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 - Forecast to 2027

The global refrigeration coolers market 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%. The market has a promising growth potential due to several factors, including increasing demand for 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 primarily in commercial applications which will be driving the demand for this market in the near future.



The major factor restraining the growth of the refrigeration coolers market include high installation costs and other expenses. The installation cost of industrial refrigeration systems is high as the cost of components such as compressors, condensers, and evaporators are high. Control systems used in these refrigeration systems are expensive, and this increases the total cost of installation. Refrigerants such as ammonia and certain hydrocarbons are flammable and corrosive. Similarly, exposure to high concentrations of ammonia is toxic and life-threatening if inhaled. Therefore, safety equipment is required when working with ammonia-based refrigeration systems. Ammonia-based refrigeration systems should be made up of high-cost materials such as steel and aluminium as ammonia reacts with and corrodes copper, which increases the overall initial cost of the system. Other expenses such as regular maintenance, staff training, and the high cost of energy also increase the overall operational costs, thereby restraining the market growth.

The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains were disrupted in March and April 2020 due to the lockdown imposed by various governments and labour shortages in these industries due to travel restrictions, which would affect the refrigeration coolers market. Though the market has been impacted in 2020, it is expected to fully recover by mid-2022.

Evaporators and Air coolers: The fastest-growing segment of the refrigeration coolers market, by Component type

Evaporators and air coolers is expected to hold the largest market share 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. The rising number of refrigerated warehouses is the prime factor for the growth of the market for evaporators as well as air coolers. It is more cost-effective to build an entirely new refrigerated warehouse than to retrofit it with the required technology. Rising inclination toward fresh goods will continue to drive the market for the demand for cold storage warehousing. To facilitate expansion in imports and exports of perishables, there has been an increase in the construction of new cold storage warehouses on or near ports, as well as at chief trade gateways and border crossings. Cold chain service providers are also investing heavily in such facilities. These factors would contribute to the growth of the evaporator and air cooler market in the refrigeration coolers market.

Commercial: The largest segment of the refrigeration coolers market, by Application

 
The commercial applications of the refrigeration coolers market are expected to account for the largest market share 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 centres, 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 use of refrigeration cooling equipment plays a key role. Hence, commercial applications are expected to provide an opportunistic environment for the refrigeration coolers market growth.

APAC has the largest market share  in the refrigeration coolers market

APAC is expected to be the fastest-growing market for refrigeration coolers market during the forecast period.  APAC comprises countries such as China, India, and Japan, which are leading countries globally with higher refrigerated warehouse capacity. Consequently, the global market players are experiencing strong demand from countries such as China, India, Japan, and South Korea. 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 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. Furthermore, combining products using promotional offers and schemes has been a popular key factor that has promoted the growth of products. Due to the rising demand for such food products and items in commercial areas, the market in APAC for refrigeration coolers is growing
    
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies.

The break-up of the primaries is as follows:

• By Company Type: Tier 1 - 35%, Tier 2 - 40%, and Tier 3 - 25%
• By Designation: C-level Executives - 25%, Directors - 30%, and Others - 45%
• By Region: North America - 40%, Europe - 32%, APAC - 23%, and RoW - 5%

The report profiles key players in the global refrigeration coolers market with their respective market share analysis. Some prominent players offering refrigeration coolers are 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). Other players include Refrion Srl (Italy), Stefani SpA (Italy), Onda SpA (Italy), Roen Est Group (Italy), KFL srl (Italy), Walter Roller (Germany), CABERO (Germany), Thermokey Spa (Italy), Koxka (Spain), Centauro International (Portugal), Baltimore Aircoil Company (US), Daikin Industries, Ltd (Japan), Friterm A S (Turkey), Carrier Global Corporation (US), and Danfoss A/S (Denmark).

Research Coverage:

• The report segments the refrigeration coolers market and forecasts its size, by value, based on region (North America, Europe, APAC, and ROW), by component type (Evaporators and Air coolers),  Refrigerant type (HFC/HFO, NH3, CO2, Glycol and others), and application (commercial, industrial)
• The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the refrigeration coolers market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets

Key Benefits of Buying the Report

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the refrigeration coolers market and provides them information on key market drivers, restraints, challenges, and opportunities.