Austin, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Insights:
According to the SNS Insider, “The Refrigeration Coolers Market Size was valued at USD 3.70 Billion in 2023 and is expected to reach USD 6.26 Billion by the end of 2032 at CAGR about 6.02% during the forecast period of 2024-2032.”
Rising Demand for Processed Foods and Cold Storage Drives Refrigeration Coolers Market Growth
The refrigeration coolers market is set for substantial growth, fueled by increasing demand for processed foods and the necessity for efficient cold storage solutions. The Greater Boston Food Bank's expansion of refrigeration capacity highlights the growing need for reliable systems, as demand for refrigerated storage in the food supply chain rises by 4%. With 58% of the American diet now comprising ultra-processed foods, reliable refrigeration is essential to ensure safety and prevent spoilage. The global shift toward plant-based diets and convenience foods, noted by the BBC, further boosts this demand. As sustainability gains importance, the sector is embracing energy-efficient technologies, driven by evolving consumer preferences, stricter food safety regulations, and ongoing technological advancements.
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Leading Market Players with their Product Listed in this Report are:
- Carrier Global Corporation (Commercial refrigeration units, chillers)
- Trane Technologies (Refrigerated display cases, air conditioning systems)
- Danfoss A/S (Compressors, valves, and electronic controls)
- Emerson Electric Co. (Refrigeration controls, compressors, transcritical systems)
- Johnson Controls International (HVAC systems, chillers, refrigeration solutions)
- GE Appliances (Refrigerators, freezers, cooling units)
- Whirlpool Corporation (Refrigerators, ice makers, cooling appliances)
- LG Electronics (Commercial refrigerators, freezer solutions)
- Samsung Electronics (Refrigerators, freezers, smart cooling solutions)
- Hitachi, Ltd. (Air conditioning systems, commercial refrigeration)
- Daikin Industries, Ltd. (Air conditioning units, chillers, heat pumps)
- Mitsubishi Electric Corporation (VRF systems, commercial refrigeration solutions)
- Frigidaire (Refrigerators, freezers, cooling appliances)
- Sub-Zero Group, Inc. (Luxury refrigerators, wine coolers)
- Blue Star Limited (Commercial refrigeration, air conditioning systems)
- Panasonic Corporation (Refrigerators, cooling systems, compressors)
- Electrolux AB (Refrigerators, freezers, cooling appliances)
- AHT Cooling Systems GmbH (Commercial refrigerators, freezers)
- Beverage-Air Corporation (Refrigerated display cases, ice cream freezers)
- Kigali Refrigeration (Custom refrigeration solutions, display cases).
Refrigeration Coolers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.70 Billion |
| Market Size by 2032 | USD 6.26 Billion |
| CAGR | CAGR of 6.02% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Component (Evaporators and Air Coolers, Condensers) • By Applications (Commercial, Industrial) • By Refrigerant (HFC/HFO, NH3, CO2, Glycol, Others) |
| Key Drivers | • Balancing Food Safety and Technological Advancement in the Refrigeration Cooler Market. |
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Dominance of Condensers and Commercial Applications Driving Innovation and Growth
By Component
In 2023, condensers dominated the refrigeration coolers market, accounting for 57% of the market share due to their vital role in facilitating heat exchange and ensuring refrigeration efficiency. With a focus on energy efficiency and sustainability, manufacturers like Carrier Global Corporation and Daikin Industries are advancing condenser technologies to reduce energy consumption and environmental impact. Companies such as Thermo King are integrating IoT for real-time temperature monitoring, while Blue Star Limited is introducing eco-friendly refrigerants and innovative designs to meet strict environmental standards. The demand for advanced refrigeration, particularly in the food and beverage sector, continues to drive this segment's growth.
By Application
In 2023, the commercial segment led the refrigeration coolers market, capturing 62% of total revenue due to its extensive use in supermarkets, restaurants, and convenience stores. This growth is fueled by rising demand for fresh and frozen foods, alongside an emphasis on food safety and quality. Retailers are investing in advanced refrigeration technologies to enhance storage and display, driven by consumer preferences for fresh produce and dairy items. Companies like Linde and Emerson Electric Co. are innovating eco-friendly, energy-efficient systems. Linde focuses on sustainable cooling solutions, while Emerson’s IoT-enabled E2 system offers real-time monitoring, improving efficiency and ensuring food safety.
Regional Dynamics in Refrigeration Coolers Market: Asia-Pacific Leads While North America Surges Ahead
In 2023, Asia-Pacific dominated the refrigeration coolers market, capturing 35% of global revenue, driven by rapid urbanization, increasing disposable incomes, and growing demand for refrigerated products across the food, pharmaceutical, and logistics sectors. Countries like China and India led this growth through substantial investments in advanced refrigeration technologies and the expansion of cold storage and food processing industries. Rising consumer preferences for fresh and frozen food further fueled the demand in the region.
North America emerged as the fastest-growing region, driven by innovation, technological advancements, and a shift toward energy-efficient refrigeration solutions. The growing consumer demand for fresh, high-quality food products and the implementation of stricter food safety regulations prompted businesses to upgrade their refrigeration systems. Additionally, the rise of e-commerce amplified the need for efficient cold chain logistics to ensure safe storage and transport of perishable goods.
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Recent Development
- May 31, 2024 – Carrier Commercial Refrigeration (CCR) has joined NaturalRefrigerants.com as a silver partner, expanding its role in natural refrigerant solutions. CCR manufactures CO2 refrigeration systems, heat pumps, and R290 food display cases, with energy-efficient products such as the CO2OLtec Evo and CO2OLtec EB, which offer significant reductions in energy consumption and carbon footprints for supermarkets and hypermarkets globally.
- October 7, 2024 – Mitsubishi Electric's Italian subsidiary has received an order for 1,350 R290 HVAC units from Siemens Mobility for Munich’s S-Bahn trains. This marks Mitsubishi Electric's first natural refrigerant-based HVAC system for the rail industry, set to enhance sustainability and reduce power consumption in trains running between 2026 and 2032.
- March 20, 2024 – Panasonic plans to launch its Aquarea M Series R290 air-to-water heat pumps in Europe by September 2024. These units, designed for commercial applications, offer capacities of 20-30kW and provide energy-efficient heating with a 5.0 SCOP. Panasonic has partnered with Tado for enhanced heat pump efficiencies.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization Analysis by Region
5.2 Feedstock Prices Analysis by Region
5.3 Regulatory Impact: Effects of regulations on production and usage.
5.4 Environmental Metrics Analysis by Region
5.5 Innovation and R&D
6. Competitive Landscape
7. Refrigeration Coolers Market Segmentation, by Component
8. Refrigeration Coolers Market Segmentation, by Applications
9. Refrigeration Coolers Market Segmentation, by Refrigerant
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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