The global demand for refrigeration coolers is expected to have a moderate CAGR of 5.6% during the forecast period. The overall refrigeration coolers market is projected to reach a valuation of USD 6,409.7 million by 2033.
Rising investments in commercial refrigerated warehouses or cold storage facilities are the main contributing factor. In addition to this, surging global demand for frozen and processed foods has also improved the sales of refrigeration coolers further. The need for innovative refrigeration coolers for maximum energy conservation is likely to boost the emerging trends in this industry.
Increasing Demand for Wall-in Cooler Systems in FMCG Industries to Avoid Rotting of Semi-processed Foods and Beverages, is Strengthening the Market
Global sales of eco-friendly coolant-based industrial refrigeration coolers have increased in recent years. However, the internal system leakage of such gases has the potential to contaminate food stored within the refrigeration system. As a result, a scarcity of qualified employees, combined with increased safety concerns, could boost the wall-in refrigeration cooler systems in the coming days.
Manufacturers have shifted focus from their thermodynamic properties of refrigerants to Ozone Depletion Potential (ODP) and Global Warming Potential (GWP) due to environmental hazards. New refrigeration equipment, components, and technologies are being introduced in response to global demand for refrigerants with reduced GWP. However, transitioning to the future of refrigeration systems is one of the challenging problems for original equipment manufacturers and operators alike.
| Attributes | Details |
|---|---|
| Global Refrigeration Coolers Market Size (2022) | USD 3,567.2 million |
| Global Market Value (2023) | USD 3,717 million |
| Global Market CAGR (2023 to 2033) | 5.6% |
| Global Market Share (2033) | USD 6,409.7 million |
| Global Market Attraction | Shifting food trends to remain a key driver |
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According to the FMI survey report, the net worth of total refrigeration coolers sold in the year 2018 was USD 2,917.9 million. The findings reveal the market progressed at a rate of 4.1% during the years from 2018 to 2022. As a result, the adoption of refrigeration coolers in the retail and transportation sector led to the development of cutting-edge process cooling solutions.
Consumers' lifestyles and eating habits were affected drastically during the pandemic years. As a result, the importance and demand for refrigeration coolers and reach-in cooler refrigerators rose significantly. Contrary to the increased demand, the refrigeration cooler industries faced a downturn. Due to abruptions in manufacturing, production, and supply of components.
Refrigerator cooler system installation is pricey due to the high cost of components such as compressors, condensers, and evaporators. In addition, as the control systems utilized in modern refrigeration systems are costly, the total cost could be even higher. This results in a decrease in demand for refrigeration systems in developing and underdeveloped countries.
The market is expected to develop as the demand for cold storage systems spreads across tropical countries and emerging economies. Producing energy-efficient systems benefits the end users since it provides a more profitable operation. While also supporting a more environmentally responsible business strategy.
Working with ammonia-based refrigeration systems necessitates the use of safety equipment. In addition, ammonia-based refrigeration systems utilize high-priced materials. Such as steel and aluminum because ammonia reacts and corrodes conventional metals, further raising the cost.
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During the projected period, the commercial segment is expected to continue to dominate the industrial applications segment for refrigeration coolers. Heat recovery is getting crucial day by day to minimize energy consumption. Mainly where space heating is a seasonal requirement. As a result, the higher use of refrigerated chilling equipment at retail stores is a rising trend across the world.
Certain product lines designed specifically for the industrial segment, however, are projected to retain their market share over the projected years. For example, high-capacity coolers or 12-volt portable refrigerated coolers are available for industrial cold storage. Mainly where food safety, efficiency, and reliability are critical.
| Category | Application |
|---|---|
| Top Segment | Commercial Refrigeration |
| Market Share in Percentage | 61% |
| Category | Coolant Type |
|---|---|
| Top Segment | Hydro Fluorocarbon (HFC) or Hydro Fluoroolefin (HFO) |
| Market Share in Percentage | 27% |
Hydro Fluorocarbons and hydro fluoolefins are the widely used refrigerant or coolant types used by the market players. While Ammonia (NH3) coolant is expected to gain traction in the future. Thanks to advancements and technological innovations in the absorption cooler refrigeration market.
A recent interesting trend observed in the refrigeration coolers industry is the growing popularity of CO2 as a coolant agent. It is more eco-friendly than other coolants, however, many people were hesitant to consider it because of its high pressure.
Higher growth in the organized retail sector, such as hypermarkets and supermarkets, has created a huge market for refrigerators sales in the United States. Refrigerated warehouses and animal-based food processing industrial applications are also the key growth drivers for the market in the United States.
As the use of refrigeration coolers increases, so does energy consumption, prompting company owners to seek more energy-efficient devices to save costs. However, operators in the United States must negotiate an ever-growing pool of refrigeration solutions, strategies, and technologies to retain their market dominance.
| Regional Markets | Global Market Share in Percentage |
|---|---|
| United States | 18.4% |
| Germany | 6% |
| Japan | 7.2% |
| Australia | 1.1% |
Asia Pacific region includes countries like China, India, and Japan, which are among the world's leading countries in terms of refrigerated warehouse capacity. Global market players are also seeing strong demand for portable fridges, 12v fridge drinks fridges, and walk-in freezers.
All in all, China leads the overall market in the Asia Pacific owing to its huge industrial capacity for the production of refrigeration coolers at present. Moreover, the higher dependence of adjacent countries on China's refrigeration and air conditioning industry is likely to keep its market position intact in the future.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 4% |
| China | 6.3% |
| India | 6.8% |
India’s rising population creates a strong demand for food, opening up new opportunities for food processing and refrigeration cooler units across the country. Furthermore, government subsidies for the establishment of cold chain networks have boosted the demand for refrigeration coolers in recent years.
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Due to the sheer dominance of local and regional competitors, the refrigeration cooler market is highly competitive. The top leading companies account for nearly 40 to 50% of the global market share. Therefore, partnerships, collaborations, and extending their product range are key strategies used by these players to enhance their market share and presence.
Recent Developments by the Refrigeration Coolers Industry Players
How can Manufacturers Scale their Businesses in the Global Refrigeration Coolers Market?
Companies are working for refrigeration that is environmentally friendly and efficient. Efficiency is linked to sustainability since it reduces the amount of energy wasted. Business owners and supermarket operators can pick from various ecologically friendly, operationally effective. Perhaps, more significantly, regulatory-compliant options.
Advancements in commercial refrigeration coolers such as remotely controlled features with rising automation trends could be a game changer in the coming days. The keys to achieving higher returns on this long-term investment include staying current on developing technologies and consumer trends. Whereas, anticipating future regulatory requirements. Operators who make well-informed investment decisions and who keep up with changing food consumption trends may expand the industry.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; The Middle East & Africa; East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Product Type, By Application, By Component Type, By System Type, By Capacity, By Refrigeration Coolant Type, and By Region |
| Key Companies Profiled | Johnson Controls International plc. (Ireland); Lu-Ve SPA (Italy); Lennox International (United States); Kelvion Holding GmbH (Germany); Rivacold SRL (Italy); H. Güntner Limited (Italy); Refrion SRL (Italy); Evapco, Inc. (United States); Stefani SPA (Italy); Onda SPA (Italy); Emerson Electric Co (United States); Roen Est. Group (Italy); KFL SRL (Italy); Walter Roller (Germany); CABERO (Germany); Thermofin (Canada); Thermokey SPA (Italy); Koxka (Spain); Modine Manufacturing Co. (United States); Centauro International (Portugal); Daikin Industries, Ltd (Japan); Friterm A S (Turkey); Carrier and Danfoss A/S (Denmark) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The refrigeration coolers market value is USD 3,717 million in 2023.
The market is anticipated to surpass USD 6,409.7 million by 2033, recording a CAGR of 5.6%.
A shift toward more energy-efficient and environment-friendly cooling technologies is a key trend in the market.
The United States holds high lucrativeness for the refrigeration coolers market, with an 18.4% share of the global market
Key market players are Johnson Controls International plc, Lu-Ve SPA, Lennox International, Kelvion Holding GmbH, and Rivacold SRL.
1. Executive Summary | Refrigeration Coolers Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Commercial 5.2. Industrial 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component Type 6.1. Evaporators 6.2. Air Coolers Condensers 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Refrigerant Type 7.1. HFC/HFO 7.2. NH3 7.3. CO2 7.4. Glycol 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Johnson Controls International plc 16.2. Lu-Ve SPA 16.3. Lennox International 16.4. Kelvion Holding GmbH 16.5. Rivacold Srl 16.6. H. Güntner Limited 16.7. Evapco, Inc. 16.8. Thermofin 16.9. Emerson Electric Co 16.10. Modine Manufacturing Co. 17. Assumptions & Acronyms Used 18. Research Methodology
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Refrigeration Coolers Market
