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Industrial Refrigeration Systems Market Key Manufacturers, Development Trends and Competitive Analysis
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Additionally, the expansion of the cold chain industry will fuel the industrial refrigeration systems market at a CAGR of 5.0% during the forecast period (2020–2030). The market revenue is expected to surge from $26.8 billion in 2019 to $41.1 billion by 2030. The growth of the cold chain industry can be attributed to the rising sales of biologic products and biotech drugs. Hospitals, clinics, and pharmacies require special logistics solutions to maintain the quality of such temperature-sensitive products during their transportation from manufacturing companies to end users.
In recent years, industrial refrigeration system manufacturers have been focusing on partnerships and product launches to cater to the needs of end users. For example, in July 2019, Axima Refrigeration France entered into a partnership with The Chemours Company to use the Opteon XL A2L-class refrigerants for commercial refrigeration. As per the partnership agreement, this refrigerant will be used before the implementation of the next European F-Gas hydrofluorocarbon (HFC) cap. Likewise, in November 2019, Danfoss India introduced incompressible computational fluid dynamics (ICFD) defrost module to reduce energy consumption and improve defrost performance in industrial refrigeration applications.
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According to P&S Intelligence, the Asia-Pacific (APAC) industrial refrigeration systems market will generate the highest revenue during the forecast period, due to the presence of a vast population and several industrialized nations in the region. Moreover, the hefty investments being made by APAC countries in the development of world-class cold-chain infrastructure will also augment the demand for industrial refrigeration systems in the region in the upcoming years. For instance, in September 2020, the Government of India approved the development of 27 new integrated cold chain projects, under its Pradhan Mantri Kisan Sampada Yojana (PMKSY).
Thus, the increasing requirement for cold chain systems and burgeoning demand for pharmaceuticals will fuel the deployment of industrial refrigeration systems in several end-use industries in the coming years.
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