The petrochemical, oil refining, and chemical sectors deploy industrial refrigeration systems to preserve compounds, condense gases, and dehumidify the air. Pharmaceutical companies use these systems for cold sterilization of biologics, tissues, and medical devices. Whereas, chemical companies need advanced refrigeration systems to maintain the temperature of raw materials and semi-finished and finished products.
As most of the vaccines, biologics, and bioengineered drugs derived from living cells need to be stored at stable temperatures to remain viable, the burgeoning demand for such pharmaceuticals will create a huge requirement for industrial refrigeration systems in the coming years. Additionally, the expansion of the cold chain industry will fuel the industrial refrigeration systems market at a CAGR of 5.0% during the forecast period (2020–2030).
The market revenue is expected to surge from $26.8 billion in 2019 to $41.1 billion by 2030. The growth of the cold chain industry can be attributed to the rising sales of biologic products and biotech drugs. Hospitals, clinics, and pharmacies require special logistics solutions to maintain the quality of such temperature-sensitive products during their transportation from manufacturing companies to end users.
In recent years, industrial refrigeration system manufacturers have been focusing on partnerships and product launches to cater to the needs of end users. For example, in July 2019, Axima Refrigeration France entered into a partnership with The Chemours Company to use the Opteon XL A2L-class refrigerants for commercial refrigeration.
As per the partnership agreement, this refrigerant will be used before the implementation of the next European F-Gas hydrofluorocarbon (HFC) cap. Likewise, in November 2019, Danfoss India introduced incompressible computational fluid dynamics (ICFD) defrost module to reduce energy consumption and improve defrost performance in industrial refrigeration applications.
As most of the vaccines, biologics, and bioengineered drugs derived from living cells need to be stored at stable temperatures to remain viable, the burgeoning demand for such pharmaceuticals will create a huge requirement for industrial refrigeration systems in the coming years. Additionally, the expansion of the cold chain industry will fuel the industrial refrigeration systems market at a CAGR of 5.0% during the forecast period (2020–2030).
The market revenue is expected to surge from $26.8 billion in 2019 to $41.1 billion by 2030. The growth of the cold chain industry can be attributed to the rising sales of biologic products and biotech drugs. Hospitals, clinics, and pharmacies require special logistics solutions to maintain the quality of such temperature-sensitive products during their transportation from manufacturing companies to end users.
In recent years, industrial refrigeration system manufacturers have been focusing on partnerships and product launches to cater to the needs of end users. For example, in July 2019, Axima Refrigeration France entered into a partnership with The Chemours Company to use the Opteon XL A2L-class refrigerants for commercial refrigeration.
As per the partnership agreement, this refrigerant will be used before the implementation of the next European F-Gas hydrofluorocarbon (HFC) cap. Likewise, in November 2019, Danfoss India introduced incompressible computational fluid dynamics (ICFD) defrost module to reduce energy consumption and improve defrost performance in industrial refrigeration applications.
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