From $26.8 billion in 2019, the industrial refrigeration systems market is expected to reach a value of $41.1 billion by 2030. Furthermore, the market will exhibit a CAGR of 5.0% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major factors driving the market are the mushrooming utilization of refrigerators in the pharmaceutical and chemical industries and booming cold chain and food processing industries across the world.

With the mushrooming sales of biologic products and biotech drugs, the cold chain industry is expanding rapidly. This is because special logistics solutions are required to maintain the quality of these temperature-sensitive (2–8 °C) products, especially during their transportation from warehouses to patients, pharmacies, clinics, and hospitals. Moreover, the growing consumption of these items in developing and developed nations is fueling the expansion of the cold chain sector, which is, in turn, pushing up the demand for industrial refrigeration systems.

Furthermore, refrigeration is required in oil refining, petrochemical, and chemical industries to preserve compounds, dehumidify the air, and condense gases. Pharmaceutical organizations use refrigeration systems for the cold sterilization of biologics, medical devices, and tissue samples. Moreover, most of the bioengineered drugs, vaccines, biologics, and pharmaceuticals that are produced from living cells must be kept in stable temperatures. Additionally, advanced refrigeration systems are required in the chemical industry for maintaining the temperature and quality of semi-finished and finished goods and raw materials.

The industrial refrigeration systems market is categorized, on the basis of equipment type, into compressors, condensers, evaporators, and controls. Out of these, the compressor category contributed the highest revenue to the market in the years gone by, and this trend is predicted to continue in the coming years as well. This is ascribed to the fact that compressors account for around 25–35% of the total cost of a unit.

The industrial refrigeration systems market is also divided, depending on application, into chemicals and pharmaceuticals, food and beverages, and oil and gas. Amongst these, the chemicals and pharmaceuticals category is predicted to demonstrate the fastest growth in the market throughout the forecast period. This will be because of the surge in the biopharma cold chain logistics ecosystem all over the world. In addition, the use of refrigerators is surging in industries, as better storage facilities are being increasingly needed for raw materials. Furthermore, refrigeration is required in the oil refining, petrochemical, and chemical industries for the condensation of gases.

Geographically, the Asia-Pacific (APAC) industrial refrigeration systems market will register the fastest growth during the forecast period. This is attributed to the soaring requirement for packaged foods across the globe. Moreover, the rising industrialization rate in various regional countries, such as India, Japan, and China, changing dietary habits of people, and soaring popularity of the eating out culture are also boosting the sales of industrial refrigeration systems in the region.

Thus, the growing demand for packaged food items and expansion of chemical, pharmaceutical, and oil refining industries are expected to propel the growth rate of the market in the coming years.