PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1590395
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1590395
The global refrigeration coolers market was valued at USD 4.19 billion in 2024 and is estimated to reach USD 5.74 billion by 2029, registering a CAGR of 6.5% during the forecast period. Rising urbanization, regulatory requirements for cooling refrigerants, growth in online grocery shopping, efficient cold storage and transportation solutions, growth in refrigeration technology, and transition to more environmentally friendly refrigerants are leading to market growth. These and other strategies foster a reasonable setting for the refrigeration coolers market.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Offering, Mobility, Refrigerant Type and Region |
Regions covered | North America, Europe, APAC, RoW |
"Ammonia to contribute significant share in refrigeration coolers market."
Ammonia refrigerant, therefore, is expected to grow strongly in the refrigeration coolers market because of its excellent thermodynamic properties, energy efficiency, and environmental benefits. Industries will have to reduce their carbon footprints because there is an increasing international tendency to oblige with sterner regulations on environmental issues that border on climate change, depleting the ozone layer, and others. High efficiency, lower energy consumption, and high-scale application in industrial refrigeration and cold storage also has promising prospects for large-scale growth. Moreover, the safety and performance improvements of ammonia refrigeration technologies promote more extensive acceptance. Thus, by meeting sustainability requirements, ammonia as a refrigerant is posed for healthy growth in the market.
"Portable mobility to grow significantly in the refrigeration coolers market."
In 2023, the portable mobility segment accounted for a larger market share, and a similar trend is likely to be observed during the forecast period, as the use of refrigeration coolers systems is on the rise in newly emerging applications such as logistics & warehousing. There is great potential for portable refrigeration coolers, as they can be carried everywhere and used anywhere to satisfy convenience and growing demand in a variety of applications. The growth of more street food vendors and food trucks has increased the demand for efficient and compact refrigeration solutions that are portable and can be easily transported and set up in different locations. Similarly, the technology trends in this area have given birth to energy-efficient, lighter, portable coolers, which further contribute to the growing demands among consumers and firms as well. With changing lifestyle and consumer preferences, the market for portable refrigeration coolers will rise significantly.
"Asia Pacific will contribute significantly to the growth rate in refrigeration coolers market."
Asia Pacific is poised to contribute a significant share to the refrigeration coolers market for several compelling reasons, by increasing adoption of energy-efficient refrigeration technologies in Asia Pacific countries due to environmental regulations and more awareness towards sustainable practices. First, the government supports refrigerants like ammonia and CO2 that are not only environmentally friendly but also contribute to the trend that is currently worldwide in helping alleviate the impact of refrigerator systems on the environment. On the other hand, the region's pharmaceutical-based manufacturing facilities have always had a high demand for refrigeration coolers. With growth in e-commerce and online grocery platforms requiring efficient cold chains, these factors are also driving Asia Pacific's growth in the refrigeration coolers market.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the refrigeration coolers market place.
The study includes an in-depth competitive analysis of these key players in the refrigeration coolers market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the refrigeration coolers market by offering, refrigerant, industry, mobility and region (North America, Europe, Asia Pacific). The report scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the refrigeration coolers market. A detailed analysis of the key industry players has provided insights into their business overview, solutions and services, key strategies, Contracts, partnerships, and agreements. New product and service launches, acquisitions, and recent developments associated with the refrigeration coolers market. This report covers competitive analysis of upcoming startups in the refrigeration coolers market ecosystem.
Reasons to buy this report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the refrigeration coolers market, and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.