Refrigeration Coolers Market

Report Scope & Overview:

Refrigeration Coolers Market Size was valued at USD 3.60 billion in 2022 and is expected to reach USD 5.69 billion by 2030, and grow at a CAGR of 5.9% over the forecast period 2023-2030. Few factors, such as an increase in the demand for refrigerated / cold storage facilities, an increase in demand for frozen food worldwide, an increase in demand for new innovative and compact refrigerators, and a growing acceptance of refrigeration-based ecosystems, especially for commercial use, are estimated in this market in the near future.

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MARKET DYNAMICS:

KEY DRIVERS:

• Rising Investments in refrigerated warehouse and cold storage facilities.

• Refrigeration coolers that are both innovative and compact are in high demand.

• Natural refrigerant-based systems are becoming increasingly popular in a variety of commercial and industrial applications.

RESTRAINTS:

• Huge installation costs associated with it.

OPPORTUNITIES:

• Growing demand for FMCG products.

CHALLENGES: 

• Lack of skilled employees along with high safety concerns.

IMPACT OF COVID-19:

COVID-19 has had a significant impact on the Refrigeration Coolers industry due to its negative impact on the manufacturing sector in various regions due to the epidemic closure. Indoor climate control, process cooling, and cold food technology facilities had to deal with significant decline due to disruptions in manufacturing, production, and demand and supply of refrigeration components due to sudden closure by 2020. Cooling systems process includes different cooling processes, which are important in many industrial and commercial sectors. These cooling processes require different refrigeration equipment. sudden closure has halted various manufacturing and production processes in the refrigerator market. Various component manufacturers had to deal with problems leading to the production of modern cooling technology. All of these components have had to deal with sales cuts due to challenging requirements and supply conditions. The cold food series mainly includes cooling technology used to process, store, transport, and display food. So the industries that prepare food, stores food (cold and frozen), refrigerated cars, and supermarkets are all part of the same chain. Due to the closure, the demand for cold food items has been greatly reduced, which has led to a reduction in the need for refrigerators and freezers and other items.

By Component, the Refrigeration Coolers Market is divided into Evaporators and Air coolers and Condenser. During predicting, evaporator components and air cooler are projected to play a significant role in the refrigerator cooler market. The refrigerator promotes greater commercial and industrial growth through improved refrigeration systems. These components are widely used in a number of applications, resulting in the availability of different shapes and sizes according to specific needs. A large volume cooler line is available to maintain a cold industrial and commercial environment, especially where food safety, efficiency, and reliability are paramount. In addition, these coolers offer flexibility in cold storage applications and large retail outlets such as restaurants, supermarkets, convenience stores, beverage storage, and more.

By Application, the Refrigeration Coolers Market is divided into commercial and residential. Among these, the commercial application is expected to play a major role in the refrigeration cooler market at the time of forecasting. Commercial applications cover a wide range of areas from small to large stores and refrigeration requirements from frozen to cold product in a variety of locations, including hypermarkets, small shops, convenience stores, grocery stores, tourist centers, and small stores. In supermarkets, energy consumption is generally considered complete, including HVAC building, water use, lighting, and commercial refrigeration, and heat acquisition have had a significant impact on reducing energy consumption, especially when space heating is a seasonal necessity. Therefore, here the use of refrigeration equipment plays a major role. In small stores, the rejection of heat from the display boxes may contribute to additional air-conditioning loads or provide useful heat in cooler weather conditions. All of these factors are expected to drive the market of refrigeration cooler in commercial systems.

COMPETITIVE LANDSCAPE:

The key players in the Refrigeration Coolers Market Johnson Controls, Lennox International, Rivacold srl, Evapco, Inc, Modine Manufacturing, Lu-Ve SPA, Kelvion Holding, Güntner Limited, Thermofin, Emerson Electric, Refrion Srl, Daikin Industries, Stefani SpA, Onda SpA and Other.

MARKET SEGMENTATION:

BY TYPE

• Glycol

• HFC/HFO

• Carbon Dioxide (CO2)

• NH3

• Others

BY COMPONENT

• Evaporators and Air coolers

• Condenser

BY APPLICATION

• Commercial

• Industrial

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REGIONAL ANALYSIS:

APAC is expected to participate in the highest CAGR at the time of Forecast a Refrigeration Coolers market. APAC's highest market CAGR is due to increased demand for refrigeration cooling units from commercial and industrial applications in the region. APAC includes countries such as China, India, and Japan, which lead the world in having the highest capacity for refrigerated storage, and global market players are meeting strong demand from countries such as China, India, Japan and South Korea. Growth is mainly driven by frozen stockpiles, food and beverage processing, and meat and poultry processing applications. The growing population at APAC creates a huge demand for food, thus creating opportunities for food processing facilities in the market. In addition, government funding for the establishment of cold networks strengthens cold chain infrastructure across the region.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America