Future Market Insights (FMI), in its new report, estimates worldwide sales of walk-in coolers and freezers at US$ 8.6 billion in 2019. Widespread consumer acceptance of frozen and processed food, along with a steep rise in the demand for efficient refrigeration facilities to store and maintain the shelf life of these products, allude to a brighter future for the walk-in coolers and freezers market.
Digitalization and smart technologies continue to influence numerous product developments and demand-side dynamics, and walk-in coolers and freezers are no exception. As consumers show a marked preference for efficient yet custom-sized units, manufacturers are leveraging technological advancements to develop unique product features that fulfill specific customer requirements.
“Walk-in coolers and freezers are witnessing transformations under the influences of smart technologies and digitalization, and consumer preference for customized yet efficient equipment has led manufacturers to emphasize application-specific features in new product development”.
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According to the study, key players in the walk-in coolers and freezers market also remained focused on improving the energy efficiency of their products, considering the continuous changes in energy conservation standards for various commercial and industrial equipment including walk-in cool and freezers. These players are continuously putting efforts into improving the quality of their offerings while investing in innovative developments that would yield substantial improvements for customers.
Gains Remain High from Commercial Kitchens & Restaurants
Walk-in coolers and freezers continue to gain high traction from commercial kitchens and restaurants, which are widely used to preserve raw foods and grocery items. As international fast-food chains and café outlets continue to explore opportunities in various attractive destinations, the demand for walk-in coolers and freezers has been on an upward swing across the globe.
North America and Europe have been the early adopters of commercial kitchens and restaurants; however, they are reaching their saturation point. Walk-in cooler and freezer manufacturers are tapping into opportunities in developing countries in East Asia, where a multi-cultural environment, changing eating habits, and rising disposable income have opened avenues of growth for commercial kitchens and restaurants. Moreover, the walk-in coolers and freezers market in East Asia is likely to take over the European market in the future.
Walk-In Coolers and Freezers Market – Key Research Findings
- The global walk-in Coolers and Freezers market was valued at ~US$ 8 Bn in 2019.
- The walk-in Coolers and Freezers market is anticipated to witness robust growth with a CAGR of ~5% over the forecast period of 2019–2029.
- South Asia and East Asia markets are expected to remain prominent regional markets in the global walk-in Coolers and Freezers market.
- Rapid urbanization in India and China resulted in an increase in commercial restaurants and retail food outlets chain in the region, which is expected to drive the sales of walk-in Coolers and Freezers market.
- The South Asia market is expected to lead the walk-in Coolers and Freezers market in terms of CAGR growth, registering a growth of ~7% CAGR over the forecast period.
- The growth is primarily driven by growing retail food outlets and franchises, cold storage warehouses, and restaurant chains in India and other ASEAN countries.
- The commercial kitchen & restaurants segment is anticipated to create prominent demand for walk-in coolers & freezers, followed by retail food & beverage outlets.
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FMI’s research study also offers a long-term perspective and thorough analysis of opportunities present in the walk-in coolers and freezers market for the period between 2019 and 2029. As per the study, the global walk-in coolers and freezers market is projected to register a CAGR of 5.6% during the forecast period.
Walk-in Coolers and Freezers Market Key Segment
Product Type
- Walk-in Cooler
- Walk-in Freezer
- Combo (Freezer + Cooler)
Place of Use
- Indoor
- Outdoor
Technology
- Self-Contained
- Remote Condensing
- Multiplex Condensing
Door Type
- Hinged
- Power Sliding
- Manual Sliding
Application
- Cold Storage Warehouse
- Breweries
- Commercial Kitchen & Restaurants
- Floral Storage
- Pharmaceuticals
- Chemicals
- Research laboratories
- Hospitals & Mortuaries
- Mobile Refrigeration System
- Retail Food & Beverage
- Supermarket
- Hypermarket
- Convenience Stores
- Other Stores
Sales Channel
- OEM
- Aftermarket
Mounting Type
- Floor
- Non-floor
Region
- North America
- Europe
- Latin America
- South Asia
- Oceania
- East Asia
- Middle East & Africa (MEA)
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offers comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery used across the manufacturing sector. The team also conducts distinctive analyses about the installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as a budding industry