Middle East & Africa Industrial Refrigeration Systems Market by Equipment Type (Compressors, Condensers, Evaporators, Controls), by Refrigerant Type (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceutical, Oil & Gas), by Country (U.A.E., South Africa) – Market Size, Share, Development, Growth and Demand Forecast, 2013–2023
NEW YORK, Nov. 06, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Middle East & Africa industrial refrigeration systems market is expected to reach $2,406.8 Million by the end of 2023. Countries, predominantly Gulf Cooperation Council (GCC) in the MEA region are poised for growth in industrial refrigeration systems market owing to rapid commercialization of cold-chain logistics as well as increasing adoption of environment friendly refrigerants.
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Based on equipment type, the MEA industrial refrigeration systems market has been classified into compressors, condensers, evaporators, controls and others, wherein others include pumps, valves, vessels and auxiliary equipment. The market for controls category is expected to exhibit the fastest CAGR of over 8% during the forecast period. This can be attributed to the energy saving and customizable features of control systems, while improving overall efficiency of the existing refrigeration systems.
Based on refrigerant type, the MEA industrial refrigeration systems market has been categorized into ammonia, carbon dioxide (CO2), hydrofluorocarbons (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O). The market for CO2-based industrial refrigeration systems is expected to register the fastest CAGR during the forecast period. CO2 provides significant efficiency advantages over other refrigerants while being less hazardous to the environment along with being potentially safer to operate.
Browse in-depth report overview on "Middle East & Africa (MEA) Industrial Refrigeration Systems Market by Equipment Type (Compressors, Condensers, Evaporators, Controls), by Refrigerant Type (Ammonia, CO2, HFC), by Application (Food & Beverages, Chemicals & Pharmaceutical, Oil & Gas), by Country (U.A.E., South Africa) – Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/mea-industrial-refrigeration-systems-market
The food and beverage industry is one of the most important manufacturing sectors in UAE. The country’s domestic food and beverage consumer market is witnessing continuous expansion driven by growing purchasing power and increasing expats. Additionally, hot climatic conditions in UAE as well as the influx of tourists round the year in cities such as Dubai and Abu Dhabi recorded positive impact on the food and beverages industry which in turn, buoyed the market for industrial refrigeration systems in the country.
Chemicals and pharmaceutical industry is the second largest adopter of industrial refrigeration systems in MEA. The chemical, petrochemical and oil refining industries needs refrigeration for condensation of gases, dehumidification of air, and preservation of compounds. The Middle Eastern countries, namely Saudi Arabia, Iran, Qatar and Kuwait are fundamentally rich in crude oil and gas, and are one of the largest suppliers of petrochemicals around the globe.
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The locally manufactured refrigeration systems are targeted at lower and medium price segments, while most of the higher priced complex refrigeration systems are being imported. The indigenous companies have developed and sustained a strong service and maintenance base over the years and offer complete design, development, production, installation, and after sales service of refrigeration systems.
Some of the major players operating in the MEA industrial refrigeration systems market include Adearest, Carel Industries SpA, Ingersoll Rand plc, United Technologies Corporation, Emerson Electric Co., Danfoss A/S, Star Refrigeration Ltd., Daikin Industries Ltd, Dover Corporation, Hussmann Corporation, and Johnson Controls International plc.
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Growing food and beverage processing industry in developing countries such as India and China, is one of the key drivers supporting APAC industrial refrigeration systems market growth. The processed and ready-to-eat food is now being consumed in the majority of APAC countries. The food processing rate in developing countries is however quite low. China processes 40% of its food produce. While, India’s food processing industry ranks fifth in the world in terms of exports of processed foods. Moreover, considerable government support with ambitious ‘Make in India’ initiative is further supporting the food processing industry in the country.
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The market is projected to register fastest growth in APAC, during the forecast period. The strengthening of cold-chain infrastructure in developing countries across the region is one of the major factors pushing the market growth. Subsequently, products such as seafood, meat, vegetables, and ice-cream, all part of perishable foods, accounted for a large share in cold chain revenue, owing to rising urbanization in APAC. Therefore, industrial refrigeration systems market offers an enormous growth opportunity in this region.
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