NEWARK, Del, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The net valuation of the total sales of refrigeration coolers in 2022 reached US$ 3,567.2 million. With a CAGR of 5.6%, the refrigeration coolers market size may be worth US$ 3,717 million in 2023.
The growing requirement for food and beverage, meat and poultry processing, and refrigerated warehouses is propelling the demand for refrigeration coolers. Demand for walk-in cooler refrigeration has increased due to changing lifestyles and rising urbanization. Resulting in an increased need for commercial refrigeration coolers.
The demand for smart refrigeration coolers has also increased. As cold storage chain logistics and transportation have increased with surging demand for packaged food products. In addition, the sales of refrigeration cooler units to store and cool prepared food have increased as the cloud kitchen concept is growing fast.
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Due to difficulty in component procurement and supply chains during the pandemic years, the overall market faced a brief period of downturn. However, the rise in online grocery and frozen food shopping during the pandemic prompted e-commerce companies to invest more in refrigerated warehouses and cold storage.
The market is likely to be driven by rising investments in the development of advanced and portable refrigeration coolers. Also, surging demand for natural refrigerant-based systems in various commercial and industrial applications is projected to give rise to new trends. The emerging trend of quick-service restaurants is also expected to augment the sales of refrigeration coolers.
Key Takeaways from the Market Study Report
- The United States refrigeration cooler market leads the global market and contributed a revenue share of 18.4% in 2022.
- Global industry participants are seeing rising competition from industries based in China, which is projected to grow at 6.3% through 2033.
- During the forecast years, India is anticipated to witness a CAGR of 6.8% in sales of refrigeration coolers. The increasing demand for refrigerated cooling units from both commercial and industrial end users is shaping this lucrative market growth rate.
- During the projected period, the commercial applications of refrigeration coolers are expected to constitute the leading segment in the global market. Currently, this segment accounts for almost 61% of the global market share.
“The study reveals a promising trajectory for Refrigeration Coolers, highlighting their indispensable role in various sectors. With an in-depth analysis of market dynamics and evolving consumer preferences, the study underscores the substantial growth potential and transformative impact of Refrigeration Coolers in the foreseeable future.” -Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Scope of Report:
| Attribute | Details |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ million for Value and Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, The Middle East & Africa, East Asia, South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Product Type, By Application, By Component Type, By System Type, By Capacity, By Refrigeration Coolant Type, and By Region |
| Key Companies Profiled |
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| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
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Recent Developments by the Refrigeration Coolers Industries
Over the forecast years, evaporators and air coolers are expected to hold a significant market share for refrigeration cooler component manufacturing industries. Better and more inventive components are driving enormous growth in commercial and industrial applications.
Modern computerized refrigerated cooling systems are adaptable enough for big retail sites as well as industrial cold storage applications. However, the necessity for regular upkeep and technical issues emerging from a lack of proper maintenance is a fundamental market limitation.
Key Segments Covered by Refrigeration Coolers Industry Survey Report
By Product Type:
- Deep Freezers
- Bottle Coolers
- Display Showcases
- Storage Water Coolers
- Commercial Kitchen Refrigeration
- Transportation Refrigeration Equipment
- Ice Merchandisers & Ice Vending Equipment
- Medical Refrigeration
- Chest Refrigeration
- Other Product Types
By Application:
- Commercial Refrigeration
- Food & Beverage Distribution and Retail Stores
- Convenience Stores and Mini Markets
- Supermarket and Hypermarkets
- Hospitals and Drug Stores
- Other Retail Stores
- Industrial Refrigeration
- Refrigerated Warehouses
- Fruit & Vegetable Processing
- Beverage Processing
- Dairy & Ice-cream Processing
- Meat, Poultry, & Fish Processing
- Other Special Applications
By Component Type:
- Evaporators & Air Coolers
- Air Units
- Dry Coolers
- Brine Coolers
- Blast or Tunnel Unit coolers
- Condensers
- Evaporative Condensers
- Air-Cooled & Water-cooled Condensers
By System Type:
- Self-contained Refrigerator
- Remotely Operated Refrigerator
By Capacity:
- Less than 50 cu. Ft
- 50 cu. Ft to 100 cu. Ft
- More than 100 cu. Ft
By Refrigeration Coolant Type:
- Hydro Fluorocarbon (HFC) or Hydro Fluoroolefin (HFO)
- Ammonia (NH3) Refrigerant
- Carbon Dioxide (CO2) Refrigerant
- Glycol Refrigerant
- Other Coolants or Refrigerants
By Regional Markets:
- North America
- Europe
- Latin America
- East Asia
- South Asia & Pacific
- The Middle East and Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Coverage on Industrial Automation Domain:
Commercial Refrigeration System Market Size: The Global market is anticipated to develop at a CAGR of 4.8% from US$ 49,915.7 Million in 2022 to 2032.
Commercial Refrigeration Equipment Market Review: The market is anticipated at US$ 51.8 billion in 2022. Demand is likely to remain high for the market during the assessment period. This is due to the increased consumption of frozen items and garnering US$ 81.3 billion in 2033.
Refrigeration Compressor Market Outlook: This market size is expected to grow from US$ 37,597.8 Million in 2022 to US$ 53,732.1 Million by 2032.
Refrigeration and Air Conditioning Compressors Market Growth: The market is estimated to secure a CAGR of 3% during the forecast period. The market registered a valuation of US$ 35.1 billion in 2023 and reached US$ 47.2 billion by 2033.
Walk-in Coolers and Freezers Market Analysis: The Market is estimated to be worth around US$ 9.52 Billion in 2022. With the rising trend of installing customized walk-in coolers and freezers, the overall market is projected to expand at a robust CAGR of 5.7% between 2022 and 2029, reaching a valuation of US$ 14.05 Billion by 2029.
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