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Oct 13, 2020 3:31 AM ET

Increasing Use of Refrigeration in Chemical and Pharmaceutical Industry Is Propelling the Growth of Industrial Refrigeration Systems Market

Increasing Use of Re

iCrowd Newswire - Oct 13, 2020

The major factors driving the growth of the industrial refrigeration systems market are the expansion of the food and beverage processing sector in emerging economies, advance of the cold chain industry, and rise in the demand for refrigeration solutions among pharmaceutical and chemical companies. As a result of all these factors, the industry is expected to grow from $26.8 billion in 2019 to $41.1 billion in 2030, witnessing a CAGR of 5.0% between 2020 and 2030 (forecast period).

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Another reason the market for industrial refrigeration systems is expanding is the increasing demand for such systems in the pharmaceutical and chemical sectors. Refrigeration is quite important in the pharma, refining, and petrochemical sectors, as the products here need to be stored at specific temperatures to prevent spoilage. For instance, biologics, drugs, and certain medical devices need to be stored at low temperatures. With the increasing prevalence of various diseases, the demand for drugs is rising, thereby driving the demand for refrigeration solutions in the pharma industry.

This market research report provides a comprehensive overview of the industrial refrigeration systems market

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The industrial refrigeration systems market is witnessing the ill-effects of the coronavirus pandemic. As a large number of manufacturers in the industry rely on China for components and raw materials, the lockdown in the country has hurt refrigeration equipment manufacturing. On the demand side, the demand for numerous products for which refrigeration is essential has dropped, which has led to low equipment sales.

In the immediate future, the highest value CAGR, of 6.1%, in the industrial refrigeration systems market is predicted to be experienced by the chemicals and pharmaceuticals category, under segmentation by application. On account of the increasing prevalence of many diseases, the pharmaceutical cold chain is expanding around the world. Similarly, refrigeration is deployed in the chemical, oil, and petrochemical sectors to dehumidify air, condense gases, and preserve compounds.

The research includes detailed analysis of;

Based on Equipment Type

Based on Refrigerant Type

Based on Application

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