International.
A report on the global Industrial Refrigeration Systems market, delivered by Technavio, provides an analysis of the most important trends that are expected to impact the market outlook till the year 2020. The analyst firm defines an emerging trend as a factor that has the potential to significantly affect the market and contribute to its growth or decline.
The global industrial refrigeration systems market is expected to grow moderately during the forecast period, recording a compound annual growth rate (CAGR) of about 7%. This growth is mainly attributed to growing demand from end users such as the food processing industry and the oil and gas industry. The consolidation of market sellers, as well as a greater focus on the total price of ownership of operators, will have a positive impact on market growth.
The three major emerging trends being handled by the global industrial refrigeration systems market are as follows:
1. Increased component pressure requirements.
The report indicates that there is a clear preference for cooling system components that can handle higher pressure conditions, to facilitate the use of higher efficiency systems such as transcritical CO2 systems. Using higher pressure systems will also eliminate the need for backup systems. For example, the use of 90-bar components in a CO2 system will eliminate the need for a backup cooling system, as it will ensure that the pressure will not exceed the maximum working pressure during the shutdown.
2. Increase in industrial refrigeration systems in packaging factories.
Factory packaging systems are gaining popularity as they provide substantial cost, space and time advantages. Factory packaging of all individual systems, unlike industrial refrigeration systems that are completed on site, only require electrical and piping services. As the manufacturing of these systems is completed even before the site is ready to receive the equipment, they are useful in reducing the overall project schedule.
3. The outsourcing of the manufacture of pharmaceutical products by developed countries.
The third trend impacting the growth of the industrial refrigeration systems market is augmented by the outsourcing of pharmaceutical manufacturing in developing countries such as China and India. The reasons for this trend are the high cost of raw materials, rising costs and intense competition among market players. In addition, the need to reduce time to market, stimulate drug discovery, and increase profit margins have forced more companies to outsource pharmaceutical manufacturing activities.
