Globally, the size of refrigeration coolers market is expected to account for USD 3.6 billion in 2021 and is expected grow with a steady CAGR rate of 6% during 2022-2030. In the last few years, the popularity of refrigeration coolers has grown exceptionally owing to significant growth in the food industry. Especially, refrigeration coolers have gained raid momentum and become an ideal choice for ready to eat products not only in the commercial sector but also in other sectors. The market potential for processed and frozen food products has grown tremendously due to their lower adoption rates. The consumption of ready-to-eat meals, such as frozen pizzas, desserts, and snacks, has also grown significantly. Such foods market necessitates a reliable cold storage technology that preserves the chemical composition of food even after months. The need for cold storage systems is likely to rise in the coming year as international trading of these culinary goods grows.
Based on the component type, the global Refrigeration Coolers market has been segmented into Evaporators & Air coolers and Condenser. Further the Evaporators & Air coolers are segmented into Air Units, Dry Coolers, Brine Coolers and Blast/Tunnel Unit cooler. And the Condenser is segmented into Evaporative and Air-Cooled & Water-cooled. Evaporators & Air coolers are expected to hold a major market share during the forecast period covered. Based on Refrigerant type, the global Refrigeration Coolers market has been segmented into HFC/HFO, NH3, CO2, Glycol and Others. Amongst which NH3 holds a largest share in the market mainly due to growing FMCG industry. Based on the application, the market has been bifurcated into Commercial and Industrial. During the projected period, the refrigeration coolers market is expected to be dominated by commercial applications.
The regions included in this study are North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific accounted for the largest market share in the 2021 year and is expected to retain its dominance throughout the projected period.
COVID-19 had a tremendous impact on the refrigeration industry due to the pandemic lockdown's devastating impact on the manufacturing sector in several places. Due to the unexpected lockout in 2020, food cold chain technology areas saw a significant decline due to abruptions in manufacturing, production, and demand and supply of refrigeration components. However, with most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. In 2020, one of India's online grocery stores, Grofers, reported a 170 percent increase in sales in the ready-to-eat category, a 31 percent increase in ready-made meals and mixes, and a 41 percent increase in frozen food, indicating a sudden consumer shift from home-cooked food to ready-to-eat products. Indeed, it is predicted that this shift in consumer behavior will greatly boost the market examined over the projected period.
The global refrigeration coolers market is driven by the growth in the investments in refrigerated warehouses and cold storage facilities and rising demand for ready-to-eat products, beverages, and frozen food. Conversely, the requirement of high initial investment is hindering the growth of the market. Interestingly the market offers several opportunities for industry players due to growth in the organized retail sector.
The development of longer shelf-life products, an increase in the global working population, and increased demand from various end-users such as hotels and restaurants from fast-food chains are all important factors boosting the industry. The widespread availability of frozen foods has altered consumer purchasing behaviours for dietary items, ensuring that frozen foods have a permanent place on their shopping lists. The working class's proactive and busy lifestyle has raised demand for frozen food products. Millennial parents have become a key market segment for frozen dinners, owing to their ease. All such factors related to rising demand for ready-to-eat products, beverages, and frozen food are boosting the refrigeration cooler market.
Growth in the organized retail sector
A major element driving the expansion of the refrigeration coolers market is the development of retail channels and chains in the form of supermarkets, hypermarkets, and convenience stores. Furthermore, retail chains have progressed to the point that several producers now have their own chilled storing facilities. Walmart, Tesco, Spar, and 7-Eleven are growing their stores in industrialized countries like the UK, Germany, and the US, as well as emerging markets like China, Brazil, and Argentina. The rise of such huge merchants, as well as their expanding operations in international trade, is spurring expansion in the refrigerated warehousing.
Supply Chain Analysis
The global refrigeration coolers market value chain involves three stages of value addition at raw material supply, manufacturing, distribution channel before it finally reaches the end users of various industries.
The global refrigeration coolers market has been segmented based on component type, refrigerant type and application.
Based on component type, the global market has been segmented into Evaporators & Air coolers and Condenser.
Based on refrigerant type, the global market has been segmented into HFC/HFO, NH3, CO2, Glycol and Others.
Based on application, the global market has been segmented into Commercial and Industrial.
Globally, the refrigeration coolers market has been categorized into the North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific accounted for the largest market share during the forecasted period. Followed by European region in 2021.
Asia-Pacific accounted for the largest market share. The economic advances of countries like China, India, Japan, and Australia are expected to propel this market in this area to strong growth. Over the last decade, the shift of industrialization and investments in Asia Pacific areas has increased significantly, particularly in China and India, contributing to rapid economic growth. For instance, the government in India has initiated policies such as profit-linked tax deduction, allowing FDI and other financial assistance, to support integrated cold chain management and encourage the private sector to develop facilities. Additionally, APAC's rising population creates a strong demand for food, opening up prospects for food processing plants across the region thereby boosting demand for refrigeration coolers market.
GLOBAL REFRIGERATION COOLERS MARKET FORECAST TO 2030
Source: Industry Expert, Secondary Research, and MRFR Analysis
The global market for refrigeration coolers has witnessed significant growth over the forecast period due to rising investments in refrigerated warehouses/cold storage facilities and rising demand for ready-to-eat products, beverages & frozen food. There are several domestic, regional, and global players operating in the refrigeration coolers market who continuously strive to gain a significant share of the overall market. This includes Baltimore Aircoil Company, Cabero, Carrier Global, Daikin, Danfoss, Emerson Electric, Evapco, Friterm, Guntner, Johnson Controls, Kelvion, Koxka, Lu-Ve, Modine Manufacturing, Rivacold and Lenox.
Among these, MRFR has identified top five key players in the global Refrigeration Coolers market who have contributed to the global market growth.
These players focus on expanding and enhancing their Resolution portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2020 to 2030. For this analysis, MRFR segmented the global refrigeration coolers market report based on component type, refrigerant type and application.
Based on refrigerant type, the global market has been segmented into-
By Component Type
By Component Type
|Market Size||2021: USD 3.6 Billion|
|Forecast Units||• Value (USD Significant)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component Type (Evaporators & Air Coolers and Condensers) By Refrigerant Type (HFC/HFO, NH3, CO2, Glycol and Others) By Application (Commercial, Industrial)|
|Geographies Covered||• North America (US, Canada, Mexico) • Europe (UK, Germany, France, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of Asia-Pacific) • Rest of the world (Middle East & Africa, South America)|
|Key Vendors||Baltimore Aircoil Company (US), Cabero (Germany), Carrier Global (US), Daikin (Japan), Danfoss (Denmark), Emerson Electric (US), Evapco (US), Friterm (Turkey), Guntner (Italy), Johnson Controls (Ireland), Kelvion (Germany), Koxka (Spain), Lu-Ve (Italy), Modine Manufacturing (US), Lenox (US), Rivacold (Italy)|
|Key Market Opportunities||Growth in the organized retail sector|
|Key Market Drivers||
A 6.0% CAGR is expected to transform the market.
The key contenders in the market are Lennox International, Rivacold, Lu-Ve, Kelvion and Johnson Controls.
The Asia-Pacific regional market is projected to be the major driver of the market.
The segments in the market are offering component type, refrigerant type and application.