In recent years, industrial refrigeration system manufacturers have focused on product launches and partnerships to offer advanced products to their existing and potential clientele. For instance, in November 2019, incompressible computational fluid dynamics (ICFD) defrost module was launched by Danfoss India to improve defrost performance and curtail energy consumption in industrial refrigeration applications.
Other manufacturers engaging in product launches are Mayekawa Mfg. Co. Ltd., Johnson Controls International PLC, Star Refrigeration Ltd., Midea Group Co. Ltd., BITZER Kühlmaschinenbau GmbH, Trane Technologies plc, and GEA Group Aktiengesellschaft. Globally, Asia-Pacific (APAC) is expected to account for the largest share in the industrial refrigeration systems market during the forecast years.
This will be on account of the presence of a vast population in APAC countries and numerous industrialized nations in the region. Besides, the heavy investments being made by APAC nations in the creation of world-class cold-chain infrastructure will also facilitate the demand for industrial refrigeration systems. For example, the Government of India aims to develop 27 new integrated cold-chain systems through its Pradhan Mantri Kisan Sampada Yojana (PMKSY).
The application segment of the industrial refrigeration systems market is categorized into chemicals and pharmaceuticals, food and beverages, oil and gas, and others. Under this segment, the chemicals and pharmaceuticals category will exhibit the fastest growth throughout the forecast period. This will be primarily credited to the strengthening biopharma cold chain logistics ecosystem around the world.
Additionally, the rising need for refrigeration for dehumidifying air, preserving compounds, and condensing gases in chemical and petrochemical companies will also support the growth of this category. Therefore, the burgeoning demand for biotech products and biologic drugs will create a huge demand for industrial refrigeration systems, globally.