According to the business intelligence report titled ‘Global Industrial Refrigeration Systems Market Size study, by Component (Compressors, Condensers, Evaporators, Controls and Others), Application (Refrigerated Warehouse, Food & Beverage, Chemical, Petrochemical, & Pharmaceutical and Refrigerated Transportation) and Regional Forecasts 2020-2027’, available with Market Study Report, global industrial refrigeration systems market amassed USD 19.55 billion in 2019 and is anticipated to be worth USD 28.02 billion by 2027, growing at a yearly rate of 4.6% between 2020-2027.
 

Rising consumption of perishable products, in consort with government initiatives to improve cold chain infrastructure are key factors propelling global industrial refrigeration systems market expansion. Growing sales of packaged products will spur industry growth as well.

 

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In 2020, the Government of India invested USD 67.1 million and approved 27 new integrated cold chain projects. Such federal initiatives, alongside investments made by key companies to test equipment will stimulate market expansion. Citing an instance, Danfoss Editron Oy inaugurated a new in-house testing laboratory in Finland in 2020.

 

While growing penetration of organized retail stores and growing number of refrigerated warehouses in developing countries like India and China will aid industry proliferation, high energy consumption and heavy installation costs are poised to hinder worldwide industrial refrigeration systems market expansion.

 

As per application scope, the market space is segregated into chemical, petrochemical & pharmaceutical, refrigerated transportation, refrigerated warehouse, and food & beverage. Speaking of component, the industry is divided into controls, compressors, evaporators, condensers, and others.

 

From the regional frame of reference, North America held a significant portion of worldwide industrial refrigeration systems industry share in the recent past owing to aggressive & convenient marketing of frozen food products with a vast variety including bowl meals, skillets, and others.

 

Meanwhile, Asia Pacific market is anticipated to record rapid expansion between 2020-2027, due to development opportunities for cold-chain storage infrastructure in countries like Japan, China, and India.

 

Key players shaping global industrial refrigeration systems market dynamics are Bitzer SE, Güntner GmbH & Co. KG, LU-VE S.p.A, Johnson Controls International plc, Emerson Electric Co., Evapco Inc., GEA Group AG, Danfoss, Mayekawa Mfg. Co. Ltd., and Daikin Industries Ltd.