Refrigeration Coolers Market Size, Share, Opportunities, And Trends By Component (Lightron, Waveguide, Bulb Assembly, Cavity Resonator), By Refrigerant Type (HFC/HFO, NH3, CO2, Glycol, And, Others), By Application (Commercial, Industrial), By Industry (Refrigerated Warehouses, Beverage Processing, Fruit & Vegetable Processing, Dairy & Ice-cream Processing, Meat, Poultry, & Fish Processing, Others), And By Geography - Forecasts From 2023 To 2028

A refrigeration cooler helps in removing unwanted heat from objects or space and also assists in the storage or transportation of products in ideal temperature conditions. The refrigeration unit is the main component of a refrigeration system. A refrigerant is a cooling agent that absorbs any unwanted heat and helps in the cooling process. The major drivers for the growth of this market include increased demand for frozen and processed foods and growing demand for FMCG products.

The surge in demand for frozen and processed foods is positively impacting the market growth.

There has been a noticeable increase in the demand for frozen and processed food and beverage items in recent times. This can be attributed to factors such as changing lifestyles and dietary habits and rising urbanization in developing countries. As the lifestyles of people are changing and becoming increasingly hectic and demanding, more people are lately turning towards frozen, processed, and ready-to-eat food products that do not require a lot of preparation time and materials. This is driving the demand for such products, which, in turn, is driving the demand for refrigeration coolers that are necessarily required in the warehousing, transportation, and shelving of most of these products. Additionally, growth in the retail sector including an increase in the number of supermarket and grocery store openings is also driving the growth of the refrigeration coolers market, as these retail stores require commercial refrigeration coolers for storing a variety of products. Advancements in cooling technologies and growth in demand for fast-moving consumer goods and fast food will also drive the demand for refrigeration coolers. Key businesses in the refrigeration cooler market have seen an increase in income over the past few years as a consequence of such efforts. For instance, according to their yearly reports, the air conditioning segment of Daikin International which includes refrigeration cooling had an increase in revenue of over 17% from 2021 to 2022 and produced total revenues of roughly ¥2,828.5 billion in 2022.

A high maintenance level is expected to restrain the industry's expansion.

A significant challenge faced by this industry relates to the high levels of maintenance required by refrigerating coolers which act as a hindrance to the growth of the industry as it negatively impacts the demand for the product. Additionally, the chances of technical problems arising due to a lack of proper maintenance is also another major restraint for the growth of this market. There are also other risks associated with the usage of refrigeration cooling such as internal leakages that can negatively affect the contents stored within that act as hindrances for the growth of this market.

Key Developments.

• In February 2021, Blue Star announced the launch of its new line of commercial refrigeration products designed to aid in storing vaccines and assisting in their transportation in India. These refrigerating coolers are ideal for boosting the vaccine distribution chain across the nation since they help in maintaining the ideal temperature conditions and can even continue to do so without any electricity for up to 2 days.
• In November 2021, Embraco announced the launch of its new range of refrigeration solutions as part of its new condensing unit portfolio, with different variants that are aimed at fulfilling various commercial refrigeration needs, with a special focus on the food retail and food service segments. The products will be available in a range of dimensions giving some purchasing flexibility to the buyers as per their needs.
• In March 2023, ElanPro launched its new line of energy-efficient coolers aimed at the food service industry. These products are aimed at helping players in the food and beverage industry to improve the quality of their output, enable them to be energy-efficient and consequentially increase profitability.

The Asia-Pacific region is expected to hold a significant share of the refrigeration coolers market.

Asia Pacific is expected to constitute a significant market share and similar trends are expected to be followed in the forecast period. This market share is owed to the growth in the demand for refrigeration solutions from the industrial and commercial sectors in the major economies of the region such as China, Japan, South Korea, and India. Large populations in China and India also relate to an increase in the demand for food products, specifically frozen and processed food products in recent times due to changing habits. These factors also contribute to an increase in the demand for refrigeration coolers for commercial and retail use in the food and beverage industry. There is also a demand for refrigeration coolers for warehousing and transportation of food and beverage items and other products that require precise temperature control such as vaccines and medicines. It is expected that North American and European markets will experience moderate growth too. The market for refrigeration coolers in the United States is expected to experience steady growth due to its large network of organized retail sector stores and animal-based food processing applications to cater to a large meat-eating population.

Segmentation:

• By Component
  • Evaporators & Air coolers and
  • Condenser
• By Refrigerant Type
  • HFC/HFO
  • NH3
  • CO2
  • Glycol, and
  • Others
• By Application
  • Commercial
  • Industrial
• By Industry
  • Refrigerated Warehouses
  • Beverage Processing
  • Fruit & Vegetable Processing
  • Dairy & Ice-cream Processing
  • Meat
  • Poultry, & Fish Processing
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East And Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others