The global industrial refrigeration market is expected to grow from $22,571 million in 2014, and reach $33,904 million in 2020, with a CAGR of 7.1%. Evaporator unit, industrial racks, and compressor together accounted about 64% share of the global industrial refrigeration market in 2014. The growth of food processing industries, in addition to the expansion of refrigerated warehouses in developing countries, such as India, China, and Brazil, is expected to boost the demand of industrial refrigeration during the forecast period. The growth in outsourcing of pharmaceutical manufacturing facility by developed countries has lifted up the demand of pharmaceuticals cold chain supply and logistic in recent years.
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Industrial refrigeration stereotypically plays an important role among various manufacturing facilities in chemicals, and oil & gas industry. The industrial refrigeration system is an efficient combination of different electrical and mechanical components including compressors, heat exchangers, evaporators, racks and others; while the component used for the system may be in distinct parts, from more than one manufacturer. The parts such as compressor, heat exchangers, and evaporator unit are assembled under a custom engineered system by the installation service providers
The market in Asia–Pacific, Latin America and emerging countries of Middle-East have shown promising growth during the past few years. The European market is heading towards maturity, and it is expected to witness a below average growth during the forecast period. The growth of the industrial refrigeration equipment market in the European countries is mainly anticipated due to replacement of existing industrial refrigeration parts
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GLOBAL INDUSTRIAL REFRIGERATION MARKET BREAKDOWN BY GEOGRAPHY
North America Industrial Refrigeration Market
- North America Industrial Refrigeration Market Breakdown by Country – U.S., and Canada
Europe industrial Refrigeration Market
- Europe Industrial Refrigeration Market Breakdown by Country – U.K., Germany, France, Italy, Spain, Russia and Rest of Europe
Asia-Pacific Industrial Refrigeration Market
- Asia-Pacific Industrial Refrigeration Market Breakdown by Country – China, Japan, India, Indonesia, Thailand, Australia, and Rest of Asia-Pacific
Rest of the World (RoW) Industrial Refrigeration Market
- RoW Industrial Refrigeration Market Breakdown by Country – Brazil, Mexico, Turkey, Iran, Saudi Arabia, UAE and Rest of World (RoW)
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