Increase in Demand for Efficiency and Sustainability Drives the Growth of the Industrial Refrigeration Industry

Real refrigeration equipment has seen rapid growth in recent years because natural refrigerants are relatively inexpensive to manufacture and are climate-friendly. Industrial refrigeration processes are used in a variety of industries, including pharmaceutical, food and beverage, processing, and chemical processing. These refrigerants are commonly used in cold storage solutions, beverage production, dairy processing, ice rinks, and heavy industrial applications. It removes heat from materials and applications by reducing the temperature to the desired level.?

As per the latest report released by Allied Market Research, the global industrial refrigeration market is anticipated to exhibit a remarkable CAGR during the forecast period. The market expansion is driven by the factors such as the increasing intake of processed and packaged foods and beverages, the growing need for industrial refrigeration systems, and concerns about global warming, manufacturers are increasingly turning to natural refrigerants for toxic coolants.?

Online grocery sales are increasing at a faster rate than retail store grocery sales across the world. Cold chains also play an important part in reducing the amount of spoilage from harvest using technologies like evaporators (passive coolers) or absorption refrigerators. In addition to agro-climatic conditions, high temperatures, and excessive heat contribute to market expansion. However, in developing countries, cold chain deployments remain low due to lower budgets for advanced equipment.?

Industrial refrigeration system industry leaders and key innovations-?

Top companies operating in the global industrial refrigeration market are Gordon Brothers Industries Pty Ltd., Johnson Controls International plc, Emerson Electric Co., EVAPCO, Inc., and others. They are concentrating on expanding their facilities, developing novel processing techniques to provide simplified solutions, and forming collaborations and joint alliances to strengthen their foothold in the market. For instance, Emerson Electric Co. announced in June 2022 that it had successfully installed 200.0 million Copeland Compressors worldwide. These compressors are used in both commercial and residential air conditioning applications, operating under ideal conditions with lower Gross Workforce Per Hour (GWP) and higher efficiency.?

Another key development by Advansor, a leading CO2 climate solutions manufacturer, introduced two innovative sustainable refrigeration systems in July 2023, namely ValuePack Light, and Low Superheat, both of which are designed to improve energy efficiency and enhance the specific needs of the food retail industry such as in preserving product shelf life and minimizing spoilage.?

Moreover, Enel X, a specialist in energy demand response, got $3.7 million in funding from ARENA in July 2023. The money will help them show and grow flexible energy demand solutions in the commercial and industrial refrigeration business.?

COVID-19 impact on the market-?

The COVID-19 pandemic had a significant impact on the global industrial refrigeration market. due to the lockdown compelled by the government authorities. Many industries experienced halts in work during the pandemic period, thus hindering the development of the market. Global transportation and supply chain issues affected raw materials, which caused a drop in refrigeration equipment production, which directly impacted industrial refrigeration.?

Despite these difficulties, the market experienced a growth in the demand for their products due to the global pandemic, which required the storage of many vaccines to fight the illness. The United States Centers for Disease Control (CDC) has suggested the use of pharmaceutical refrigerators or specifically designed freezers for the proper storage of vaccines.?

Furthermore, CDC recommended the proper temperature to be maintained between refrigerators and freezers. Because of this, the demand for the storage and distribution of vaccines and efficient medicine has continued the growth of the industrial refrigeration sector, which helps to meet the changing requirements of industries while reducing the environmental impact and contributing to the development of a more sustainable future.?