Pune, India, June 07, 2021 (GLOBE NEWSWIRE) -- The global walk in coolers and freezers market size is set to gain impetus from the increasing shift of prominent companies towards offering reliable and efficient customized commercial refrigeration equipment for restaurants, cold storage warehouses, and floral storage applications. In June 2019, for instance, The Viessmann Group took over IAC Vestcold As for providing full support to the Norwegian customers. This information is given by Fortune Business Insights™ in a report, titled, “Walk in Coolers and Freezers Market, 2021-2028.” As per the report, the cooler and freezers market size is projected to grow from USD 12.67 billion in 2021 to USD 20.22 billion in 2028 at a CAGR of 6.9% during the forecast period. It stood at USD 11.93 billion in 2020.
Urgent Need to Store COVID-19 Vaccines will Favor Growth amid the Pandemic
The COVID-19 pandemic has created immense losses in a wide range of industries across the globe. In 2020, the walk in freezers and coolers industry showcased a moderate downfall amid the pandemic. The rising need to store COVID-19 vaccines in the healthcare sector, partial openings of retail food beverage stores, and takeaway service of food from commercial restaurants are set to affect growth positively.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments-
Commercial Kitchen & Restaurants Segment Earned 31.6% Share in 2020
By type, the market for walk-in coolers and freezers is categorized into indoor and outdoor. Based on the application, it is divided into commercial kitchen and restaurants, retail stores, pharmaceuticals, cold storage warehouses, and others. Out of these, the commercial kitchen and restaurants segment earned 31.6% in terms of the walk in coolers and freezers market share in 2020. This growth is attributable to the rising need to store raw or cooked foodstuffs for daily production and inventory preservation.
Report Coverage-
This report includes in-depth information associated with change in material usage, new product launches, and technological advancements in the walk in coolers and freezers industry. It provides market dynamics based on various factors, such as opportunities, challenges, drivers, hindrances, and dynamics. At the same time, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
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Drivers & Restraints-
Increasing Disposable Incomes and Retail Stores to Bolster Growth
The increasing number of grocery and retail stores worldwide is propelling the demand for novel walk in freezers and coolers It is mainly occurring because of the rising preference of these stores for purchasing numerous items at once. Also, the expansion of economies and rising disposable incomes would aid the walk in coolers and freezers market growth in the forthcoming years. However, the constant fluctuation in the prices of commercial refrigeration equipment may obstruct growth.
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Regional Insights-
Rising Construction of Hotels and Bakeries to Help North America Remain at Forefront
Geographically, North America earned USD 5.81 billion in 2020 owing to the expansion of retail, healthcare, and foodservice industries. Coupled with this, the increasing construction of bakeries, restaurants, and hotels in Mexico, Canada, and the U.S. would drive regional growth. In Asia Pacific, on the other hand, the market is anticipated to grow significantly in the near future on account of the high demand for takeaway offers and restaurant meals from consumers. Apart from that, the rising non-residential construction activities in the region are likely to bolster the demand for walk-in coolers and freezers.
Competitive Landscape-
Key Players Focus on Acquisition Strategy to Provide Better Service to Customers
The global market for walk in coolers and freezers contains various reputed companies that are presently focusing on the merger and acquisition strategy to compete with their rivals. This way, they can expand their footprint and improve their services. Below is an industry development:
- September 2018: Arctic Industries acquired Duracold Refrigeration Manufacturing Company to broaden its geographic presence in the western U.S. Besides, the company will be able to enhance its services and quality for customers.
A list of renowned walk in coolers and freezers manufacturers presents in the global market:
- Hussmann Corporation (Bridgeton, United States)
- Foster Refrigerator (Norfolk, United Kingdom)
- Arctic Walk in Coolers & Walk-In Freezers (Miami, United States)
- Stericox Sterilizer Systems India (Delhi, India)
- Kolpak (Parsons, United states)
- Danfoss A/S (Nordborg, Denmark)
- Beverage Air (Winston-Salem, United States)
- SRC Refrigeration (Sterling Heights, United States)
- Intertek Group plc (London, United Kingdom)
- Precision Refrigeration (Schuylerville, United States)
- Imperial Brown Inc. (Gresham, United States)
- Nor-Lake, Inc. (Hudson, United States)
- Master-Bilt Products, LLC. (Florida, United states)
- ABN Refrigeration Manufacturing (Ontario, Canada)
- Emerson Electric Co. (St. Louis, United States)
- Standex International Corporation (Salem, United States)
- Viessmann (Allendorf, Germany)
- Canadian Curtis Refrigeration Inc. (Vaughan, Canada)
- Everidge, Inc. (Plymouth, United States)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Walk in Coolers and Freezers Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Walk in Coolers and Freezers Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
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- Key Management
- Headquarters etc.
- Offerings/Business Segments
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- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
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