Surging Food & Beverage Industry Driving Industrial Refrigeration Systems Market The global industrial refrigeration systems market revenue stood at $26.8 billion in 2019, and it is predicted to surge to $41.1 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 5.0% from 2020 to 2030 (forecast period). The market is being propelled by the growing utilization of refrigerators in the pharmaceutical and chemical industries and booming food processing and cold chain sectors across the world. Another major industrial refrigeration systems market growth driver is soaring sales of biologic products and biotech drugs all over the world. Many logistics solutions are extensively adopted for maintaining the temperature which is necessary for maintaining the quality of these products, as they are transported from manufacturers to hospitals, clinics, pharmacies, and patients. Hence, the growing consumption of these products in both developing and developed countries is propelling the advancement of the market. Furthermore, the expansion of petrochemical, oil refining, and chemical industries is also positively impacting the worldwide sales of industrial refrigeration systems. This is because these systems are required in these industries for dehumidifying the air, preserving compounds, and condensing gases. Refrigeration systems are widely used by pharmaceutical organizations for the cold sterilization of biologics, medical devices, and tissue samples. Additionally, advanced refrigeration is required in the chemical industry for maintaining the temperature of raw materials and semi-finished and finished goods. Depending on equipment type, the industrial refrigeration systems market is classified into compressors, condensers, evaporators, and controls. Out of these, the compressor category contributed the highest revenue to the market in the past, and this trend is expected to continue in the coming years as well. This is because compressors account for as much as 25–35% of the total cost of an industrial refrigeration system, which ensures that the booming sales of complete refrigeration units propel the demand for compressors. Geographically, the Asia-Pacific (APAC) industrial refrigeration systems market is predicted to demonstrate the fastest growth in the coming years. This will be because of the growing demand for packaged foods in the region. Moreover, the changing eating habits of people and soaring popularity of the eating out culture in regional countries, such as India, China, and Japan, on account of the rising urbanization rate and surging disposable income of people, are also propelling the demand for industrial refrigeration systems in the region. The players operating in the market are actively focusing on acquisitions and mergers to strengthen their position. For example, M&M Refrigeration LLC, a developer of CO2-based cascade systems for industrial processes and other massive refrigeration applications, completed the acquisition of Carnot Refrigeration, which is a regional developer of CO2-based trans-critical refrigeration solutions for industrial and commercial applications in North America, in July 2019. With the help of this acquisition, M&M Refrigeration LLC expanded its collective controls and service offerings. Thus, the demand for industrial refrigeration systems will surge sharply in the forthcoming years, primarily because of the expanding food and beverage and pharmaceutical industries all over the world. Read More: https://www.psmarketresearch.com/market-analysis/industrial-refrigeration-equipment-market