In the world of refrigeration, the walk-in coolers and freezers market has emerged as a dynamic and ever-expanding industry. With an estimated worth of approximately US$ 9.52 Billion in 2022, this sector is on a trajectory of remarkable growth. The future prospects are even more enticing, with a projected Compound Annual Growth Rate (CAGR) of 5.7% between 2022 and 2029, taking the market’s value to a staggering US$ 14.05 Billion by 2029.
One notable trend shaping this market is the increasing demand for customized walk-in coolers and freezers. No longer confined to a one-size-fits-all approach, businesses are seeking tailored solutions to meet their unique refrigeration needs. This trend is providing a significant boost to the overall industry, allowing it to evolve and cater to a wide range of applications.
The global expansion of walk-in coolers and freezers isn’t limited to developed regions alone. Developing areas are experiencing a surge in the adoption of these refrigeration products. One key reason behind this phenomenon is the ability of these systems to store and preserve sensitive products effectively, thereby extending their shelf life. This is particularly valuable in regions where efficient storage and preservation are essential for economic reasons.
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Digitalization and smart technologies continue to influence numerous product developments and demand-side dynamics, and walk-in coolers and freezers are no exception. As consumers show marked preference for efficient yet custom-sized units, manufacturers are leveraging technological advancements to develop unique product features that fulfil specific customer requirements.
According to the study, key players in the walk-in coolers and freezers market also remained focused on improving energy efficiency of their products, considering the continuous changes in energy conservation standards for various commercial and industrial equipment including walk-in coolers and freezers. These players are continuously putting efforts on improving quality of their offerings, while investing in innovative developments that would yield substantial improvements for customers.
Gains Remain High from Commercial Kitchens & Restaurants:
Walk-in coolers and freezers continue to gain high traction from commercial kitchens and restaurants, which are widely used to preserve raw foods and grocery items. As international fast food chains and café outlets continue to explore opportunities in various attractive destinations, demand of walk-in coolers and freezers has been on an upward swing across the globe.
North America and Europe have been the early adopters of commercial kitchens and restaurants; however, they are reaching their saturation point. Walk-in cooler and freezer manufacturers are tapping into opportunities in developing countries in East Asia, where multi-cultural environment, changing eating habits, and rising disposable income have opened avenues of growth for commercial kitchens and restaurants. Moreover, walk-in coolers and freezers market in East Asia is likely to take over the Europe market in the future.
According to the study, newer trends and rapid expansion of retail food & beverage sector also represent a significant source of demand for walk-in coolers and freezers. Picture-perfect stores are gaining high preference among today’s consumers, especially millennials obsessed with social media platforms. Such factor has forced the manufacturers to innovate and enhance the visual appearance of their products without compromising on the operational functions.
Walk-in coolers and freezers with self-contained refrigeration continue to account for higher share as compared to remote condensing and multiplex condensing. Considering the suitability of self-contained refrigeration in almost any application along with ease of service and maintenance, this category also continues to witness higher innovation and investments.
Key Players:
- SRC Refrigeration
- Parker Hannifin Corp.
- TMP Manufacturing Company
- Panasonic Corporation
- American Panel Corporation
- Others
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Key Segments Covered:
Product Type:
- Walk-in Cooler
- Walk-in Freezer
- Combo (Freezer + Cooler)
Place of Use:
- Indoor
- Outdoor
Technology:
- Self-Contained
- Remote Condensing
- Multiplex Condensing
Door Type:
- Hinged
- Power Sliding
- Manual Sliding
Application:
- Cold Storage Warehouse
- Breweries
- Commercial Kitchen & Restaurants
- Floral Storage
- Pharmaceuticals
- Chemicals
- Research laboratories
- Hospitals & Mortuaries
- Mobile Refrigeration System
- Retail Food & Beverage
- Supermarket
- Hypermarket
- Convenience Stores
- Other Stores
Sales Channel:
- OEM
- Aftermarket
Mounting Type:
- Floor
- Non-floor
Region:
- North America
- Europe
- Latin America
- South Asia
- Oceania
- East Asia
- Middle East & Africa (MEA)
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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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