Industrial Refrigeration Systems to be US$ 25.9% industry by 2027 

The global market for Industrial Refrigeration Systems estimated at US$ 19.4 billion in the year 2020, is projected.

Industrial Refrigeration Systems – global market analytics report mentions compressors- one of the segments is projected to record a 4.1 percent CAGR and reach US$ 8.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Condensers segment is readjusted to a revised 5 percent CAGR for the next 7-year period.

Evaporators segment to record 4.5 percent CAGR

In the global evaporators segment, USA, Canada, Japan, China and Europe will drive the 4.2 percent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 2.6 billion in the year 2020 will reach a projected size of us$ 3.5 billion by the close of the analysis period.

U.S. market estimated at $5.2 billion in 2020; China forecast to grow at 6.8 percent CAGR

China, the world’s second largest economy, is forecast to reach a projected market size of US$ 5.3 billion by the year 2027 trailing a CAGR of 6.7 percent over the analysis period 2020 to 2027. Japan and Canada, each forecast to grow at 2.4 percent and 3.3 percent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.1 percent CAGR.

Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.4 Billion by the year 2027, while Latin America will expand at a 4.8 percent CAGR through the analysis period.