Industrial refrigeration equipment is used in different end-use enterprises, for example, chemical processing and cold storage applications, processing of food and beverages, anywhere temperature control of the materials is mandatory. These kinds of products summon maximum demand in beverage production, food processing, HVAC applications and process cooling. The worldwide market for industrial refrigeration equipment is driven by a rising number of applications in the chemical industry, pharmaceuticals and food and beverages industry.
The market is likewise being affected vigorously because of the recognition of natural refrigerants, a quickly extending processed food industry and actions towards achieving energy competence in cutting edge nations. Another vital factor fuelling the growth of this market is the tremendous requirement for a variety of food and beverage items. In the pharmaceutical business, R&D activities relating to the making of new medications require industrial refrigeration equipment for storing samplings.
The global market for industrial refrigeration equipment is poised to account for a value of about US$ 36,900 Million by 2026 end, up from a value of about US$ 22,650 Million by 2017 end plus in the process reflecting a 5.6% CAGR throughout 2017-2026.
On the basis of region, the worldwide market includes MEA, APEJ, Japan, Europe, Latin America and North America. North America industrial refrigeration equipment market is considered as the biggest in revenue terms and is anticipated to reflect a 5.1% CAGR all through the assessment period. The North America regional market is anticipated to account for a value of close to US$ 10,900 Million by 2026 end.
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On the basis of equipment, the overall market includes controls, evaporators, condenser and compressor. The condenser equipment segment is the biggest in value terms plus is expected to reflect a 5.1% CAGR over the assessment period. The segment is anticipated to attain a valuation of about US$ 12,600 Million by end of the assessment period.
Based on the application, the overall market includes logistics, energy, petrochemicals, chemicals & pharmaceuticals, beverage production and food processing. The food processing application segment is projected to reflect a 4.8% CAGR over the assessment period. The beverage production application segment is set to reflect the highest 7.5% CAGR all through the assessment period. The beverage production segment is moreover anticipated to account for a market evaluation of about US$ 6,600 Million through the end of the assessment year 2026.