The major factors driving the growth of the industrial refrigeration systems market — according to a report by Research and Markets — are the expansion of the food and beverage processing sector in emerging economies, the advance of the cold-chain industry, and the rise in the demand for refrigeration solutions among pharmaceutical and chemical companies. As a result of all these factors, the industry is expected to grow from $26.8 billion in 2019 to $41.1 billion in 2030, witnessing a CAGR of 5.0 percent between 2020 and 2030 (forecast period).
“Industrial Refrigeration Systems Market Research Report: By Equipment Type, Refrigerant Type, Application - Global Industry Analysis and Growth Forecast to 2030” notes that condensers, controls, evaporators, and compressors are included as equipment type segments. Among these, the compressor category led the industrial refrigeration systems market during the historical period (2014–2019). Being the component that actually provides the cooling, compressors account for anywhere between 25 and 35 percent of the cost of a complete refrigeration unit designed for industries.
In the coming years, predicts Research and Markets, the controls category will grow the fastest because the demand for energy efficiency and operational cost savings is driving the installation of control systems.
To learn more or purchase the full research report, visit here.