How Do Industrial Refrigeration Systems Strengthen Cold Chain Supply System?
Industrial refrigeration systems help maintain the quality of biological products and biotech drugs while shipping them from manufacturing plants to clinics, patients, hospitals, and pharmacies. These logistics solutions help retain the quality of such temperature (2–8 degree Celsius)-sensitive products. The increasing consumption of these products due to the rising prevalence of diseases has led to the expansion of the cold chain supply system. Thus, heavy investment in the advancement of the supply chain technology will increase the cold warehouse capacity in the future, thus fueling the demand for industrial refrigeration systems.
Moreover, the escalating usage of refrigerators in the chemical and oil refining industries will fuel the industrial refrigeration systems market growth at a 5.0% CAGR during the forecast period (2020–2030). At this rate, the revenue of the market is expected to increase from $26.8 billion in 2019 to $41.1 billion in 2030. The oil and gas and petrochemical sectors require refrigeration to preserve compounds, condense gases, and dehumidify the air. Additionally, the chemical industry uses refrigeration systems to store finished and semi-finished goods and raw materials at a certain temperature.
Apart from this, industrial refrigeration systems are being inducted in the food and beverage sector due to their rising applications in food processing units and refrigerated warehouses. Furthermore, numerous countries are investing a huge amount in strengthening their cold chain infrastructure, because refrigeration has become an integral part of the food and beverage industry. The installation of such systems helps in preserving edible products, while maintaining their nutritional content and quality. Moreover, the soaring demand for packaged foods is augmenting the installation of industrial refrigeration systems.
The equipment segment of the industrial refrigeration systems market is divided into condensers, evaporators, compressors, and controls. Under this segment, the controls category is expected to register the fastest growth in the forecast period due to the surging installation of control systems for improving the efficiency and functionality of industrial refrigeration systems. Besides, the incorporation of advanced control and monitoring systems increases savings, as they reduce the failures that occur due to human error, offer convenience with automated operations, and make the appliances energy-efficient.