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 refrigeration coolers market is predicted to move forward at a moderate pace with a CAGR of 5.6% from 2023 to 2033, following the refrigeration coolers market analysis by Future Market Insights (FMI).
The refrigeration coolers market is anticipated to garner a revenue of about US$ 5 Billion by 2027, with the abovementioned factors holding sway over the market.
Customized walk-in refrigerator installation has grown in popularity in recent years, emphasizing the importance of efficient refrigeration in commercial applications. The use of safety equipment is required when working with ammonia-based refrigeration systems.
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Ammonia, when combined with certain hydrocarbons, is a flammable and corrosive refrigerant that has been shown to be lethal when inhaled. As a result, the demand for refrigeration coolers is reduced.
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.
Key Takeaways From the Market Study:
- 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 worldwide 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 Billion 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
By Region:
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
Competitive Landscape:
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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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