Refrigeration Coolers Market worth $5.74 Billion by 2029, at a CAGR of 6.5%
According to a research report “Refrigeration Coolers Market by Offering (Condensers, Compressors, Evaporators, Air Cooler), Mobility (Stationary, Portable), Refrigerant Type (Ammonia, Carbon Dioxide, HFC/HFO, Propane, Glycol, Brine, Hydrocarbon Blends) – Global Forecast to 2029″ published by MarketsandMarkets, the global refrigeration coolers market is expected to be valued at USD 4.19 billion in 2024 and is projected to reach USD 5.74 billion by 2029; it is expected to grow at a CAGR of 6.5 % from 2024 to 2029.
The rising demand for refrigeration coolers can be attributed to increasing 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 due to stringent regulatory policies. The scope of the said market includes three popular product types: condensers, compressors, and evaporators & air coolers.
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Browse 237 market data Tables and 63 Figures spread through 299 Pages and in-depth TOC on “Refrigeration Coolers Market by Offering (Condensers, Compressors, Evaporators, Air Cooler), Mobility (Stationary, Portable), Refrigerant Type (Ammonia, Carbon Dioxide, HFC/HFO, Propane, Glycol, Brine, Hydrocarbon Blends) – Global Forecast to 2029”
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These solutions also ensure compliance with stringent quality and regulatory standards in applications such as commercial and industrial, enhancing product safety and regulatory adherence. Cost efficiency is achieved through better resource utilization and predictive maintenance strategies, contributing to overall cost savings.
The food & beverage segment to contribute significant share during the forecast period.
Food & Beverage applications include fruit and vegetable processing, beverage processing, dairy and ice-cream processing, meat, poultry, and fish processing, and special applications. The growth for refrigeration coolers is significant in the food & beverage segment, as consumers have increasingly become demanding for fresh and perishable foods. The requirements of refrigeration coolers are growing among food processors for long shelf life and food safety. These systems are used in fruit and vegetable processing facilities, beverage processing plants, and dairy and ice cream processing plants, among others. Another area of investment is the introduction of energy-efficient, green-friendly refrigeration technologies as well as rising demand for frozen and processed foods worldwide This way, a brisk expansion for the refrigeration coolers market in the food and beverage segments is expected due to issues concerning sustainability and quality.
The CO2 segment projected to grow significantly during the forecast period.
CO2 is a naturally occurring, non-toxic, non-flammable refrigerant with an ODP rating of zero and a GWP rating of one. This refrigerant boasts excellent thermodynamic properties and tremendous energy efficiency. These properties classify it for industrial heat extraction, chilled warehousing, marine refrigeration, and a number of other ice-making and commercial applications. Furthermore, substantial CO2-based refrigeration systems are more cost-effective to build than their glycol counterparts; thus, the initial and life cycle costs of CO2-based refrigeration systems are pretty low. All these advantages, along with increasing awareness regarding the thermodynamic properties of CO2 refrigerants, are set to propel the market for CO2-based refrigeration coolers. Furthermore, increasing the adoption of CO2 cascade refrigeration systems in various end-user industries would further propel market growth.
North America is expected to grow significantly throughout the forecast period.
Different factors, such as the increased focus on food safety and the stringent regulatory requirements, are driving the refrigeration cooler market in North America. With the vital food and beverage industry in this region through restaurants, supermarkets, and food processing centers, this side of the industry ensures that the quality of the products and their compliance with health standards can be maintained with appropriate support from refrigeration. The growth in online grocery shopping, along with pressure from environmental concerns, also intensifies the need for efficient cold storage and transportation solutions. Growth in refrigeration technology and the transition to more environmentally friendly refrigerants is leading to market growth. Businesses are cutting their carbon footprint and operational costs. With an already well-established infrastructure, not to mention frequent investment in innovative refrigeration systems, North America is expected to play a significant role in the refrigeration coolers market.
Key Players
The refrigeration coolers market includes significant Tier I and II players such Johnsons Controls (Ireland), Lennox International (US), Lu-Ve Group(Italy), Rivacold (Italy),Kelvion Holding GmBH (Germany), Modine Manufacturing (US) and Copeland (US), among others.
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