Industrial Refrigeration Systems Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report, 2027
“The global industrial refrigeration systems market size was worth USD 19.55 billion in 2019. The market is anticipated to grow at a CAGR of 4.6% over the forecast duration, 2020 to 2027.”
The global industrial refrigeration system market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: The global industrial refrigeration system market size is anticipated to account for USD 26.90 billion by 2027, according to a new report by Million Insights. The market is projected to register 4.6% CAGR over the forecast duration. Increasing demand for compact and innovative industrial refrigeration systems coupled with government initiatives to consolidate cold chain infrastructure is driving the growth of the market. In addition, the rapid expansion of retail food stores globally is further attributed to the growth of the market. Food processing industry faces challenges in ensuring the freshness of perishable goods. As a result, they are increasingly focusing on the development of cold chain storage. Rising consumption and production of processed food is expected to play a key role in the growth of the industrial refrigeration system. In the recent past, the demand for online food delivery has surged significantly. This trend has provided a new opportunity in the market, as the refrigeration system would help in keeping the food fresh for a longer duration. In addition, online delivery of meat, fish, poultry, and other processed food has strengthened the demand for cold chain operations, which in turn, has driven the market growth. Further, the growing penetration of the retail sector in emerging countries is supplementing the industrial refrigeration market. The demand for medical and pharmaceutical products has increased considerably owing to COVID-19 outbreak. Medical products such as drugs, blood bags, vaccines, and others are temperature sensitive.