Refrigeration Coolers Market to Reach US$ 6.45 Bn by 2032; Commercial Segment to Witness Highest Sales
DUBAI, United Arab Emirates, March 30, 2022 (GLOBE NEWSWIRE) -- The refrigeration coolers market is predicted to move forward at a moderate pace with a CAGR of 6% from 2022 to 2032, following the refrigeration coolers market analysis by Future Market Insights (FMI).
Refrigeration Coolers Market CAGR (2022 – 2032)
Refrigeration Coolers Market (2032)
US$ 6.45 Bn
Refrigeration Coolers Market Attraction
Shifting food trends to remain a key driver.
According to the study, the rapid expansion of the organized retail sector, such as the number of hypermarkets and supermarkets, boosts overall sales of refrigeration coolers and commercial coolers, and in turn, contributes to the overall refrigeration coolers market size.
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In the wake of the COVID-19 pandemic, increased demand for online grocery shopping and frozen food has prompted e-commerce companies to invest in refrigerated warehouses and cold storage, thereby facilitating the adoption of refrigeration coolers.
The installation of customized walk-in refrigerators is becoming more popular in recent years, and it emphasizes the importance of efficient refrigeration in commercial applications.
Though the refrigeration coolers market growth was disrupted to a certain extent by COVID-19 in the last couple of years, the manufacturing sector is expected to pick up the pace gradually in the coming months.
As a result, the refrigeration coolers market is expected to recover by mid-2022, with ease in lockdown in China, India, the United States, and Germany. In addition, vaccines have been available in several countries since December 2020.
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Due to the high cost of condensers, evaporators, and compressors, industrial freezers have a high installation cost. As a result, the total cost of installation rises, which is a significant impediment in the companies trying to augment their refrigeration coolers market share.
Working with ammonia-based refrigeration systems necessitates the use of safety equipment.
Ammonia, coupled with certain hydrocarbons, is a flammable and corrosive refrigerant that has proved to be life-threatening when inhaled. Thus, it mitigates the demand for refrigeration coolers.
The refrigeration coolers market is anticipated to garner a revenue of about US$ 5 Bn by 2027, with the factors mentioned above holding sway over the market.
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Based on product type, medical refrigeration is likely to gain traction, thereby influencing the emerging trends in the refrigeration coolers market trends, given the rising graph of commercial refrigerators for sale in hospitals and other medical facilities, particularly in emerging economies.
By application, the refrigeration coolers market is projected to be dominated by commercial applications owing to its wide array of applications. These coolers are helpful concerning commercial fridges, such as beverage fridges etc.
By refrigerant type, ammonia is expected to lead the industrial refrigeration market as it is a common refrigerant in industrial refrigeration systems around the world and meets the low-GWP standard.
As per the refrigeration coolers market outlook, the supermarket segment is estimated to account for the largest share of the global refrigeration market by end-use.
The refrigerator coolers market is forecasted to reach US$ 3.6 Bn by mid-2022.
"The refrigerated cooler market in Asia-Pacific is expected to grow at the fastest rate where A.P.A.C. includes countries like China, India, and Japan, which are global leaders in terms of refrigerated warehouse capacity, and global market players are seeing strong demand from countries like China, India, Japan, and South Korea, where a high demand for food primarily drives population growth, and in turn broadening the refrigeration coolers market opportunities." says an F.M.I. researcher.
A few notable commercial refrigeration companies are Daikin Industries Ltd., Haier Electronics Group Co., Ltd., Illinois Tool Works Inc. (I.T.W.), A.B. Electrolux, Panasonic Corporation, Ali Group Srl, Frigoglass S.A.I.C., Dover Corporation and United Technologies Corporation.
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The major refrigeration coolers suppliers are acquiring and partnering with third-party distributors in other regions to expand their geographical footprint globally. Some of the recent developments in the refrigeration coolers market are as follows:
A.B.C.O., a leading distributor of refrigeration and HVAC systems in the United States, was acquired by Daikin North America L.L.C., a subsidiary of DAIKIN INDUSTRIES, Ltd. By acquiring A.B.C.O. branches, the company hoped to expand its reach in New Jersey, New York, and other nearby states in the United States.
The ‘quick-ship COVID-19 vaccine cold storage solution' is provided by Arctic walk-in coolers and walk-in freezers. The company's walk-in freezers and coolers are designed to be -40° C for vaccines that require freezing.
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