Upcoming project such as FIFA World Cup 2022 (Qatar) is expected to increase the tourist footfall in the country, which would boost the growth of food processing industry across the region. Moreover, recovering oil & gas sector would also lead to an upsurge in the production of several by-products such as petrochemicals and lubricants and are anticipated to propel the growth of Middle East industrial refrigeration systems market over the coming years.
Middle East Industrial Refrigeration Systems Market
According to a study, the Middle East industrial refrigeration systems market by Equipment Types (Compressors, Condensers, Evaporators, Controls and Others including Pumps, Valves, Vessels and Auxiliary Equipment), by Refrigerants (Ammonia, Carbon Dioxide, Hydro chlorofluorocarbons and Others including Chlorofluorocarbon, Fluorocarbon, Hydrocarbon, Air and Water etc., is forecast to reach $1,023.0 Million by 2024.
The countries across the Middle East region lags agricultural activities, resulting in an increased dependence on imported food & beverage products and thereby driving the demand for industrial refrigeration system market in the Middle East region across all the countries in order to preserve the perishable edible items. The market for these systems recorded a decline in the past few years owing to declining oil prices in the Middle East region. However, with recovering crude oil prices, Middle East Industrial Refrigeration Systems Market revenues are anticipated to increase.
Carbon Dioxide based industrial refrigeration system is expected to register the highest growth during 2018-24 due to their eco-friendly characteristics such as, low ozone depleting potential. Further, many
Middle East countries follow norms and regulations under the Montreal Protocol, leading to higher adoption of systems utilizing ammonia, carbon dioxide or a mixture of air & water for refrigeration purposes.
The trend is anticipated to eliminate the utilization of systems based on hydro chlorofluorocarbons as these gases result in the depletion of the ozone layer and pose a potential threat to the environment. Additionally, Saudi Arabia and UAE are the key countries constituting a major pie of the overall market.
