Refrigeration Coolers Market Size, Share, Opportunities, And Trends By Component (Evaporators & Air Coolers, Condenser), By Refrigerant Type (HFC/HFO, NH3, CO2, Glycol, Others), By Application (Commercial, Industrial), By Industry Vertical (Transportation And Logistics, Food And Beverage, Healthcare, Others), And By Geography - Forecasts From 2024 To 2029

The refrigeration coolers market is expected to grow at a CAGR of 3.59% reaching a market size of US$6.350 billion in 2029 from US$4.961 billion in 2022.

Refrigeration coolers have grown in popularity as the food industry expanded significantly. Refrigeration coolers in particular have gained popularity and are now a great option for ready-to-eat products in a variety of industries, not just commercial ones. Because of their lower adoption rates, the market potential for frozen and processed food products has increased significantly. The use of prepared foods, such as frozen pizzas, snacks, and desserts, has also increased dramatically. A dependable cold storage technology that maintains the chemical composition of food even after months is required for such a food market. With the growth in international trade of these culinary goods, cold storage systems will probably become more and more necessary in the forecast years.

Rising demand for wall-in cooler system

Eco-friendly coolant-based industrial refrigeration coolers have seen a rise in sales worldwide in recent years. Nonetheless, food kept within the refrigeration system may become contaminated due to internal system leaks of these gases. As a result, in the forecast period, wall-in refrigeration cooler systems may become more popular due to a lack of skilled workers and growing safety concerns.

Further, because of environmental risks, manufacturers are now more concerned with global warming potential (GWP) and ozone depletion potential (ODP) than with the thermodynamic properties of their refrigerants. In response to the demand for refrigerants with lower greenhouse gas profiles around the world, new refrigeration equipment, parts, and technologies are being introduced. However, one of the difficult issues facing both operators and original equipment manufacturers is making the transition to refrigeration systems of the future.

Technological developments in refrigeration coolers -

The acceptance and proliferation of this technology have been significantly influenced by these trends. Improved lifetime, colour rendition, controllability, design, and stability are among the many areas in which progress has been made. By increasing efficiency, refrigeration cooling systems are even more energy saving which makes them more attractive to final consumers. Enhancing aesthetic appeal in lit areas is only made possible through improved skills of colour rendition whereby definite colours are accurately represented. Lowering maintenance costs resulting from prolonged lifetimes also plays a crucial role in reducing the overall maintenance cost of refrigeration cooling systems.

High demand for ready-to-eat products

An increase in the number of people working worldwide, the development of products with longer shelf lives, and rising demand from a variety of end users, including fast-food chains' hotels and restaurants, are all significant drivers of the industry. Due to the increasing availability of frozen foods, consumers' dietary item purchasing behaviours have changed, and frozen foods are now a regular fixture on their shopping lists. The proactive and hectic lifestyle of the working class has increased demand for frozen food items. Because they are so convenient, millennial parents have emerged as a significant market niche for frozen dinners. The market for refrigeration coolers is being driven by all of these factors, which are connected to the growing demand for beverages, frozen food, and ready-to-eat goods.

Growth in the organized retail sector

The growth of retail chains and channels, such as supermarkets, hypermarkets, and convenience stores, is a key factor propelling the refrigeration cooler market. Moreover, retail chains have advanced to the point where several manufacturers now own their refrigerated storage facilities. Retailers such as Walmart, Spar, Tesco and 7-Eleven are growing their shops in developed nations like the UK, the US and Germany as well as emerging markets such as Argentina, China and Brazil. This growth of these massive retailers together with their growing global businesses is what is fueling the growth of the refrigerated warehouse industry.

Rising demand for fast-moving consumer goods

The demand for fast-moving consumer goods is related to the need for smart refrigeration, cold storage chain logistics, and transportation. The popularity of online shopping and e-grocery has made refrigeration units necessary for the storage and cooling of these products. Refrigerated logistics have a finite amount of time to distribute certain commodities due to their fragility. The cost and difficulty of transporting food from a warehouse or retail location to a customer's location have also increased. Meal packages and e-grocery items have seen a sharp increase in demand in many countries. The sudden rise in perishable food items and consumables has increased the demand for cold storage space.

Asia Pacific is witnessing exponential growth during the forecast period

It is anticipated that the economies of nations like China, India, Japan, and Australia will spur rapid expansion in this market. The last ten years have seen a notable increase in investments and industrialization in Asia Pacific regions, especially in China and India, which has fueled the region's rapid economic growth. For instance, the Indian government has implemented policies to support integrated cold chain management and stimulate private sector facility development, such as profit-linked tax deductions, FDI approval, and other financial assistance. Furthermore, the growing population in APAC generates a high demand for food, creating opportunities for food processing facilities throughout the region and driving up the market for refrigeration coolers.

Market key launches

• In February 2022, Evapco debuted its first air-cooled and adiabatic CO2 gas cooler for industrial and commercial use under the eco-Air Series. With this launch, the company made a stronger commitment to offering high-quality, environmentally friendly products. When compared to conventional evaporative systems, the eco-Air series will significantly cut or completely eliminate water usage. Adiabatic models do not use water unless the load and environment demand it. Cutting back on water use also lowers ongoing costs for the cooling system, including water treatment, disposal, and purchase. Water conservation is maximized using proprietary PLC logic when the eco-Air adiabatic models are used with the EVAPCO controls package.

Segmentation:

• By Component
  • Evaporators & Air coolers
  • Condenser
• By Refrigerant Type
  • HFC/HFO
  • NH3
  • CO2
  • Glycol
  • Others
• By Application
  • Commercial
  • Industrial
• By Industry Vertical
  • Transportation and Logistics
  • Food and Beverage
  • Healthcare
  • 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