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(Construction.IndustryNews247.Com, September 13, 2018 ) The industrial refrigeration system market is expected to reach USD 24.48 billion by 2024, at a CAGR of 4.78% from 2018 to 2024. The major factors propelling the growth of this market are the ongoing shift toward natural refrigerant-based and energy-efficient refrigeration systems due to strict regulations, and strengthening of cold chain infrastructure in developing countries, especially across APAC. These activities trigger industrial refrigeration system manufacturers to upgrade the existing refrigeration systems of their end users to energy-efficient and environmentally friendly systems.
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Ammonia refrigerant-based refrigeration systems are currently most widely used across wide industrial applications. Ammonia possesses good thermodynamic properties, high efficiency, and zero ODP and GWP. It is also preferred over other refrigerants owing to its availability and low cost for large industrial operations. Furthermore, ammonia is regarded as a high-pressure and high-capacity refrigerant. However, ammonia is also known to be corrosive and toxic if released in large quantities. It is incompatible with copper, because of which more expensive metals have to be used for making refrigeration system components. There have been a few cases of ammonia leakage leading to fatalities. Safety concerns are a restraint for the application of this refrigerant. As a result, many key manufacturers in the industrial refrigeration ecosystem are focusing on the use of NH3-CO2 cascade systems. Carnot Refrigeration (Canada) is one of the providers of NH3-CO2 cascade systems for the industrial refrigeration market. Moreover, developed economies across North America and Europe are undertaking R&D activities for developing CO2 refrigerants. These factors are expected to drive the market for CO2-based industrial refrigeration systems at the highest rate during the forecast period.
The market for refrigerated transportation is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising import/export of refrigerated food products. Moreover, growth will be supported by the growing concern regarding minimizing carbon footprint from existing truck and trailer refrigeration services while meeting the specified food quality standards. Furthermore, increasing demand for advanced refrigerated transportation systems, especially from China, India, and Japan in APAC; Brazil and Chile in South America; and some countries in the Middle East, is the key driving factor for the growth of the refrigerated transportation market.
The market in APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the strong demand from countries such as China, India, Japan, and South Korea. The impact of regional government initiatives to further strengthen the cold chain infrastructure is also expected to be the key driver for the growth of industrial refrigeration systems in these countries.
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