Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 3.2 Billion

CAGR (2023-2028)

6.2%

Fastest Growing Segment

 Evaporators & Air coolers

Largest Market

Asia Pacific

 

Market Overview

Global Refrigeration Coolers Market was valued at USD 3.2 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.2 %through 2028. 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.

Key Market Drivers

Growing Food Retail and Processing Industry

The increasing demand for food products, along with the expansion of supermarkets, convenience stores, and food processing facilities, drives the need for efficient refrigeration coolers to store and display perishable items.

Demand for Energy-Efficient Solutions: Energy efficiency is a significant driver in the refrigeration industry. Manufacturers are developing more energy-efficient cooling solutions to reduce operational costs and environmental impact.

Regulatory Compliance: Stringent regulations and standards related to food safety, environmental impact, and energy efficiency are pushing the industry to adopt advanced and compliant refrigeration systems. 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.

Rising Popularity of E-commerce

With the growth of e-commerce, there is an increased demand for cold storage facilities to support online grocery shopping and food delivery services.

Technological Advancements: Innovations in refrigeration technologies, such as the use of natural refrigerants, smart monitoring and control systems, and improved insulation materials, are driving market growth.

Globalization of Supply Chains: The globalization of supply chains has increased the need for reliable and efficient refrigeration systems for the transportation and storage of perishable goods over longer distances.

Changing Consumer Preferences: Consumers are increasingly looking for fresher and healthier food options, which require effective cooling and preservation solutions.

Medical and Pharmaceutical Industry Growth: The pharmaceutical and medical industries require precise temperature control and reliable cooling solutions for the storage of vaccines, medications, and other temperature-sensitive products.

Climate Change and Sustainability: Concerns about the environmental impact of refrigeration systems have led to a focus on reducing greenhouse gas emissions and transitioning to more sustainable refrigerants and technologies.

Urbanization and Lifestyle Changes

Urbanization and changing lifestyles have led to an increased demand for refrigeration coolers in residential settings, including refrigerators and freezers for homes.

These are some of the key drivers shaping the global refrigeration coolers market. The industry is evolving in response to changing consumer preferences, environmental concerns, and technological advancements, and it plays a crucial role in various sectors, from food and pharmaceuticals to data centers and transportation.

 

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Key Market Challenges

Energy Consumption

Cooling systems are significant energy consumers. The challenge is to develop more energy-efficient cooling technologies and systems to reduce operating costs and minimize the environmental impact.

Environmental Regulations: Increasingly strict regulations and standards related to refrigerants, such as the phaseout of hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), are posing challenges for manufacturers to find and adopt alternative, low-global warming potential (GWP) refrigerants.

Transition to Natural Refrigerants: Transitioning to natural refrigerants like ammonia, carbon dioxide, and hydrocarbons presents challenges related to safety, system design, and retrofitting existing systems.

High Initial Costs: Implementing energy-efficient and environmentally friendly refrigeration solutions often requires higher upfront investment, which can be a barrier for some businesses.

Complex Supply Chain

Maintaining the cold chain for perishable products can be challenging, especially when products need to be transported over long distances, and ensuring temperature consistency throughout the supply chain can be difficult.

Technological Advancements: While technological innovations are a driver, they can also be a challenge as companies must keep up with rapidly evolving technologies and stay ahead in research and development to remain competitive.

Maintenance and Reliability: Refrigeration systems require regular maintenance to ensure they operate efficiently and reliably. Downtime due to maintenance can be costly for businesses.

Global Economic Factors: Economic downturns or fluctuations can impact the demand for refrigeration coolers, especially in industries like food retail and manufacturing.

Consumer Expectations: As consumers demand fresher and healthier products, there is pressure on businesses to ensure that their refrigeration systems maintain the quality of products throughout the supply chain. The refrigeration industry faces a shortage of skilled workers and technicians who can design, install, and maintain complex cooling systems. Developing and maintaining efficient cold chain logistics, particularly in developing regions, can be challenging, impacting the quality and safety of products. Managing refrigeration waste, particularly when systems reach the end of their life cycle, can be an environmental challenge.

These challenges reflect the complexity and importance of the global refrigeration coolers market, which plays a critical role in various sectors. Addressing these challenges often involves collaboration between industry stakeholders, research and development, and a commitment to sustainability and environmental responsibility.

Key Market Trends

Energy Efficiency

Increasing emphasis on energy-efficient cooling solutions is a major trend. Manufacturers are developing refrigeration systems with advanced compressors, heat exchangers, and insulation materials to reduce energy consumption and operating costs.

Use of Natural Refrigerants: The adoption of natural refrigerants, such as ammonia, carbon dioxide (CO2), and hydrocarbons, is a growing trend due to their lower environmental impact and compliance with global regulations targeting high-GWP refrigerants.

Smart Refrigeration: The integration of IoT (Internet of Things) technology and smart sensors in refrigeration systems is on the rise. This allows for remote monitoring and control, predictive maintenance, and data-driven insights to optimize cooling operations.

Green Refrigeration Technologies

The development of greener technologies, like magnetic cooling, thermoelectric cooling, and solid-state refrigeration, is gaining attention as they offer potential energy savings and environmental benefits.

Modular and Flexible Systems: Refrigeration systems that are modular and adaptable to different storage and transportation needs are becoming popular, allowing businesses to scale and reconfigure their cooling solutions as required.

Cold Chain Management: Improved cold chain management is a trend in the logistics and supply chain industry, ensuring the safe and efficient transport of temperature-sensitive products, especially in the food and pharmaceutical sectors.

Urbanization and Compact Cooling Solutions: The trend toward urban living has increased the demand for compact and efficient cooling solutions, including smaller refrigerators and freezers that fit well in urban living spaces.

E-commerce Refrigeration: The rise of e-commerce has created demand for specialized refrigeration systems for last-mile delivery and cold storage facilities to support online grocery shopping and food delivery services.

Sustainability Initiatives: Companies are increasingly focusing on sustainability in their cooling solutions, considering not only the energy efficiency of the systems but also their entire life cycle impact, including recycling and disposal.

Consumer Preferences

Changing consumer preferences, such as a preference for organic and fresh foods, are driving the need for advanced refrigeration technologies to maintain product quality and safety. The pharmaceutical and healthcare industries are seeing a trend in the development of specialized refrigeration solutions to store vaccines, medications, and other temperature-sensitive products.

Hybrid and Advanced Refrigeration Systems: Hybrid refrigeration systems that combine different cooling technologies and advanced heat recovery systems for simultaneous cooling and heating are being explored for greater energy efficiency

Customization and Personalization: Manufacturers are offering customization options to meet specific customer requirements, whether for commercial refrigeration, residential appliances, or industrial cooling systems.

Segmental Insights

Component Type Insights

Evaporators are at the heart of the cooling process in most refrigeration systems. They are responsible for absorbing heat from the surroundings and cooling the air or the products in the system. Evaporators are used in a wide range of applications, from commercial and industrial refrigeration to residential air conditioning units. Their versatility makes them a dominant segment because they cater to various industries and consumer needs.

Energy Efficiency: Evaporators play a vital role in enhancing the energy efficiency of refrigeration systems. Their design and efficiency can significantly impact the overall energy consumption of a cooling system, making them a key consideration in the industry's focus on energy-efficient solutions.

Customization: Manufacturers offer various types of evaporators tailored to specific requirements, whether it's for walk-in coolers, refrigerated display cases, or HVAC systems. This customization option is highly valued in the market.


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Regional Insights

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.

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 AnalysisCOVID-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.

Recent Developments

  • In February 2021, Emerson introduced the Lumity supervisory control platform, a next-generation control platform for complete refrigeration and facility management. The new platform provides visual store management and robust control of refrigeration systems and buildings.
  • In February 2021, Carrier Global Corporation, a global provider of healthy, safe, and sustainable building and cold chain solutions, has engaged into a strategic long-term collaboration with LU-VE. LU-VE will deliver designed components such as heat exchangers, glass doors, and aftermarket solutions across Carrier's Commercial HVAC and Refrigeration portfolios as part of this partnership.
  • In February 2020, Emerson introduced two new pieces of foodservice equipment: the Copeland Indoor Modular Solution and the Copeland Scroll Digital Outdoor Refrigeration Unit X-Line Series. This has widened refrigeration portfolio of the company.

Key Market Players

  • Baltimore Aircoil Company
  • Cabero
  • Carrier Global
  • Daikin
  • Danfoss
  • Emerson Electric
  • Evapco
  • Friterm
  • Guntner
  • Johnson Controls

By Component Type

By Refrigerant Type

By Region

  • Evaporators & Air coolers
  • Condenser
  • HFC/HFO
  • NH3
  • CO2
  • Glycol
  •  
  • North America
  • Europe
  • South America
  • Middle East & Africa
  • Asia Pacific



 

Report Scope:

In this report, the Global Refrigeration Coolers Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Global Refrigeration Coolers Market, By Component Type:

o   Evaporators & Air coolers

o   Condenser

·         Global Refrigeration Coolers Market, By Refrigerant Type:

o   HFC/HFO

o   NH3

o   CO2

o   Glycol

·         Global Refrigeration Coolers Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Indonesia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Russia

§  Spain

o   South America

§  Brazil

§  Argentina

o   Middle East & Africa

§  Saudi Arabia

§  South Africa

§  Egypt

§  UAE

§  Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Refrigeration Coolers Market.

Available Customizations:

Global Refrigeration Coolers Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Refrigeration Coolers Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]               

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global Refrigeration Coolers Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Component Type (Evaporators & Air coolers, Condenser)

5.2.2.    By Refrigerant Type (HFC/HFO, NH3, CO2, Glycol, Others)

5.2.3.    By Region

5.3.  By Company (2022)

5.4.  Market Map

6.    North America Refrigeration Coolers Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Component Type

6.2.2.    By Refrigerant Type

6.2.3.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Refrigeration Coolers Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Component Type

6.3.1.2.2.           By Refrigerant Type

6.3.2.    Canada Refrigeration Coolers Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Component Type

6.3.2.2.2.           By Refrigerant Type

6.3.3.    Mexico Refrigeration Coolers Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Component Type

6.3.3.2.2.           By Refrigerant Type

7.    Asia-Pacific Refrigeration Coolers Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Component Type

7.2.2.    By Refrigerant Type

7.2.3.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Refrigeration Coolers Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Component Type

7.3.1.2.2.           By Refrigerant Type

7.3.2.    India Refrigeration Coolers Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Component Type

7.3.2.2.2.           By Refrigerant Type

7.3.3.    Japan Refrigeration Coolers Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Component Type

7.3.3.2.2.           By Refrigerant Type

7.3.4.    South Korea Refrigeration Coolers Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Component Type

7.3.4.2.2.           By Refrigerant Type

7.3.5.    Indonesia Refrigeration Coolers Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Component Type

7.3.5.2.2.           By Refrigerant Type

8.    Europe Refrigeration Coolers Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Component Type

8.2.2.    By Refrigerant Type

8.2.3.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Refrigeration Coolers Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Component Type

8.3.1.2.2.           By Refrigerant Type

8.3.2.    United Kingdom Refrigeration Coolers Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Component Type

8.3.2.2.2.           By Refrigerant Type

8.3.3.    France Refrigeration Coolers Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Component Type

8.3.3.2.2.           By Refrigerant Type

8.3.4.    Russia Refrigeration Coolers Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Component Type

8.3.4.2.2.           By Refrigerant Type

8.3.5.    Spain Refrigeration Coolers Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Component Type

8.3.5.2.2.           By Refrigerant Type

9.    South America Refrigeration Coolers Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Component Type

9.2.2.    By Refrigerant Type

9.2.3.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Refrigeration Coolers Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Component Type

9.3.1.2.2.           By Refrigerant Type

9.3.2.    Argentina Refrigeration Coolers Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Component Type

9.3.2.2.2.           By Refrigerant Type

10. Middle East & Africa Refrigeration Coolers Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Component Type

10.2.2. By Refrigerant Type

10.2.3. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1.  Saudi Arabia Refrigeration Coolers Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Component Type

10.3.1.2.2.         By Refrigerant Type

10.3.2. South Africa Refrigeration Coolers Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Component Type

10.3.2.2.2.         By Refrigerant Type

10.3.3. UAE Refrigeration Coolers Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Component Type

10.3.3.2.2.         By Refrigerant Type

10.3.4. Israel Refrigeration Coolers Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Product

10.3.4.2.2.         By End User

10.3.5. Egypt Refrigeration Coolers Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Component Type

10.3.5.2.2.         By Refrigerant Type

11. Market Dynamics

11.1.   Drivers

11.2.   Challenge

12. Market Trends & Developments

13. Company Profiles

13.1.             Baltimore Aircoil Company.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.             Cabero.

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             Carrier Global.

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             Daikin.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Danfoss.

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             Emerson Electric.

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             Evapco.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             Friterm.

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.             Guntner.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10.          Johnson Controls.

13.10.1.              Business Overview

13.10.2.              Key Revenue and Financials

13.10.3.              Recent Developments

13.10.4.              Key Personnel

13.10.5.              Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer        

Figures and Tables

Frequently asked questions

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The market size of the Global Refrigeration Coolers Market was USD 3.2 Billion in 2022.

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The Global Refrigeration Coolers Market was dominated by the Evaporators & Air coolers segment in 2022.

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Cooling systems are significant energy consumers. The challenge is to develop more energy-efficient cooling technologies and systems to reduce operating costs and minimize the environmental impact.

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The increasing demand for food products, along with the expansion of supermarkets, convenience stores, and food processing facilities, drives the need for efficient refrigeration coolers to store and display perishable items.

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Sakshi Bajaal

Business Consultant
Press Release

Evaporators & Air coolers are Expected to Dominate the Global Refrigeration Coolers Market

Jan, 2024

The increasing demand for food products, along with the expansion of supermarkets, convenience stores, and food processing facilities, drives the need for efficient refrigeration coolers to store and