Market Size of Industrial Refrigeration System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Industrial Refrigeration System Market Analysis
The industrial refrigeration system market is expected to grow at CAGR of 6% over the forecast period 2021-2026. Increased use of packaged and processed food and beverages in the developing are accelerating the demand of industrial refrigeration systems to prevent the spoilage of fully and semi-processed food and drinks.
- The government of India has been instrumental in the growth and development of the food processing industry which accounts for 32% of the country's total food market. The Ministry of Food Processing Industries (MoFPI) is making all efforts to encourage investments in the business also it has approved proposals for joint ventures (JV), foreign collaborations, industrial licenses, and 100% export-oriented units. As per IBEF 2019 report, Amazon, a global e-commerce giant, is planning to enter the Indian food retailing sector by investing USD 515 million in the next five years.
- The rapid increase in demand for the safe storage of blood, blood derivatives, temperature-sensitive medicines from hospitals, pharmacies, clinics, and diagnostic centers are also fueling the growth of the refrigeration system market across the world.
- Rising research activities for the treatment of chronic and infectious diseases has led to the replacement of older medical refrigerators with newer and more advanced energy-efficient cold storage devices. For instance, in 2019, the UK MRC and the Japan Agency for Medical Research and Development AMED collaborated to conduct research on infectious diseases to provide bi-lateral support to biomedical and health researchers in the UK and Japan.
- COVID-19 outbreak has outspace the hospitals supply and people are dying due to the lack of medical equipments. The United States have 4,35,000 COVID-19 positive cases with more than 14,500 fatality as of 9th April 2020. Refrigerator trucks have been brought into the New York city (USA epicenter) to store bodies of deceased coronavirus patients. The U.S. Federal Emergency Management Agency (FEMA) has announced to send 85 more refrigerated trucks to New York to cope with the increasing number of victims.
