The report “Refrigeration Coolers Market with COVID-19 Impact Analysis by Component (Evaporators and Air Coolers, Condensers), Refrigerant (HFC/HFO, NH3, CO2, Glycol, Others), Applications (Commercial, Industrial) and Geography – Global Forecast to 2027″, size is expected to grow from USD 3.6 billion in 2022 to USD 4.8 billion by 2027, at a CAGR of 6.0%. Growing investments in refrigerated warehouses/cold storage, rising demand for frozen and processed foods worldwide, rising demand for innovative and compact refrigeration coolers, and growing adoption of natural refrigerant-based systems in various commercial and industrial applications will drive the demand for this market in the near future.
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The market has slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the refrigeration coolers market. Though the market is impacted in 2020, it is expected to fully recover by mid 2022.
Evaporators and Air Coolers type estimated to contribute the largest market share in the said market during the forecast period
Evaporator and air cooler component types are expected to contribute a major share in the refrigeration coolers market during the forecast period. Refrigeration is driving massive growth in commercial and industrial applications with advanced refrigeration systems. These components are widely used in several applications, resulting in the availability of different shapes and sizes as per specific requirements. For instance, a line of large capacity coolers is available for industrial and commercial cold storage, especially where food safety, efficiency, and reliability are paramount. Furthermore, these coolers provide versatility for commercial cold storage applications and major retail environments such as restaurants, supermarkets, convenience stores, beverage storage, and more.
Commercial is estimated to be the fastest-growing market during the forecast period
The commercial applications cover a wide range of premises from small cafes to supermarkets and refrigeration requirements from frozen to chilled produce in different areas, including hypermarkets, mini stores, convenience stores, grocery stores, hospitality centers, and small retail stores. For larger supermarkets, energy use is typically considered as a whole, including the building HVAC, water use, lighting, and commercial refrigeration, with heat recovery being a key contributor to minimizing energy consumption, particularly where space heating is a seasonal requirement. Hence, here the usage of refrigeration cooling equipment plays a key role. For smaller stores, heat rejection from display cases can contribute to additional air-conditioning load or provide useful heat in cooler climatic conditions. All these factors are expected to drive the market for refrigeration coolers in commercial applications.
Asia Pacific is expected to grow at the highest rate
APAC is expected to contribute to the highest CAGR during the forecast period in the refrigerated cooler market. The highest CAGR of the market in APAC is attributed to the increasing demand for refrigeration cooling units from the commercial and industrial applications in this region. APAC comprises countries such as China, India, and Japan, which are leading countries globally in terms of having higher refrigerated warehouse capacity, and the global market players are experiencing strong demand from countries such as China, India, Japan, and South Korea. Growth is mainly driven by the refrigerated warehouse, food & beverages processing, and meat and poultry processing applications. The growing population in APAC creates a high demand for food, thereby creating opportunities for food processing facilities in this market. Furthermore, government subsidies in setting up cold chain networks are strengthening the cold chain infrastructure across the region.
Major players in the refrigeration coolers market include Johnson Controls International plc (Ireland), Lu-Ve SPA (Italy), Lennox International (US), Kelvion Holding GmbH (Germany), Rivacold srl (Italy) H. Güntner Limited (Italy), Evapco, Inc. (US), Thermofin (Canada), Emerson Electric Co (US), and Modine Manufacturing Co (US) among others.
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