The global industrial refrigeration systems market is expected to reach $US23.22 billion by 2022, growing at a CAGR of 5.24 per cent between 2016 and 2022.
According to a Research and Markets report released yesterday the market is expected to grow substantially owing to factors such as the stringent regulatory standards towards the adoption of environmentally-friendly or natural refrigerants and strengthening of cold-chain infrastructure in developing countries.
The equipment market of industrial refrigeration systems has been segmented into compressors, condensers, evaporators, controls, vessels, pumps, valves, and auxiliary equipment.
The compressors market has been further classified into screw and reciprocating compressors while the Condensers market has been segmented into evaporative, air-cooled and water-cooled.
Among the overall equipment market of industrial refrigeration systems, the market for controls is expected to grow at a higher rate because of the increasing significance of controls and software in the future, especially in improving the energy efficiency of existing refrigeration systems.
The market for the CO2 refrigerant-based industrial refrigeration systems is expected to grow at the highest rate by 2022. Many end users in the food and beverage application are focused on using CO2 as a preferred refrigerant type, especially as a secondary refrigerant and also in NH3/CO2 cascade systems.
This trend is more prominent among developed countries across North America and Europe, which is expected to drive the market for CO2 refrigerant type at the highest rate during the forecast period.
In 2015, North America led the industrial refrigeration systems market, followed by Europe and Asia-Pacific.