Walk-in Coolers and Freezers Market is expected to reach US$ 9.52 Bn in 2022, likely to surge at a vigorous 5.7% CAGR during the assessment period, achieving a valuation of US$ 14.05 Bn by 2029. Overall consumer endorsement of frozen and processed food, along with a vertical rise in the market for efficient refrigeration facilities to store and maintain the shelf life of these products, indicate a brighter future for the walk-in coolers and freezers market.
Digitalization and smart technologies continue to affect 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 fulfil 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 cools 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.
Walk-in coolers and freezers with self-contained refrigeration continue to account for a higher share as compared to remote condensing and multiplex condensing. Considering the suitability of self-contained refrigeration in almost any application along with ease of service and maintenance, this category also continues to witness higher innovation and investments.
According to the study, the walk-in coolers and freezers market shows a high level of fragmentation, and therefore, several market players are focusing on forging strategic alliances with other players to improve their market shares. Manufacturers are also focused on offering products that can be custom designed to fit any setting along with several add-on features to increase convenience and ease of use.
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 2022 and 2029. As per the study, the global walk-in coolers and freezers market is projected to register a CAGR of 5.7% during the forecast period.
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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 of 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 multicultural 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 Europe market in the future.
According to the study, newer trends and rapid expansion of the retail food & beverage sector also represent a significant source of demand for walk-in coolers and freezers. Picture-perfect stores are gaining high preference among today’s consumers, especially millennials obsessed with social media platforms. Such a factor has forced the manufacturers to innovate and enhance the visual appearance of their products without compromising on the operational functions.
- SRC Refrigeration
- Parker Hannifin Corp.
- TMP Manufacturing Company
- Panasonic Corporation
- American Panel Corporation
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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