September 08, 2022 06:49 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, US, Sept. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Refrigeration Coolers Market Research Analysis by Component Type, Refrigerant Type, Application and Region - Forecast Till 2030”, valuation had reached USD 3.6 billion in 2021, which is expected to escalate further at a 6% CAGR during the review period (2022-2030).
The spurring rise across end-use industries creates vast growth opportunities. Besides, rapid industrialization worldwide boosts market demand. Industrial refrigeration coolers are used to remove heat and cool off large-scale processes or materials, lowering the temperature to the desired value. Industrial refrigeration is important, and multiple coolers are used in industrial processes depending on the production scale, temperature difference, and accuracy/ expected temperature.
Food & beverages, pharmaceuticals, and chemical & petrochemicals are key end-use industries of refrigeration coolers, where refrigeration is used to maintain safe conditions in the process and avoid accidents/chain reactions in compounds with a low boiling point. These industries use them to reduce the temperature and, thus, conserve their products or processes in optimal conditions and avoid issues like product decomposition.
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In industries where bioprocesses are involved, products & processes have to be developed and stored in ideal conditions to achieve important developments & maximum yield and thus ensure the safety of workers. In data centers, high amounts of heat or fumes are produced, and cooling helps create an adequately comfortable environment for people or machines to work.
During the COVID-19 pandemic, the global refrigeration coolers market experienced unexpected outages, whipsaw pricing, and wreaked havoc on the supply chains. However, the market is speedily returning to normalcy, with the lockdown relaxing in many countries. Besides, various industries, including food & beverages and power generation, are creating significant market demand.
Rapid economic growth worldwide and diversified industrial application areas of refrigeration coolers, such as industrial processing and food process equipment, offer ample market opportunities. Besides, rising use cases of refrigeration coolers in commercial and industrial applications create vast market demand. Furthermore, steadily rising population and economic growth in developing nations are market trends.
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Conversely, volatility in price and the demand-supply gap in raw materials required for production are key factors impeding the market growth. Also, vast investments required for establishing refrigeration coolers production plants challenge the market's growth. Nevertheless, rising investments in many regions would support the market growth throughout the assessment period.
Industry players strive to design, supply, and commission turn-key air-cooling systems, approaching the final stages of transition. Over recent years, refrigeration coolers have gained vast prominence, especially due to the rise in the consumption of ready-to-eat products. Moreover, the spurring rise in commercial applications of refrigeration coolers, such as processed & frozen food products, has benefitted the market increase.
Due to the growing consumption of ready-to-eat meals like frozen pizzas, desserts, and snacks, refrigeration coolers have become an ideal choice for the fast food segment. Food markets require reliable cold storage technologies that preserve food products and prolong the chemical composition of food. As international trade in these culinary goods grows, the need for large-scale refrigeration coolers will likely rise in the coming year.
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The refrigeration coolers market is segmented into components, cooler types, applications, and regions. The component segment is sub-segmented into evaporators & air coolers, condensers, and others. Of these, the evaporators & air coolers segment is expected to hold a major market share during the forecast period. The cooler type segment is sub-segmented into HFC/HFO, NH3, CO2, glycol, and others. Among these, the NH3 segment holds the largest market share due to the spurring rise in the FMCG industry.
The application segment is bifurcated into commercial and industrial. Of these, the commercial application segment will account for a major market share during the assessment period. The region segment is bifurcated into the Middle East & Africa, Americas, Asia Pacific, Europe, and rest-of-the-world. Among these, the Asia Pacific region dominates the global refrigeration coolers market.
Refrigeration Coolers Market Regional Analysis
APAC accounts for the largest refrigeration coolers market share globally, headed by rapid economic advances in China, India, Japan, and Australia. Besides, growing industrialization and investments across the region have been contributing to market growth, driving economic growth rapidly. Also, the spurring rise in manufacturing industries in China, Japan, and India generates significant demand across industry verticals in the region.
Government policies such as sizable tax deductions, support for integrated cold chain management systems, and the number of development facilities in the private sector boost market shares and attract foreign direct investments (FDIs). Additionally, the ever-increasing population across the region driving the food demand boosts the market demand, increasing the number of food processing plants.
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Refrigeration Coolers Market Competitive Analysis
The refrigeration coolers market witnesses several strategic partnerships, alongside other strategies such as expansion, mergers & acquisitions, collaboration, and service & technology launches. Major industry players invest in extensive research and development activities and foster their expansion plans.
Industry players look for government-introduced initiatives, such as grant programs for the development of energy-efficient refrigeration units, locally-grown fresh produce, nuts, dairy, meat, eggs, and program to promote minimally processed & culturally appropriate foods.
For instance, on Aug. 30, 2022, The California Air Resources Board (CARB) and the California Department of Food and Agriculture (CDFA) announced that they are working together to develop a wide range of energy-efficient refrigeration equipment using lower GWP refrigerants, such as CO2 (R744), hydrocarbons, and other environmentally-friendly refrigerants. These agencies have also invited NatRef equipment manufacturers to join California Grant Program, seeking funding for developing new equipment as part of the program's next request for proposal in Dec. 2022.
Players involved in the market are Cabero (Germany), Baltimore Aircoil Company (US), Carrier Global (US), Danfoss (Denmark), Daikin (Japan), Emerson Electric (US), Friterm (Turkey), Evapco (US), Guntner (Italy), Kelvion (Germany), Johnson Controls (Ireland), Koxka (Spain), Modine Manufacturing (US), Lu-Ve (Italy), Lenox (US), and Rivacold (Italy).
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