The global industrial refrigeration market is anticipated to grow at 19.2 billion in 2020 to USD 26.1 billion by 2027, expanding at a CAGR of 4.8% from 2021 to 2027.

The global industrial refrigeration market is anticipated to grow at a CAGR of 4.8% during the forecast period 2021-2027. The mounting demand for innovative and compact refrigeration systems, initiatives by the government to strengthen cold chain infrastructure in emerging economies, rising inclination towards eco-friendly refrigeration systems owing to strict regulatory policies will propel the growth of the global industrial refrigeration market.

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The COVID-19 outbreak has impacted the industrial refrigeration market owing to strict restrictions and lockdowns. The requirement of industrial refrigeration was highly impacted owing to the temporary shutdown of manufacturing units and transport & logistics businesses.

Based on application, the industrial refrigeration market is categorized into oil & gas, food & beverage, chemicals & pharmaceuticals, and others. The food & beverage dominates and contributes for the largest revenue in 2020 owing to the increasing consumption of packaged foods and expansion of global retail food chains.

The increasing adoption of industrial refrigeration systems in the FMCG industry, wastewater treatment plants, pharmaceutical companies, and advancement in cold storage infrastructures will fuel the growth of the global industrial refrigeration market.

Asia-Pacific accounts for the highest revenue in the industrial refrigeration market due to the rising pharmaceutical industry in the region, increasing government subsidies for enhancing the cold chain and preserving infrastructure.

The prominent players in the industrial refrigeration industry include Johnson Controls, GEA Group, Industrial Frigo, Emerson Electric, Bitzer, Danfoss, United Technologies Corporation, Star Refrigeration, Hussmann Corporation, and Dover Corporation.

Source: VynZ Research