How Is Tourism Impacting Sale of Industrial Refrigeration Systems in MEA?
With the increasing population, whose disposable income is also rising, the food and beverage industry in the Middle East and Africa (MEA) is growing. This can be gauged from the fact that compared to $17.4 in 2016, the average per person revenue generated by the industry rose to $18.0 in 2017 and it was further set to increase to $19.4 by 2018-end. With financial prosperity, the people of the region are buying more processed food and also eating out more often.
According to P&S Intelligence, the growth of the food and beverage industry will be one of the strongest factors to drive the MEA industrial refrigeration systems market from $1,679.9 million in 2017 to $2,406.8 million by 2023, at a 6.1% CAGR during the forecast period (2018–2023). This is because refrigerators are vital for the food and beverage sector, as it deals with perishable products. Not just the raw materials, but the finished products also need to be kept at low temperatures to prevent the growth of bacteria and mound, which lead to food spoilage.
Another industry where refrigeration is important is chemicals and pharmaceuticals, where such equipment is used to preserve compounds, condense gases, and dehumidify the air. Pharmaceutical raw materials and final products demand a lot of care and attention, and not storing them at the right temperature can destroy the final drug and cause more problems than benefits. Apart from storing raw materials and drugs, pharmaceutical companies also use refrigeration systems for the cold sterilization of tissue samples, medical devices, and biologics.
The type segment of the MEA industrial refrigeration systems market is divided into compressors, condensers, evaporators, controls, and others, which includes valves, pumps, vessels, and auxiliary equipment. Among these, the compressor division held the largest value share in 2017, as compressors are the most-critical and -expensive component of such systems because they are the ones that bring about the cooling. During the forecast period, the highest CAGR will be witnessed by the controls division, as industrial refrigeration systems are being integrated with advanced controls to increase their efficiency, while decreasing their energy consumption.
A variety of gases are used in refrigeration systems, including carbon dioxide (CO2), ammonia, hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrocarbons (HC), chlorofluorocarbons (CFC), and fluorocarbons (FC), apart from air and H2O. Among these, CO2 is rapidly replacing HFCs, HCFCs, CFCs, HCs, and FCs, as it is a natural refrigerant that causes no harm to the environment. All other types of refrigerants cause ozone layer depletion, which is responsible for climate change and global warming. Thus, numerous countries are making efforts to meet the targets set by the Montreal Protocol regarding the reduction in the usage of substances that lead to ozone depletion.
During the historical period (2013–2017), the U.A.E. dominated the MEA industrial refrigeration systems market, on account of its perpetually hot weather and increasing influx of tourists. As per government sources, the travel and tourism sector contributed $43.3 billion (AED 159.1 billion) to the country’s gross domestic product in 2016, with the contribution expected to increase to $72.0 billion (AED 264.5 billion) by 2027. This tourist growth is being reflected in the increasing number of hotels, restaurants, cafes, and bars, all of which require refrigeration systems in large numbers.
Therefore, with the growth of the food and beverages and pharmaceutical sectors, both as a result of the booming resident and tourist population and the Gulf countries’ efforts to be less dependent on the oil and gas industry than present, the sales of industrial refrigeration systems in the MEA region will continue to rise.
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https://www.psmarketresearch.com/market-analysis/mea-industrial-refrigeration-systems-marketHow Is Tourism Impacting Sale of Industrial Refrigeration Systems in MEA?
With the increasing population, whose disposable income is also rising, the food and beverage industry in the Middle East and Africa (MEA) is growing. This can be gauged from the fact that compared to $17.4 in 2016, the average per person revenue generated by the industry rose to $18.0 in 2017 and it was further set to increase to $19.4 by 2018-end. With financial prosperity, the people of the region are buying more processed food and also eating out more often.
According to P&S Intelligence, the growth of the food and beverage industry will be one of the strongest factors to drive the MEA industrial refrigeration systems market from $1,679.9 million in 2017 to $2,406.8 million by 2023, at a 6.1% CAGR during the forecast period (2018–2023). This is because refrigerators are vital for the food and beverage sector, as it deals with perishable products. Not just the raw materials, but the finished products also need to be kept at low temperatures to prevent the growth of bacteria and mound, which lead to food spoilage.
Another industry where refrigeration is important is chemicals and pharmaceuticals, where such equipment is used to preserve compounds, condense gases, and dehumidify the air. Pharmaceutical raw materials and final products demand a lot of care and attention, and not storing them at the right temperature can destroy the final drug and cause more problems than benefits. Apart from storing raw materials and drugs, pharmaceutical companies also use refrigeration systems for the cold sterilization of tissue samples, medical devices, and biologics.
The type segment of the MEA industrial refrigeration systems market is divided into compressors, condensers, evaporators, controls, and others, which includes valves, pumps, vessels, and auxiliary equipment. Among these, the compressor division held the largest value share in 2017, as compressors are the most-critical and -expensive component of such systems because they are the ones that bring about the cooling. During the forecast period, the highest CAGR will be witnessed by the controls division, as industrial refrigeration systems are being integrated with advanced controls to increase their efficiency, while decreasing their energy consumption.
A variety of gases are used in refrigeration systems, including carbon dioxide (CO2), ammonia, hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrocarbons (HC), chlorofluorocarbons (CFC), and fluorocarbons (FC), apart from air and H2O. Among these, CO2 is rapidly replacing HFCs, HCFCs, CFCs, HCs, and FCs, as it is a natural refrigerant that causes no harm to the environment. All other types of refrigerants cause ozone layer depletion, which is responsible for climate change and global warming. Thus, numerous countries are making efforts to meet the targets set by the Montreal Protocol regarding the reduction in the usage of substances that lead to ozone depletion.
During the historical period (2013–2017), the U.A.E. dominated the MEA industrial refrigeration systems market, on account of its perpetually hot weather and increasing influx of tourists. As per government sources, the travel and tourism sector contributed $43.3 billion (AED 159.1 billion) to the country’s gross domestic product in 2016, with the contribution expected to increase to $72.0 billion (AED 264.5 billion) by 2027. This tourist growth is being reflected in the increasing number of hotels, restaurants, cafes, and bars, all of which require refrigeration systems in large numbers.
Therefore, with the growth of the food and beverages and pharmaceutical sectors, both as a result of the booming resident and tourist population and the Gulf countries’ efforts to be less dependent on the oil and gas industry than present, the sales of industrial refrigeration systems in the MEA region will continue to rise.
Read More: https://www.psmarketresearch.com/market-analysis/mea-industrial-refrigeration-systems-market
