According to Allied Market Research, the global industrial refrigeration industry, expected to hit $28.04 billion by 2027, at a CAGR of 5.5% from 2020 – 2027.
Upgrade in cold storage infrastructure and increase in adoption of energy-efficient and eco-friendly refrigerants boost the growth of the global industrial refrigeration market. On the other hand, high energy costs for the operation and maintenance of industrial refrigeration units and stringent regulations related to the usage of refrigerants restrict the growth to a certain extent. However, IoT-enabled refrigeration solutions for equipment monitoring to create multiple opportunities in the future.
The first phase of lockdown due to COVID-19 hampered the construction and transportation activities significantly, resulting in a sharp decline in the global industrial refrigeration market. The global industrial refrigerators segment is expected to retain its dominance by end of 2027 with the large scale installation in manufacturing plants. The components segment will register a CAGR growth of 5.8% during the forecast period due to the need for regular maintenance and replacement of components in the refrigeration systems. An increase in non-toxic and non-flammable properties result in the growth of the HFCs segment at a CAGR of 6.7%.