Refrigeration Coolers Market worth $5.74 billion by 2029

Date: 28 November 2024

The global refrigeration coolers market, valued at USD 4.19 billion in 2024, is expected to grow at a CAGR of 6.5%, reaching USD 5.74 billion by 2029, as reported by MarketsandMarkets. This growth is driven by increased investments in refrigerated warehouses, rising demand for frozen and processed foods, and an emphasis on energy-efficient, natural refrigerant-based systems.

Market Segmentation and Growth Drivers:

Product Types: The market includes condensers, compressors, evaporators, and air coolers, which help ensure regulatory compliance in commercial and industrial applications by enhancing product safety and achieving cost savings.
Food & Beverage Segment: This segment, which covers processing for fruits, vegetables, beverages, dairy, meat, and seafood, is expected to contribute significantly to market growth. There’s a demand for energy-efficient and eco-friendly refrigeration coolers in response to rising global consumption of fresh and perishable foods.
CO₂ Refrigeration: CO₂ refrigerants are projected to grow substantially due to their non-toxicity, zero ozone depletion potential, low GWP, and high energy efficiency. CO₂ systems are cost-effective for applications such as industrial heat extraction, warehousing, marine refrigeration, and ice-making.

Regional Insights:

North America: Expected to witness significant growth, driven by a focus on food safety, regulatory compliance, and environmental concerns. The established food and beverage industry, online grocery growth, and environmental pressures fuel demand for efficient cold storage solutions. North America's well-developed infrastructure and investment in innovative systems are set to make it a key player in this market.

Key Players:

The major companies operating in the refrigeration coolers market include Johnson Controls (Ireland), Lennox International (US), Lu-Ve Group (Italy), Rivacold (Italy), Kelvion Holding GmbH (Germany), Modine Manufacturing (US), and Copeland (US). These players are actively involved in advancing refrigeration technology and supporting sustainability in the industry.

This expansion is a promising outlook for the refrigeration industry, aligning with trends toward sustainability and efficiency across key markets and applications.