International.
The global industrial refrigeration systems market is expected to reach $23.22 billion by 2022, at a year-on-year rate of change of 5.24% between 2016 and 2022, marketsandMarkets said.
The market is expected to grow substantially due to factors such as strict regulatory standards for the adoption of natural refrigerants and strengthening of cold chain infrastructure in developing countries.
The market for industrial refrigeration systems based on CO2 refrigerants is expected to grow at the highest rate in 2022. Many end users in food and beverage application focus on the use of CO2 as a preferred refrigerant, especially as a secondary refrigerant and also in NH3/CO2 cascade systems. This trend is most prominent among the developed countries of North America and Europe, which is expected to drive the CO2 refrigerant type market at the highest rate during the forecast period.
In 2015, North America led the industrial refrigeration systems market, followed by Europe and Asia-Pacific. The United States had the largest share in the North American industrial refrigeration systems market, owing to the presence of a broad end-user base in the United States, followed by Canada and Mexico.
