The expansion of the food and beverages industry in emerging nations and increasing adoption of refrigeration in pharmaceutical and chemical industries are the key factors behind the growth of the Asia-Pacific (APAC) industrial refrigeration system market. In 2017, the market generated a revenue of $7,058.6 million, and is predicted to register a CAGR of 7.1% during the forecast period (2018–2023).
The refrigeration components specially used in the chemicals and pharmaceuticals, food and beverages, and oil and gas sectors are collectively known as industrial refrigeration systems.
On the basis of equipment type, the industrial refrigeration systems market in APAC is categorized into condensers, compressors, evaporators, and controls. Among these, in 2017, the compressors category generated the highest revenue (more than 35.0%) in the market and would continue to do so during the forecast period.
This is ascribed to the fact that compressors are quite expensive as compared to other equipment and the heavy use of industrial refrigerant systems. However, the controls category is anticipated to exhibit the fastest growth during 2018–2023, owing to energy efficiency and customizable features.
The APAC industrial refrigeration systems market is divided into CO2, hydrofluorocarbon, ammonia, and others, based on refrigerant type. Although ammonia-based refrigerants are relatively less expensive, these contributed the largest revenue in the market as these make the refrigerators more efficient, therefore were sold heavily.
Hence, the rising demand for ammonia-based cascade and CO2 refrigeration system and expanding food and beverages industry are expected to propel the market in a positive direction.
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