The global industrial refrigeration system market size is anticipated to account for USD 26.90 billion by 2027, according to a new report by Million Insights. The market is projected to register 4.6% CAGR over the forecast duration. Increasing demand for compact and innovative industrial refrigeration systems coupled with government initiatives to consolidate cold chain infrastructure is driving the growth of the market. In addition, the rapid expansion of retail food stores globally is further attributed to the growth of the market.
Food processing industry faces challenges in ensuring the freshness of perishable goods. As a result, they are increasingly focusing on the development of cold chain storage. Rising consumption and production of processed food is expected to play a key role in the growth of the industrial refrigeration system.
In the recent past, the demand for online food delivery has surged significantly. This trend has provided a new opportunity in the market, as the refrigeration system would help in keeping the food fresh for a longer duration. In addition, online delivery of meat, fish, poultry, and other processed food has strengthened the demand for cold chain operations, which in turn, has driven the market growth. Further, the growing penetration of the retail sector in emerging countries is supplementing the industrial refrigeration market.
The demand for medical and pharmaceutical products has increased considerably owing to COVID-19 outbreak. Medical products such as drugs, blood bags, vaccines, and others are temperature sensitive. Therefore, increasing the need to preserve pharmaceutical products is driving the demand for industrial refrigeration systems.
Market Share Insights
Key players such as GEA Group¸ DAIKIN INDUSTRIES, Ltd, Danfoss Industries Pvt. Ltd, Emerson Electric Co., and Johnson Controls held the prominent share in the market in 2019. Market players are focusing on developing new technologies collectively to increase profitability. Industry players are continuously undertaking strategic initiatives such as mergers & acquisition, partnerships, agreements, and new product development to stay competitive in the market. For example, Danfoss Industries Pvt. Ltd, in April 2020, introduced an electric liquid level switch. This switch is anticipated to play a crucial role in the safety of the refrigeration system.
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Regional Insights
In 2019, North America accounted for more than 30.0% share in the industrial refrigeration system market by revenue. Increasing consumption of frozen foods in the form of skillet, oven meal, bowl meal, and others are increasing the demand for efficient refrigeration systems in the region. Food producers are likely to contribute to the majority of the share in the market. In addition, an increasing number of ongoing research and clinical testing amid COVID-19 are further anticipated to drive the growth of the product from the pharmaceuticals industry.
The Asia Pacific is estimated to provide lucrative opportunities for the market players owing to the increasing number of cold chain storage systems in countries such as India, China, and Japan. India, on the other hand, is the second-largest producer of vegetables and fruits. Storing and ensuring the improved shelf life of fruits and vegetables can be a challenging task. However, increasing focus by industry players and government in setting up cold storage facilities is driving the demand for industrial refrigeration systems in the country.
COVID-19 Impact Analysis
The market has been negatively affected owing to the outbreak of COVID-19. The majority of industrial operations were shut down across different parts of the world to contain the spread of the virus. Further, consumers’ preferences for home-cooked products have led to a significant drop in the demand for processed food. In addition, disruption in the supply chain further restrained the market growth. However, the demand for essential items continued to rise during the pandemic. Panic buying of food products has positively affected the market growth initially. In addition, the demand for refrigeration systems has witnessed a surge from the pharmaceutical industry. This trend is anticipated to continue owing to ongoing clinical trials and increased demand for medicine.
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