 2030. Depending on equipment type, the market is divided into compressors, condensers, evaporators, and controls.
