Industrial Refrigeration Market Projected to Garner $30,250.6 Million by 2028, and Rise at a CAGR of 5.3% from 2021 to 2028

The global industrial refrigeration market is projected to observe substantial growth over the forecast period, owing to the rising adoption of IoT-enabled industrial refrigeration systems across various industry verticals. The Asia-Pacific region is predicted to observe striking growth during the analysis period.

Research Dive states that the global industrial refrigeration market is predicted to register a revenue of $30,250.6 million by 2028, at a CAGR of 5.3% during the forecast period from 2021 to 2028.

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Market Dynamics

As per the analysts of Research Dive, the reinvention of industrial refrigeration with IoT and the growing adoption of IoT-enabled industrial refrigeration systems across the petroleum, food & beverage, and other industry verticals across the globe are the major factors anticipated to accelerate the growth of the industrial refrigeration market over the forecast period. In addition, the significantly rising need for the safe storage of blood derivatives and drug molecules from clinics, hospitals, pharmacies, and diagnostic centers are predicted to create huge growth opportunities for the industrial refrigeration market in the estimated period. However, the high costs associated with industrial refrigeration framework may hinder market growth in the coming years.

Impact of COVID-19 on the Industry

The outbreak of coronavirus across the globe favorably impacted the global industrial refrigeration market. The growth of the market was majorly owing to the vital role in declining post-harvest losses and in food products preservation. In addition, the demand for frozen food increased extensively due to the lockdown situation. Moreover, the large number of people bought groceries in bulk which led to increased demand for refrigeration systems to store them. All these factors progressively impacted the global industrial refrigeration market during the pandemic crisis.

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Segments of the Market

The report has divided the global industrial refrigeration market into segments based on component, application, and region.

Based on component, the compressors sub-segment is predicted to garner a revenue of $11,966.9 million by 2028 and is estimated to hold the largest share in the industrial refrigeration market during the analysis period. This is mainly because compressors play a vital role by increasing refrigerant vapor pressure in a condenser for allowing suitable temperature for food storage and other preservation. Besides, the growing focus of leading companies to innovate advanced compressors is another factor expected to boost the sub-segment's growth.

By application, the food & beverage sub-segment accounted for $11,006.4 million in 2020 and is estimated to observe lucrative growth during the analysis period. The significant growth of the sub-segment is mainly owing to the rising disposable income and changing trends in food consumption coupled with surging demand for processed and frozen food. This increasing need for convenience food products has surged the number of refrigerated warehouses across the globe.

By region, the Asia-Pacific industrial refrigeration market was valued at $6,598.7 million in 2020 and is estimated to witness fastest growth during the analysis period. The increasing demand for fresh food products & beverages along with the financial support of governments of various countries in the region to adopt natural refrigerants in multiple refrigeration frameworks are the major factors projected to propel the industrial refrigeration market growth in the region. Besides, the growing trend of online grocery shopping in countries such as India, Singapore, and Australia also is likely to fuel the demand for refrigerated infrastructure in the Asia-Pacific region.

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Prominent Market Players

The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global industrial refrigeration market are: Rivacold srl, Danfoss A/S, Clauger, BITZER, Güntner GmbH & Co. KG, DAIKIN INDUSTRIES, Ltd., Ingersoll Rand, Johnson Controls International Plc, EVAPCO, Inc., and Carrier Global Corporation. These players are implementing numerous strategies to gain a leading position in the global industry.

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