The global industrial refrigeration market is predicted to witness a rise in revenue from USD20.1bn in 2020 to over USD30.2bn by 2028 at a CAGR of 5.3% from 2021-2028, according to a new study by Research Dive.
By application, the food and beverage sub-segment is anticipated to witness a rise in revenue from USD11bn in 2020 to over USD16.6bn by 2028 at a steady CAGR in the forecast period. Food consumption varies from one person to the other and the shift in trends which has led to increased demand for more processed food products has resulted in production of more refrigerated warehouses. These factors are expected to add to the growth of the segment in the analysis period, according to the study.
By component, the compressor sub-segment is predicted to garner a significant revenue of USD11.9bn by 2028. Compressors are one of the most important parts of a refrigerator as they help in increasing the levels of refrigerant vapor in a condenser which helps in temperature control and other methods of preservation. To add further, multiple organizations have been working on improvements on the compressors to accommodate consumers demands adding to the growth of the segment.
According to the regional analysis of the industrial refrigeration market, the Asia-Pacific market is anticipated to surge at a CAGR of 6.1%, by registering a revenue of USD10.5bn during the forecast period.