Global Refrigeration Coolers Market is valued approximately USD 3.39billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.0% over the forecast period 2022-2028.
The refrigeration coolers are the variety of electronic appliances that are used to cool a substance, space, or system to maintain or lower the temperature. In other words, refrigeration coolers refer to the delivery of artificial cooling. The growth of the various industries such as food & beverages, healthcare, cosmetics, and many others are more inclined to adopt refrigeration coolers for preserving their products. The growing investments in cold storage facilities or refrigerated warehouses, increasing demand for frozen and processed foods, growth of the food & beverage industry, and rising need to shift for the adoption of lower-GWP refrigerants are the chief factors that are spurring the market demand.
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For instance, as per the National Investment Promotion & Facilitation Agency, in India, the processed food market was accounted for USD 322 billion in 2016. Also, the amount is projected to increase and reach around USD 543 billion by 2020 with a growth rate of 14.6%. Consequentially, the growth of the processed food sector is surging the demand for refrigeration coolers, which, in turn, accelerates market growth in the near future. However, high installation costs and other expenses and lack of skilled personnel along with high safety concerns impede the growth of the market over the forecast period of 2022-2028. Also, the influx of IoT propelling automation in refrigeration technologies and the rising trend of walk-in coolers are anticipated to act as a catalyzing factor for the market demand during the forecast period.
The key regions considered for the global Refrigeration Coolers market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing demand for refrigeration cooling units from commercial and industrial applications and the rising presence of the leading market players in this region. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the growing demand from the food & beverages processing, refrigerated warehouse, meat and poultry processing applications, and government subsidies in setting up cold chain networks, would create lucrative growth prospects for the Refrigeration Coolers market across the Asia-Pacific region.
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Major market players included in this report are:
- Johnson Controls International plc
- Lennox International
- Kelvion Holding GmbH
- Rivacold srl
- H. Guntner Limited
- Evapco, Inc.
- Thermofin
- Emerson Electric Co
- Modine Manufacturing Co
- Daikin Industries, Ltd
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Component Type
Evaporators and Air coolers
Air Units
Dry Coolers
Brine Coolers
Blast/Tunnel Unit cooler
Condenser
Evaporative
Air-Cooled & Water-cooled
By Refrigerant Type
HFC/HFO
NH3
CO2
Glycol
Others
By Application
Commercial
Industrial
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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