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Industrial refrigeration systems market was valued at USD 20.39 Billion in 2022
The global industrial refrigeration systems market was valued at USD 20.39 Billion in 2022 and it is predicted to rise at a compound annual growth rate (CAGR) of 4.75 % from 2023 to 2032.
"Increasing Use of Packaged Foods Globally Fuels the Market"
Industrial operations have been impacted by the pandemic's onset as manufacturing hubs have stopped due to lockdowns and quarantines enacted by governments around the world. However, because to the requirement for massive quantities of vaccinations to be preserved globally to combat the pandemic's scope, the market saw a demand for its products. The Centers for Disease Control and Prevention (CDC) in the United States advise using pharmaceutical or freezers or refrigerators that are especially made for storing vaccinations. The recommended storage temperatures for vaccinations were 2°C to 8°C for refrigerators and -50°C to -15°C for freezers.
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The global industrial refrigeration systems market is segmented based on Component, Capacity, Application, and Refrigerant Type
On the basis of geography, the industrial refrigeration systems is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America has dominated the global market and this region is anticipated to continue growing steadily during the projection period. The growth of e-commerce is the primary element influencing the market's development. Because buying groceries online has become a part of daily life, e-commerce has changed how consumers behave when making purchases. Additionally, retailers are required to keep perishables at the HACCP-mandated standard temperatures, which raises the demand for suitable refrigerated storage systems. The market is expanding as a result of clinical trials and research focused at containing the COVID-19 pandemic in North America.
Contact: Esha Bhatt
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Page Updated Last on: Nov 21, 2022