The Asia & MENA industrial refrigeration market is mainly driven by increase in demand for FMCG products in the global market. In addition, upgrading cold storage infrastructure in developing countries is driving the growth of the industrial refrigerant market. Further, rise in trend of using energy efficient and eco-friendly refrigerants boost the growth of the market. The Asia & MENA industrial refrigeration market was valued at $9,746.0 million in 2020, and is expected to reach $16,351.6 million by 2030, registering a CAGR of 5.3% from 2021 to 2030.
However, high maintenance costs and high operating costs have adversely affected the installation of industrial refrigeration systems. Moreover, strict rules implemented on usage of refrigerants have adversely affected the growth of the Asia & MENA industrial refrigerant market. On the contrary, increase in adoption of IoT enabled refrigeration solution drive the growth of the Asia & MENA industrial refrigeration market during the forecast period.
Major companies in the market have adopted strategies such as acquisition, partnership, business expansion, product development, and product launch, to offer better services to customers in the Asia & MENA industrial refrigeration market.
According to a recent report published by Allied Market Research, titled, “Asia & MENA Industrial Refrigeration Market by Component, Refrigerant Type, Application, and Type: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the Asia & MENA industrial refrigeration market was valued at $9.7 billion in 2020, and is expected to reach $16.3 billion by 2030, registering a CAGR of 5.3% from 2021 to 2030.
The industrial refrigeration market includes revenue generated by sales of industrial refrigerators and its components used in fresh fruits & vegetables; meat, poultry, & fish; dairy & ice cream; beverages; chemicals; pharmaceuticals, and others industries.
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There is an increase in the demand for industrial refrigeration in the food & beverage industry owing to growth in population and rise in trend of consumption of packaged food. In addition, upgrading old cold storages in developing countries is driving the growth of the Asia & MENA industrial refrigeration market. Moreover, adoption of eco-friendly and energy efficient refrigerants is a major factor fostering the growth of the industrial refrigeration market.
However, high maintenance costs and high operating costs limit the industrial refrigeration market growth. In addition, strict regulation on using the refrigerants is another factor affecting the Asia & MENA industrial refrigerant market. Further, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of supply chain, which, in turn, hinders the growth of the Asia & MENA industrial refrigeration market.
The major players profiled in the Asia & MENA industrial refrigeration market include Daikin Industries, Ltd., Emerson Electric Co., Evapco, Inc., GEA Group AG, Johnson Controls, Inc., Ingersoll Rand, LU-VE Group, Mayekawa Mfg. Co. Ltd., The Danfoss Group, and Carrier. Major companies in the market have adopted strategies such as business expansion, partnership, acquisition, product development and product launch, to offer better products and services to customers in the Asia & MENA industrial refrigeration market.
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David Correa
Allied Analytics LLP
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