According to the research 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 was assessed at USD 19.55 billion in 2019 and is anticipated to be worth USD 28.02 billion by 2027, expanding at an annual rate of 4.6% between 2020-2027.
 

Surging consumption of perishable goods, increasing purchase of packaged products, and government initiatives to develop cold chain infrastructure are key factors propelling global industrial refrigeration systems market expansion.
 

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Citing an instance, the Government of India invested USD 67.1 million in 2020 for value addition infrastructure development program and integrated cold chain. Moreover, it also approved 27 new integrated cold chain projects.
 

Furthermore, leading players are funding in equipment testing which will aid industry proliferation over the forecast timeframe. For example, Danfoss Editron opened a new in-house testing laboratory in Lappeenranta, Finland in 2020.
 

While growing number of refrigerated warehouses and rising penetration of organized retail stores in developing countries like China and India will facilitate global industrial refrigeration systems market growth, high energy consumption and huge installation costs are poised to hinder industry expansion over the study period.
 

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

Regionally speaking, North America captured majority of global industrial refrigeration systems market share in the past year, due to convenience as well as aggressive marketing of frozen food products of vast variety including skillets, bowl meals, and others.
 

Meanwhile, Asia Pacific is estimated to grow rapidly between 2020-2027 owing to growth opportunities for cold-chain storage infrastructure in economies like China, India, and Japan.
 

Leading companies profiled in worldwide industrial refrigeration systems market report are Bitzer SE, Johnson Controls International plc, LU-VE S.p.A, Emerson Electric Co., GEA Group AG, EVAPCO Inc., Danfoss, Daikin Industries Ltd., Güntner GmbH & Co. KG, and Mayekawa Mfg. Co. Ltd.