The global walk-in coolers and freezers market is estimated to be worth around US$ 9.52 Bn in 2022. With the rising trend of installing customized walk-in coolers and freezers, the overall market is projected to expand at a robust CAGR of 5.7% between 2022 and 2029, reaching a valuation of US$ 14.05 Bn by 2029.
The global walk-in coolers and freezers market is finding new growth opportunities as walk-in coolers and freezers are becoming more prevalent in developing regions. These refrigeration products are becoming increasingly popular due to their greater capacity to preserve and store delicate goods while extending their shelf life.
Regionally, the market for walk-in coolers and freezers in North America will continue to be the most lucrative, with a share of 25.7% in 2022. The HoReCa industry’s rapid expansion, ongoing refrigeration technology advancements, and major market players are all contributing factors to the region’s growth.
The market outlook for walk-in coolers and freezers is insightfully compared and analyzed in Future Market Insights every half-year. The compressor is used to compress the refrigerant in a walk-in cooler and freezer. It takes low-pressure gas from the evaporator and changes it into high-pressure gas.
The high operational efficiency and continuous working of walk-in coolers and freezers often lead to the failure of the compressor. In application areas such as restaurants, commercial kitchens, supermarkets, and hypermarket stores, the continuous operation and frequent opening and closing of the coolers put a high load on the compressor.
The global walk-in coolers and freezers market is set to register a healthy CAGR of 5.7% between 2022 and 2029 in comparison to the 4.8% CAGR registered from 2014 to 2021.
Increasing demand for walk-in coolers and freezers across diverse applications such as retail food & beverage stores, pharmaceuticals, chemicals, cold storage warehouses, and hospitals is driving the global walk-in cooler and freezers market.
Spurred by the aforementioned factors, the walk-in coolers, and freezers market is set to expand 1.5X through 2029.
The production of food and beverages is growing quickly, and cold chain capacities are being expanded to ensure efficient storage and reduce food waste. These are the main factors behind the widespread adoption of industrial walk-in coolers and freezers.
There has been a rapid transition from FSR (Full-Service Restaurants) to QSR due to rapidly changing lifestyles and rising disposable income (Quick Service Restaurants). The expansion of walk-in freezers is benefiting from this.
Additionally, growing worries about the problem of food insecurity have created new opportunities for the sale of walk-in coolers and freezers. Countries across the globe are strengthening their cold supply chain infrastructure to minimize the waste of food and beverages.
As per FMI, the U.S. will remain the most lucrative market for indoor walk-in coolers and freezers and commercial grades alike. The presence of well-established retail sectors, growing popularity of customized walk-in coolers and freezers, rising construction of hotels, and presence of leading market players will continue aiding sales in the U.S.
Based on the aforementioned factors, a healthy market share of 25.7% has been projected for the North American walk-in coolers and freezers market dominated by the U.S in 2022. One of the profitable markets for walk-in coolers and freezers is China. Restaurants and commercial kitchens in China have exciting futures thanks to rapid urbanization and a booming economy. The walk-in coolers and freezers are driven by this in turn.
A market share of 15.7% has been projected for the East Asia walk-in coolers and freezers market spearheaded by China in 2022.
Based on the aforementioned factors, the South Asia walk-in coolers and freezers market led by India is set to account for a healthy share of 14.1% in 2022.
- SRC Refrigeration
- Parker Hannifin Corp.
- TMP Manufacturing Company
- Panasonic Corporation
- American Panel Corporation
- Others
