The global industrial refrigeration system market is gaining traction with the increasing demand for energy efficient refrigeration technologies. The food & beverage, chemical, pharmaceutical, and cold storage sectors account for a majority of this demand. The presence of strict regulatory standards and policies to ensure food safety and promote preservation of food will have a positive impact on the market growth.
Leading refrigeration system manufacturers are focusing on different growth and expansion strategies to gain a foothold in new markets. In July 2020, for instance, Daikin had announced plans to integrate its commercial refrigeration business operations in 16 countries in Central and Eastern Europe.
The increasing investments in energy efficient refrigeration equipment by ecommerce and food retail companies such as Amazon and Walmart are fueling the global industrial refrigeration system market size, which is projected to hit US$19 billion by the year 2026. Highlighted below are some of the most important factors driving future trends in the industry.
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Expanding retail and ecommerce sectors in APAC
The demand for industrial refrigeration systems across Asia Pacific countries is growing rapidly, with the proliferation of ecommerce and offline retail sectors in China, India, and Japan. The shifting lifestyle trends of consumers have resulted in an increased consumption of packaged foods. As a result, there is currently a strong demand for refrigeration equipment among retail and ecommerce companies. In addition, the regional government is investing substantially in the development of the manufacturing sector, which will complement the regional outlook.
Growing application in chemical & petrochemical sectors
Industrial refrigeration systems are slated to experience a significant adoption across the chemical and petrochemical sectors. Cooling technology is required for storage and numerous other applications in the industry. Refrigerators are used in chemical companies and oil refineries to regulate the heat dissipation that occurs during industrial activities. These systems have the ability to ensure an optimum and energy efficient operation of critical processes within the chemical and petrochemical industries.
Constant innovation by industry players
Johnson Controls, Ingersoll-Rand Plc, Danfoss, M&M Systems, Inc., Frick India Ltd, MAYEKAWA Mfg., Kirloskar Penumatic Co. Ltd., Rivacold, Howden Group, Co., LTD., Bitzer SE, LEWA, EVAPCO, Emerson Electric Co., Dorin S.p.A., and GEA are among the leading manufacturers of industrial refrigeration systems. These companies are investing in research and development to bring innovative technologies to the market.
Citing an instance, in July 2019, Ingersoll-Rand Plc had launched a new series of compressors and other technologies in the market. These included an air-cooled reciprocating compressor and a rotary screw compressor suitable for industrial applications.
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The rapid spread of the global COVID-19 pandemic had severely disrupted the global industrial refrigeration system market trends during the first half of 2020. Manufacturers had been forced to shut down production activities temporarily due to supply chain disruption and the unavailability of raw materials. The shortage of workforce has been another major impact of the pandemic on the industry.
However, the industrial refrigeration system industry is well set for a rebound in the near future, with an increased demand for refrigeration technologies in the pharmaceutical sector.