The global industrial refrigeration system market is estimated to grow from USD19.4bn in 2021 to USD25.1bn by 2026 at a CAGR of 5.3% during 2021–2026, according to a recent report by Marketsandmarkets.
The growth of the industrial refrigeration system market is driven by factors such as the rising demand for innovative and compact refrigeration systems; increasing government support to strengthen cold chain infrastructure in developing countries, and growing inclination toward eco-friendly refrigerant-based refrigeration systems due to stringent regulatory policies. The compressor segment of the industrial refrigeration system market is estimated to register the largest market share in 2026, by component. In industrial refrigeration systems, compressors play a vital role by increasing refrigerant vapor pressure in a condenser to ensure suitable temperature for food storage and preservation applications, thereby propelling the refrigerant compressor market growth.
The market in APAC is expected to grow at the highest CAGR during the forecast period. The market’s growth can be attributed to the growing pharmaceutical industry in the region, coupled with government subsidies for improving the cold chain and preservation infrastructure. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan.