Industrial Refrigeration Market Trends

Growth Drivers

• Growing Number of Cold Chain Warehouses -  With the rising focus on increasing the shelf life of temperature-sensitive products, the demand for industrial refrigeration has also increased which drives market growth.
• Increasing Food Wastage – Owing to the inefficiency in the handling of food, a huge amount of food products is wasted even before they reach the hands of the customers. This brings the need for highly-efficient industrial refrigeration for preventing food wastage. As per the data shared by the United Nations in 2022, almost 17% of food is wasted from global food production.
• Escalation in the Production of Perishable Goods – Rapid urbanization has led to the development of perishable goods which requires high-quality industrial refrigeration for increasing their shelf life. 
• Increased Penetration of Artificial Intelligence – Digital transformation has increased the penetration of artificial intelligence, the Internet of Things (IoT), and other automation processes have propelled the introduction of the latest industrial refrigeration for numerous processes. The number of Internet of Things devices in the world is projected to double from 10 billion in 2020 to 30 billion in 2030.

Challenges

• High Installation Cost – The deployment of industrial refrigeration is expensive owing to the high cost of the components being used such as compressors, condensers, and evaporators. Furthermore, the technology and systems used in industrial refrigeration increase the cost.
• Lack of Skilled Professionals for Operating
• Rising Concern Regarding Safety