Industrial Refrigeration Systems Market Expected to Grow Globally
The global industrial refrigeration systems market is expected to grow at a CAGR of 5.24 percent between 2016 and 2022 to reach $23.2 billion by 2022, according to a report by MarketsandMarkets. The report says that changing international regulations toward adopting environmentally friendly refrigerants and strengthening of the cold-chain infrastructure by developing countries are a couple of factors driving the growth.
Currently, ammonia-based industrial refrigeration systems are most widely used across various applications, including refrigerated warehouses. However, CO2 refrigerant-based industrial refrigeration systems are expected to grow at the highest rate during the forecast period.
The forecast also reported that North America is among the most favorable markets for many industrial refrigeration system manufacturers. The refrigerated warehouses application holds a considerable demand for industrial refrigeration systems across North American region.
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