As per Invest India, India’s food processing industry will become the fifth-largest in the world by 2025. The food processing industry scenario is similar in many other developing and developed countries, driven by the population boom and increasing export volume. For instance, with a value of over $89 billion, the U.S. was the largest exporter of food and beverages in 2016, as per the World Bank.

Such growth in this sector is leading to the construction of expansive food processing factories with advanced equipment. Thus, P&S Intelligence expects the industrial refrigeration systems market size to increase to $41.1 billion in 2030 from $26.8 billion in 2019, at a 5.0% CAGR between 2020 and 2030 (forecast period). Apart from the actual processing machinery, refrigerators are an important part of food and beverage plants.

Since many food products, especially fresh produce and raw ingredients, are perishable, they need to be kept in cool surroundings to stop the action of bacteria. Therefore, massive refrigerators are common in food factories and warehouses. Another sector where these systems are important is chemicals & pharmaceuticals. Just like food products, several chemicals and almost all pharmaceuticals are destroyed by heat, which is why refrigeration is imperative to lengthen their shelf life.

With the increasing prevalence of all types of health issues, the demand for drugs is burgeoning, which is giving impetus to the pharmaceutical sector. Similarly, the chemical sector is allied with different industries, such as oil & gas, food & beverage, construction, automotive, and agriculture. Therefore, as the manufacturing sector advances with the burgeoning population, the demand for industrial-grade refrigerators will boom.

This market research report provides a comprehensive overview of the market
* The Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings