Driven By the Increasing Demand and Rise in Government Investment in Cold Chain Infrastructure, the Global Industrial Refrigeration Market Is Forecasted to Reach US$ 30 Bn By 2028 Says Ken Research Study.
Industrial Refrigerator is a large-scale cooling system that is mostly used by end-user such as refrigerated warehouses, food & beverage, chemical & petrochemical, refrigerated transportation, pharmaceutical, and utility. The industrial refrigerator component segment mainly comprises the compressor, evaporator, condenser, controller, and others. The increasing usage of packaged food and beverage is expected to boost the market growth.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study
1. Rise In Demand for Frozen and Processed Food Creates Lucrative Growth Opportunities for Industrial Refrigeration Market
The Global Industrial Refrigeration Market is expected to witness growth during the forecast period, due to the rise in global demand for frozen and processed food. In addition, during the pandemic of COVID-19 industries such as food & beverage and pharmaceutical were providing frozen food and vaccines respectively during lockdown which helped in maintaining the stability of the industrial refrigeration market, and the increasing demand for industrial refrigerators to transport and preserve vaccines provide a new platform to the industry.
According to Ken Research estimates, the Global Industrial Refrigeration Market was valued at ~US$ 15 billion in 2017, it is estimated to be ~US$ 20 billion in 2022 and is expected to reach a market size of ~US$ 30 billion by 2028 growing with a CAGR of ~7% during the forecast period (2022-2028).
2. Growing Demand for Alternative Refrigerant Acts as One of the Major Growth Drivers for Global Industrial Refrigeration.
Refrigerants used earlier had higher Global Warming Potential (GWP) ranging between 1,430 GWP to 3,990 GWP, which contributed to the ozone layer depletion. However, to overcome such a situation new alternative refrigerant ranging between 1 GWP to 6 GWP was introduced. Alternative refrigerants are sustainable for the environment and have gained wide popularity among manufacturers as there are stringent government regulations to curb environmental pollution.
The below graph shows the Global Warming Potential of earlier refrigerants used as compared to the alternative refrigerant.
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3. High Investment in the Maintenance of Industrial Refrigeration Systems is Hampering Market Growth.
The high cost associated with the maintenance of industrial refrigeration systems is expected to restrict the growth of the market. Maintenance of the refrigeration system is required to improve its efficiency, reliability, and performance. The industrial refrigeration system needs frequent maintenance which adds up to the cost. According to the United Nations Environment Program, RACHP (refrigerator, air-conditioning, and heat pump) lifecycle costs are segmented into 3 categories maintenance 75%, capital cost 15%, and electricity 10%.
For more information on the research report, refer to the below link:
Global Industrial Refrigeration Market
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