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).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.
The increasing demand for refrigerated cooling units from commercial and industrial applications in APAC is contributed to the market’s highest CAGR.
APAC includes countries like China, India, and Japan, which are among the world’s leading countries in terms of refrigerated warehouse capacity, and global market players are seeing strong demand for portable fridges, 12v fridge drinks fridge, and walk-in freezers from China, India, Japan, and South Korea.
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The refrigeration coolers market is expected to generate approximately US$ 5 billion by 2027, with the aforementioned factors dominating the market. In recent years, custom walk-in refrigerator installation has grown in popularity, emphasising the importance of efficient refrigeration in commercial applications. Working with ammonia-based refrigeration systems necessitates the use of safety equipment.
When ammonia is combined with certain hydrocarbons, it forms a flammable and corrosive refrigerant that is lethal when inhaled. As a result, demand for refrigeration coolers falls.
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.
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Key Takeaways:
- 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 salein 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
- By refrigerant type, ammonia is expected to lead the industrial refrigeration marketas 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 marketby 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.
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Key Segments
By Application:
- Commercial
- Industrial
By Component Type:
- Evaporators
- Air Coolers Condensers
By Refrigerant Type:
- HFC/HFO
- NH3
- CO2
- Glycol
- Others
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