The global walk-in refrigerator market is evaluated at US$11.463 billion for the year 2020 and is projected to grow at a CAGR of 5.97% to reach the market size of US$17.202 billion by the year 2027.
Walk-in refrigerators are employed to store and preserve food, grocery, and pharmaceutical items from the harmful effects of bacteria and fungus. Walk-in refrigerators ensure and provide more space than standard conventional refrigerators. The large and convenient storage space of walk-in refrigerators makes them suitable for storing food and grocery items. Walk-in refrigerators can be widely seen in supermarkets and large restaurants. The increasing number of supermarkets and hypermarkets is also increasing the need for storing food and decaying commodities in a single preserving facility. The increasing number of restaurants and hotels is boosting the demand for walk-in refrigerators in the market. The need for preserving food items on a large scale is now growing on a daily basis, which also provides scope for the growth of the walk-in refrigerator market. Pharmaceuticals and medicinal equipment are also things, that have to be stored in a well preserved and protected manner. Walk-in refrigerators are also efficiently used in the pharmaceutical and medical fields.
The outbreak of COVID-19 has seriously influenced the global walk-in refrigerator market. The demand for walk-in refrigerators has increased to a certain extent during the COVID period as the vaccine doses are preserved and stored with the help of walk-in refrigerators. Pharmaceuticals and vaccine doses are certain materials that have to be properly sterile and preserved in cold conditions to prevent bacteria and fungus. Walk-in refrigerators are devices with large storage spaces that make them efficient for the purpose. The lockdowns and isolations that took place as a result of the pandemic have also affected the manufacturing and supply chain sectors of large-scale refrigerators and coolers. The partial openings of beverages and restaurants also caused a rise in demand for walk-in refrigerators.
The rising number of restaurants and supermarkets
The rising number of restaurants and supermarkets boosts the market for walk-in refrigerators in the global market. The FDA (U.S. Food and Drug Administration) reports states that the fast-food restaurant industry in the U.S. is in experiencing growth at a steady rate. The growing restaurant industry demands a large number and more space for the preservation of food items, which promotes the need for walk-in refrigerators. The emerging supermarkets and hypermarkets are also commercial places that offer all the products and groceries in a single store. All items available and stored in a single place demand the use of coolers and refrigerants with more space and utility. According to the data collected by CFR (Code of Federal Regulations), walk-in refrigerators and coolers offer more space and a cooling effect below 0 degrees Celsius compared to those of conventional refrigerators. The higher walk space offered by walk-in refrigerators boosts the demand for refrigerators in the large food and supermarket industries.
There is a growing demand for the preservation of food and pharmaceuticals
The rising demand for the preservation and storage of food and pharmaceuticals is increasing. The pharmaceutical field is one section that needs a large area of preservation storage. Medicines and drugs are the things that have to be stored and protected in cool and dry spaces. The growth of the medical and pharmaceutical fields is driving the market for walk-in refrigerators. According to the data collected by WHO (World Health Organisation), about 42.1 million COVID doses are given every single day worldwide. This data stands for the need for large and more spaced storage cooling facilities. The demand and market for walk-in refrigerators are tremendously increasing as the production of vaccine doses is increasing. The increasing atmospheric temperature above the normal optimal temperature is causing the decay and spoilage of food and medicine, as the need for preservation and cooled storage spaces is increasing. The developments in the medical and food industries are also increasing the demand for walk-in refrigerators.
North America held a significant market share
North America is the leading market for walk-in refrigerators. The developments in technology and research taking place in the field of refrigeration are driving the market growth of walk-in refrigerators in North America. The eating culture of North America in eating frozen and preserved foods is also making the market for walk-in refrigerators in North America increase. The earlier adaption of technology and advanced developments taking place in the refrigeration field also make North America a leading market for refrigerators. The market for walk-in refrigerators is also increasing in the Asia-Pacific region, following the North American region.
|Market size value in 2020||US$11.463 billion|
|Market size value in 2027||US$17.202 billion|
|Growth Rate||CAGR of 5.97% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Component, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||FRIGINOX, Hussmann Corporation, Imbera Foodservice, Imperial Manufacturing Group, Panasonic, Precision Refrigeration, SRC Refrigeration, Arctic Industries, Beverage-Air Corporation, Delfield, Haier|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the walk-in refrigerator market size by 2027?
A1. The global walk-in refrigerator market is projected to reach a total market size of US$17.202 billion by 2027.
Q2. What is the size of the global walk-in refrigerator market?
A2. Walk-In Refrigerator Market was valued at US$11.463 billion in 2020.
Q3. What are the growth prospects for the walk-in refrigerator market?
A3. The walk-in refrigerator market is projected to grow at a CAGR of 5.97% over the forecast period.
Q4. What factors are anticipated to drive the walk-in refrigerator market growth?
A4. The increasing number of restaurants and hotels is boosting the demand for walk-in refrigerators in the market.
Q5. Which region holds the largest market share in the walk-in refrigerator market?
A5. North America is the leading market for walk-in refrigerators owing to the developments in technology and research taking place in the field of refrigeration.
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