The global industrial refrigeration market is estimated to grow from USD 19.4 billion in 2021 to USD 25.1 billion by 2026 at a CAGR of 5.3% during 2021â€“2026. The growth of the industrial refrigeration market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries, and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies.
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Industrial refrigeration systems are used to cool, freeze, and maintain appropriate temperature levels across warehouses or storage facilities, food processing units, chemical and pharmaceutical industries, and logistics and other distribution area applications. These systems are made of various components, including compressors; condensers; evaporators; controls; and vessels, pumps, valves, and auxiliary equipment.
Controls of the industrial refrigeration market is projected to register the highest CAGR during the forecast period, by component. The use of controls in an industrial refrigeration system ensures increased efficiency, can automate temperature controls, and makes requirement-based adjustments. Also, control systems can be used to automate defrost cycles at different times, resulting in significant energy savings. Furthermore, companies are heavily investing in R&D activities to enhance the efficiency of industrial systems and reduce operational costs, which are expected to drive the market for controls during the forecast period.
Ammonia-based refrigeration systems of theindustrial refrigeration market is estimated to register the largest market share in 2026, byrefrigerant type. Ammonia has a greater cooling capacity than other refrigerants; hence, ammonia-based refrigeration systems are more energy-efficient than those based on other refrigerants. Furthermore, companies are focusing on manufacturing industrial refrigeration equipment compatible with ammonia as HCFC-based refrigeration systems are no longer being manufactured after January 1, 2020. Also, ammonia is widely available and has an Ozone Depletion Potential (ODP) and Global Warming Potential (GWP) rating of zero, which imply that it is safe for the environment. Moreover, the rising trend of low-charge ammonia refrigeration systems will provide growth opportunities for ammonia-based refrigeration systems during the forecast period.
The chemical, petrochemical, and pharmaceutical segment of the industrial refrigeration market is projected to register the highest CAGR during the forecast period, by application. Processes in chemicals and petrochemicals industries, particularly handling and processing substances such as oil, gas, and other chemical compounds, are extremely challenging. Different processes and operations in these applications require the removal of heat and refrigeration to produce the final product. These processes include crystallization or condensation. Similarly, the pharmaceutical industry relies on refrigerated or temperature-controlled systems to preserve and maintain the integrity of products. A key factor for the growth in chemical, petrochemical, and pharmaceutical applications is the increasing demand for industrial cold storage facilities to store medicines and vaccines. Additionally, running clinical testing and research to halt the outbreak of the COVID-19 pandemic across North America and APAC is also driving the market growth.
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APAC is expected to witness the highest CAGR in theindustrial refrigeration market during the forecast period. The marketâ€™s growth can be attributed to the growing pharmaceutical industry in the region, coupled with government subsidies for improving the cold chain and preservation infrastructure. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan. Additionally, increasing disposable incomes and the ever-growing population are propelling the demand for processed food products and beverages in the region. As a result, there is an increase in the number of food processing facilities in APAC, which, in turn, is expected to drive the market for industrial refrigeration systems.