Refrigeration Coolers Market Share To Grow At A CAGR of 6% From 2022 To 2030

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Global Refrigeration Chiller Market Will Witness Rising Revenue From Rising Demand For Ready-To-Eat Products, Beverages And Frozen Foods

New York, USA, September 8, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report from Market Research Future (MRFR), “Refrigeration Chiller Market Research Analysis by Component Type, Refrigerant Type, Application, and Region: Forecast to 2030”, the valuation had reached $3.6 billion in 2021, and is expected to further increase to a CAGR of 6% over the period. revision (2022-2030).

Refrigeration Chiller Market Overview

The exciting rise in end-use industries creates great growth opportunities. Furthermore, rapid industrialization around the world drives market demand. Industrial refrigeration chillers are used to remove heat and cool large-scale processes or materials, lowering the temperature to the desired value. Industrial refrigeration is important and multiple chillers are used in industrial processes depending on the scale of production, temperature difference, and expected accuracy/temperature.

Food and beverage, pharmaceutical, and chemical and petrochemical are key end-use industries for refrigeration chillers, where refrigeration is used to maintain safe process conditions and prevent accidents/chain reactions in compounds with a low boil. These industries use them to reduce the temperature and thus preserve their products or processes in optimal conditions and avoid problems such as product decomposition.

Scope of the report:

Report metrics

Details

Market size in 2021

$3.6 billion

Growth rate until 2030

6% CAGR

base year

2021

forecast period

2022-2030

Key market opportunities

Growth in the organized retail sector

Key Market Drivers

Investments in cold stores and cold rooms increase
Growing demand for ready-to-eat products, beverages and frozen foods

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In industries where bioprocesses are involved, products and processes must be developed and stored in ideal conditions to achieve important developments and maximum performance and thus guarantee the safety of workers. Large amounts of heat or fumes are produced in data centers, and cooling helps create a suitably comfortable environment for people or machines to work.

industrial trends

During the COVID-19 pandemic, the global refrigeration chiller market experienced unexpected disruptions, irregular pricing, and wreaked havoc on supply chains. However, the market is rapidly returning to normal, with lockdowns loosening in many countries. Additionally, various industries, including food and beverage and power generation, are generating significant market demand.

The rapid economic growth around the world and the diversified industrial application areas of refrigeration chillers, such as industrial processing and food processing equipment, offer vast market opportunities. Also, the increasing use cases of refrigeration chillers in commercial and industrial applications create a huge demand in the market. In addition, the constant increase in population and economic growth in developing countries are market trends.

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On the contrary, price volatility and the gap between supply and demand for the raw materials needed for production are key factors impeding market growth. In addition, the large investments required to establish refrigeration chiller production plants challenge the growth of the market. However, increased investments in many regions would support market growth during the evaluation period.

Industry players are scrambling to design, supply and commission turnkey air cooling systems, approaching the final stages of the transition. In recent years, portable refrigerators have gained a great prominence, especially due to the increase in the consumption of ready-to-eat products. In addition, the rapid rise in commercial refrigeration chiller applications such as frozen and processed food products has benefited the rise of the market.

Due to the increasing consumption of ready-to-eat foods such as frozen pizzas, desserts and snacks, portable coolers have become an ideal option for the fast food segment. Food markets require reliable cold storage technologies that preserve food products and prolong the chemical composition of foods. As international trade in these culinary products grows, the need for large-scale refrigeration chillers is likely to increase in the coming year.

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Refrigeration Chiller Market Segments

The Refrigeration Chiller Market is segmented into components, chiller types, applications, and regions. The components segment is sub-segmented into evaporators and air coolers, condensers and others. Of these, the evaporator and air cooler segment is expected to hold a significant market share during the forecast period. The chiller 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 boom in the mass consumption industry.

The application segment is divided into commercial and industrial. Of these, the commercial applications segment will represent a significant market share during the evaluation period. The region segment is bifurcated into the Middle East and Africa, the Americas, Asia Pacific, Europe, and the rest of the world. Among these, the Asia Pacific region dominates the global refrigeration chiller market.

Regional analysis of the refrigeration chiller market

APAC accounts for the largest refrigeration chiller market share globally, led by rapid economic advances in China, India, Japan and Australia. In addition, increasing industrialization and investments throughout the region have contributed to market growth, driving economic growth rapidly. In addition, the rapid growth of manufacturing industries in China, Japan, and India generates significant demand across all industry verticals in the region.

Government policies, such as sizeable tax deductions, support for integrated cold chain management systems, and the number of development facilities in the private sector, increase market shares and attract foreign direct investment (FDI). Additionally, the ever-increasing population across the region driving food demand drives market demand, increasing the number of food processing plants.

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Competitive analysis of the refrigeration chiller market

The refrigeration chiller market is witnessing several strategic partnerships, along with other strategies such as expansion, mergers and acquisitions, collaboration, and service and technology launches. Major players in the industry invest in extensive research and development activities and encourage their expansion plans.

Industry players look to government-introduced initiatives such as grant programs for the development of energy-efficient refrigeration units, locally grown fresh produce, nuts, dairy, meat, eggs, and programs to promote minimally processed and culturally appropriate foods .

For example, on August 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 ecological refrigerants. These agencies have also invited NatRef equipment manufacturers to join the California Grant Program, seeking funding to develop new equipment as part of the program’s next request for proposal in December 2022.

The players involved in the market are Cabero (Germany), Baltimore Aircoil Company (USA), Carrier Global (USA), Danfoss (Denmark), Daikin (Japan), Emerson Electric (USA), Friterm (Turkey), Evapco (USA), Guntner (Italy), Kelvion (Germany), Johnson Controls (Ireland), Koxka (Spain), Modine Manufacturing (USA), Lu-Ve (Italy), Lenox (USA) and Rivacold (Italy).

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