International. The global industrial refrigeration market is projected to grow from $22.57 billion in 2014 to $33.90 billion by 2020, with a compound annual growth rate (CAGR) of 7.1%, according to a report by P&S Market Research.
Evaporation units, industrial racks and compressors together accounted for approximately a share of the global industrial refrigeration market of 64% in 2014. The growth of the food processing industry, in addition to the expansion of cold stores in developing countries such as India, China, and Brazil, will drive demand for industrial refrigeration during the forecast period.
The growth of pharmaceutical manufacturing outsourcing by developed countries has increased the cold chain demand for pharmaceuticals in recent years.
The markets of Asia-Pacific, Latin America and the emerging countries of the Middle East have shown promising growth in recent years. The European market is heading towards maturity, and expects to witness below-average growth during the forecast period. The growth of the industrial refrigeration equipment market in European countries is expected to be mainly due to the replacement of existing industrial refrigeration components.
