The global refrigeration coolers market size is estimated to grow from USD 3.6 billion in 2022 to USD 4.8 billion by 2027, at a CAGR of 6.0%. The market declined in 2020, mainly due to the impact of COVID-19. The industrial supply chain 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, which would affect the refrigeration coolers market . Though the market is expected to be impacted in 2020, it is expected to fully recover by mid 2022. Increasing demand for innovative and compact refrigeration coolers based on natural refrigerants and growing adoption of refrigeration coolers in commercial applications is the primary factor driving the market growth.Likewise, influx of IoT fueling automation in refrigeration technologies is also expected to propel the demand for the said market during the forecast period.
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The Internet of Things (IoT) allows the connection of various devices and systems in a network and automates these processes. A smart refrigeration solution uses thermodynamic and refrigeration-based algorithms to review and analyze commercial refrigeration data. This allows optimizing store performance and improving energy efficiency. Smart refrigerator compares the status of the food, such as its expiry date, weight, and quantity. The solution uses predictive and preventative analytics to minimize energy spending, avoid unplanned maintenance, reduce food spoilage, and improve case performance. Smart refrigerator is designed to manage food items stored in it and advise the user on what type of food is to be stored inside the refrigerator. The increase in smart refrigeration units has created several opportunities for the manufacturers of refrigeration coolers.
Evaporator and air cooler type is expected to grow at the highest CAGR in the refrigeration coolers market. The benefits of installing an evaporator in any process setup are typically sturdy and have a long life span. Also, the operating costs of these components are typically low after installation. They have a high safety rating if proper routine maintenance is performed. They are energy efficient, have more precise temperature control, and lower leaving temperature capabilities. These are mostly used in refrigerated warehouses, cold storage, processing facilities, hospitality centers, and other commercial centers. The rising number of refrigerated warehouses is the prime factor for the growth of the market for evaporators as well as air coolers. Various governments, especially the US Government, have laid stringent regulations for processing and supplying perishable food products, leading to a greater demand for cold storage warehouses.
The market for CO2 refrigerant-based refrigeration coolers is expected to grow at the highest CAGR during the forecast period. CO2 is a non-toxic, non-flammable natural refrigerant with an Ozone Depletion Potential (ODP) rating of zero and a Global Warming Potential (GWP) rating of one. This refrigerant has excellent thermodynamic properties and high energy efficiency. These properties make it suitable for use in a range of applications, such as industrial heat extraction, chilled warehousing, marine refrigeration, and several other ice-making and commercial refrigeration applications.
The market in Asia Pacific is expected to register the highest CAGR during 2022–2027. It is also projected to account for the largest market share during the period. The highest CAGR of the refrigeration coolers market in APAC can be attributed to the increasing demand for refrigeration cooling units from the commercial and industrial applications in the region. Consequently, the global market players are experiencing strong demand from countries such as China, India, Japan, and South Korea. Furthermore, government subsidies in setting up cold chain networks are resulting in strengthening the cold chain infrastructure across the region. Supermarkets and hypermarkets, convenience stores, and grocery stores are the primary channels of distribution of food in the APAC region. Wider availability of products under one roof, including ready-to-eat food products, has surged the growth in the sales channel. Due to the rising demand for such food products and items in commercial areas, the market in APAC for refrigeration coolers is growing.
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