The commercial walk in freezer market is expected to be worth $691.68 million by 2023. The market is expected to be worth US$ 1105.40 million by 2033 and to grow at a CAGR of 4.8% during the forecast period.
The rise in frozen food consumption is a major driver of the commercial walk in freezer market. The frozen food market is expected to be worth US$ 314,285 million by 2022, with a CAGR of 6.7% during the forecast period.
A rise in the growth of the fast food market is also expected to boost the market for commercial walk in freezers.
Because of their ability to store a large number of frozen food and other perishable products for refrigeration, walk in freezers have found a large number of customers in the food service and food sales sectors.
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The investors are undoubtedly banking on the walk-in freezers’ ability to operate at a wide temperature range. With the ability to provide cooling in sub-zero temperatures, the product is expected to see an increase in buyer demand during the forecast period.
Commercial walk in freezers can also help with cost-cutting criteria to some extent. These aid in stock rotation while also storing products all year, serving as industrial refrigeration.
Thus, based on FMI’s findings, “an expanding frozen food market, coupled with the ability to assist in cost reduction, is expected to increase the commercial walk in freezer market share during the forecast period.”
Key Takeaways:
- The commercial walk in freezer market is valued at US$ 691.68 Mn as on 2023.
- By 2033, the market is expected to reach a valuation of US$ 1105.40 Mn.
- The market is expected to grow at a CAGR of 4.8% during the period 2023-2033.
- The US commercial walk in freezer market is projected to be valued at US$ 213.86 Mn by 2033, and is expected to grow at a CAGR of 3.7% during the forecast period.
- The UK market is valued at US$ 19.37 Mn as on 2023, and is forecasted to grow at a CAGR of 4.6% during the forecast period.
- The China commercial walk in freezer market is expected to hold a valuation of US$ 115.65 Mn by 2033, and is projected to grow at a CAGR of 7% during the forecast period.
- The Japan market holds a valuation of US$ 35.28 Mn as on 2023, and is projected to expand at a robust CAGR of 6% through 2033.
- The South Korea commercial walk in freezer market is expected to grow at a CAGR of 5.5% through 2033, and by 2033, the market is expected to be valued at US$ 48.44 Mn.
- Based on the technology, the self-contained segment has the highest market share, and is expected to surge at a CAGR of 5.6% during the forecast period.
- Based on the door type, the hinged segment has the highest market share, and is expected to grow at a CAGR of 5.1% during the forecast period.
Competitive Landscape
The main objective of the key players has been focusing on strengthening their leadership, and had taken a few important decisions based on leadership change. The reason has been to bring on board those members who have been a part of this market for a long time, and know the intricacies associated with the market dynamics.
Some of the recent developments are:
- In October 2022, Parker Hannifin Corp. appointed Jennifer A Parmentier as the CEO and Andrew D Ross as the COO.
- In October 2022, Panasonic Energy’s new EV battery facility in Kansas would initially produce 30GWh of electricity.
Key Companies Profiled
- SRC Refrigeration
- Parker Hannifin Corp.
- TMP Manufacturing Company
- Panasonic Corporation
- American Panel Corporation
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Commercial Walk in Freezer Market by Category
By Technology:
- Self-Contained
- Remote Condensing
- Multiplex Condensing
By Door Type:
- Hinged
- Power Sliding
- Manual Sliding
By Mounting type:
- Floor
- Non-Floor
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Europe
- Latin America
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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