The growth of the industrial refrigeration industry in Asia and MENA can be attributed to several factors. Firstly, the increasing demand for temperature-controlled products has been the major driver of growth in the region. This is because temperature-controlled products such as beverages, dairy products, and frozen foods, are increasingly in demand, due to their convenience and accessibility. Additionally, the increasing number of foodservice establishments in the region has further fuelled the demand for industrial refrigeration equipment.
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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.
Secondly, the rising population in Asia and MENA is another key factor driving the growth of the industrial refrigeration industry. As the population of these regions continues to grow, so too does the demand for food, drinks and other temperature-controlled products. This has created a need for more efficient and advanced industrial refrigeration systems, which in turn has driven the growth of the industry.
Thirdly, the increasing levels of disposable incomes in these regions has also been a major factor in the growth of the industrial refrigeration industry. As people’s incomes increase, they are more likely to buy temperature-controlled products, which in turn drives the demand for industrial refrigeration systems.
Finally, the increasing availability of energy efficient and advanced industrial refrigeration systems has also contributed to the growth of the industry. Many of these systems are now available at competitive prices, making them more accessible to businesses in the region.
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Overall, the industrial refrigeration industry in Asia and MENA is expected to witness considerable growth in the coming years. This growth will be driven by a number of factors, including rising demand for temperature-controlled products, increasing population and rising levels of disposable incomes.
Additionally, the increasing availability of energy efficient and advanced industrial refrigeration systems is also expected to contribute to the growth of the industry.
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.
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Key Players
• Carrier
• Daikin Industries, Ltd.
• Danfoss Group
• Emerson Electric Co.
• Evapco, Inc.
• GEA Group AG
• Johnson Controls
• Ingersoll Rand
• LU-VE Group
• Mayekawa Mfg. Co. Ltd