Refrigeration Coolers Market - Forecasts from 2023 to 2028

The refrigeration coolers market is expected to grow at a CAGR of 3.21% from US$4.845 billion in 2021 to US$6.044 billion in 2028.

A refrigeration cooler helps remove unwanted heat from objects or space and assists in storing or transporting products in ideal temperature conditions. The refrigeration unit is the main component of a refrigeration system. A refrigerant is a cooling agent that absorbs unwanted heat and helps the cooling process. The major drivers for the growth of this market include increased demand for frozen and processed foods and growing demand for FMCG products.

The surge in demand for frozen and processed foods is positively impacting the market growth.

There has been a noticeable increase in the demand for frozen and processed food and beverage items recently. This can be attributed to changing lifestyles and dietary habits and rising urbanization in developing countries. As people's lifestyles are changing and becoming increasingly hectic and demanding, more people are turning towards frozen, processed, and ready-to-eat food products that do not require much preparation time and materials. This is driving the demand for such products, which, in turn, is the need for refrigeration coolers that are necessarily required in the warehousing, transportation, and shelving of most of these products. Additionally, growth in the retail sector, including an increase in the number of supermarket and grocery store openings, is also driving the development of the refrigeration coolers market, as these retail stores require commercial refrigeration coolers for storing various products. Advancements in cooling technologies and growth in demand for fast-moving consumer goods and fast food will also drive the demand for refrigeration coolers. Due to such efforts, key businesses in the refrigeration cooler market have seen an increase in income over the past few years. For instance, according to their yearly reports, the air conditioning segment of Daikin International, which includes refrigeration cooling, increased revenue by over 17% from 2021 to 2022 and produced total revenues of roughly ¥2,828.5 billion in 2022.

A high maintenance level is expected to restrain the industry's expansion.

A significant challenge faced by this industry relates to the high levels of maintenance required by refrigerating coolers which act as a hindrance to the growth of the industry as it negatively impacts the demand for the product. Additionally, the chances of technical problems arising due to a lack of proper maintenance is another major restraint for the growth of this market. There are also other risks associated with refrigeration cooling, such as internal leakages that can negatively affect the contents stored within that act as hindrances to the growth of this market.

Market Developments:

• In February 2021, Blue Star announced the launch of its new line of commercial refrigeration products designed to aid in storing vaccines and assisting in their transportation in India. These refrigerating coolers are ideal for boosting the vaccine distribution chain nationwide since they help maintain the perfect temperature conditions and can even continue without electricity for up to 2 days.
• In November 2021, Embraco announced the launch of its new range of refrigeration solutions as part of its new condensing unit portfolio, with different variants aimed at fulfilling various commercial refrigeration needs, with a special focus on the food retail and food service segments. The products will be available in multiple dimensions, giving some purchasing flexibility to the buyers as per their needs.
• In March 2023, ElanPro launched its new line of energy-efficient coolers for the food service industry. These products are aimed at helping players in the food and beverage industry to improve the quality of their output, enable them to be energy-efficient and consequentially increase profitability.

The Asia Pacific region is expected to hold a significant share of the refrigeration cooler market.

Asia Pacific is expected to constitute a significant market share, and similar trends will be followed in the forecast period. This market share is being driven on account of demand for refrigeration solutions from the industrial and commercial sectors in the region's major economies, such as China, Japan, South Korea, and India. Due to changing habits, large populations in China and India also relate to increased demand for food products, specifically frozen and processed food products. These factors also contribute to a surge in the need for refrigeration coolers for commercial and retail use in the food and beverage industry. There is also a demand for refrigeration coolers for warehousing and transportation of food and beverage items and other products that require precise temperature control, such as vaccines and medicines. Additionally, North American and European markets are expected to experience moderate growth. The need for refrigeration coolers in the United States is expected to experience steady growth due to its large network of organized retail sector stores and animal-based food processing applications to cater to a large meat-eating population.

Market 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