Walk-In Refrigerator Market Size, Share, Opportunities, And Trends By Type (Indoor Type, Outdoor Type), By Component (Hardware, Software, Service), By End-User (Food Processing Industry, Retail Food Service, Food Service Industry, Healthcare Facilities, Bars, Others), And By Geography - Forecasts From 2024 To 2029
- Published : May 2024
- Report Code : KSI061611841
- Pages : 126
The Walk-In refrigerator market is evaluated at US$13.222 billion for the year 2022 and is projected to grow at a CAGR of 6.34% to reach a market size of US$20.338 billion by the year 2029.
Large refrigeration units, usually with a temperature range of slightly above or below freezing, are used to keep perishable items in walk-in refrigerators. These refrigerators are frequently used to preserve and store a wide range of food items, including fresh fruit, dairy goods, meats, and drinks, in commercial settings including restaurants, grocery shops, catering companies, and food warehouses.
Walk-in refrigerators are perfect for enterprises with high-volume storage needs since they can hold pallets, trolleys, and other big containers and offer a lot more storage capacity than normal refrigerators. Robust insulation and superior refrigeration systems are features of walk-in refrigerators that help them maintain stable temperatures and guarantee food safety.
MARKET TRENDS:
Walk-in refrigerator drivers are crucial to making sure perishable goods like fresh vegetables, dairy items, and meats reach their destinations unscathed and in excellent shape. These drivers are responsible for operating vehicles equipped with refrigeration units, which are designed to maintain specific temperature ranges throughout transportation in order to safeguard and preserve perishable commodities.
Furthermore, the increasing number of supermarkets and hypermarkets is also increasing the need for storing food and decaying commodities in a single preservation facility. The increasing number of restaurants and hotels is boosting the demand for walk-in refrigerators in the market. The need for preserving food items on a large scale is growing, which also provides scope for the growth of the walk-in refrigerator market. Furthermore, walk-in refrigerators are also efficiently used in the pharmaceutical and medical fields.
MARKET DRIVERS:
- The rising number of restaurants and supermarkets is anticipated to drive the market’s growth.
The rising number of restaurants and supermarkets boosts the market for walk-in refrigerators in the global market. The FDA (U.S. Food and Drug Administration) reports states that the fast-food restaurant industry in the U.S. is experiencing growth at a steady rate. The growing restaurant industry demands a large number and more space for the preservation of food items, which promotes the need for walk-in refrigerators.
The emerging supermarkets and hypermarkets are also commercial places that offer all the products and groceries in a single store. All items available and stored in a single place demand the use of coolers and refrigerants with more space and utility. According to the data collected by CFR (Code of Federal Regulations), walk-in refrigerators and coolers offer more space and a cooling effect below 0 degrees Celsius compared to those of conventional refrigerators. The higher walk space offered by walk-in refrigerators boosts the demand for refrigerators in the large food and supermarket industries.
- Growing demand for the preservation of food and pharmaceuticals might impact the walk-in refrigerator market growth.
The rising demand for the preservation and storage of food and pharmaceuticals is increasing. The pharmaceutical industry is one section that needs a large area of preservation storage. Medicines and drugs are the things that have to be stored and protected in cool and dry spaces. The growth of the medical and pharmaceutical fields is driving the market for walk-in refrigerators.
The demand and market for walk-in refrigerators are tremendously increasing as the production of vaccine doses is increasing. The increasing atmospheric temperature above the normal optimal temperature is causing the decay and spoilage of food and medicine, as the need for preservation and cooled storage spaces is increasing. The developments in the medical and food industries are also predicted to increase the demand for walk-in refrigerators.
- Stringent food regulations are predicted to boost the walk-in refrigerator market.
The walk-in refrigerator market is expected to grow dramatically as a result of the strict food standards that are enforced globally by regulatory organizations. Retail, hotel, and food service companies must all properly abide by requirements pertaining to food safety and cleanliness, which are becoming more and more important to authorities.
Walk-in refrigerators are essential for maintaining compliance because they offer a temperature-controlled, regulated environment for perishable products storage. These refrigeration systems provide dependable cold storage solutions that preserve food products' freshness and quality while reducing the chance of contamination and bacterial development. Businesses who prioritise compliance and invest in strong refrigeration infrastructure are likely to see a sharp increase in demand for walk-in coolers as rules become more rigid and enforcement tactics more strict.
North America is anticipated to be the major regional market.
North America is the leading market for walk-in refrigerators. The developments in technology and research taking place in the field of refrigeration are driving the market growth of walk-in refrigerators in North America. The eating culture of North America in eating frozen and preserved foods is also making the market for walk-in refrigerators in North America increase.
The earlier adaption of technology and advanced developments taking place in the refrigeration field also make North America a leading market for refrigerators. The market for walk-in refrigerators is also increasing in the Asia-Pacific and European regions.
Key Developments:
- In November 2023, the all-new Automatic Beer Cave Door for Walk-In Cooler applications was launched by Anthony, a leading manufacturer of glass refrigerator and freezer doors, lighting systems and display equipment for use in commercial refrigeration systems. Anthony is a part of Dover Food Retail and Dover. Both the inside and outside of the doors include motion sensors, which facilitates simple two-way traffic and improves the user experience.
- In May 2023, the sale of certain assets and intellectual property from Tyler Refrigeration, a division of Carrier Corporation, to Hill Phoenix, a Dover operating company in its Engineered Systems segment and a leading designer and manufacturer of commercial refrigeration systems, was completed, as announced by Dover Corporation.
- In February 2023, Honeywell announced that new walk-in unit coolers, condensing units, and condensers are being developed for supermarkets and retailers that use Honeywell Solstice® L40X (R-455A). Heatcraft Refrigeration Products (Heatcraft), a manufacturer of commercial refrigeration equipment and systems as part of Lennox International, is developing these products.
Walk-In Refrigerator Market Scope:
| Report Metric | Details |
| Market Size Value in 2022 | US$13.222 billion |
| Market Size Value in 2029 | US$20.338 billion |
| Growth Rate | CAGR of 6.34% from 2022 to 2029 |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
|
| Companies Covered |
|
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation:
- By Type
- Indoor type
- Outdoor type
- By Component
- Hardware
- Software
- Service
- By End-user
- Food Processing Industry
- Retail food service
- Foodservice industry
- Healthcare facilities
- Bars
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America
Frequently Asked Questions (FAQs)
Walk-In Refrigerator Market was valued at US$13.222 billion in 2022.
The walk-in refrigerator market is projected to reach a market size of US$20.338 billion by 2029.
The global walk-in refrigerator market is projected to grow at a CAGR of 6.34% during the forecast period.
North America is anticipated to hold a significant share of the walk-in refrigerator market.
The rising number of restaurants and supermarkets is anticipated to drive the walk-in refrigerator market growth.
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits for the stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. WALK-IN REFRIGERATOR MARKET, BY TYPE
5.1. Introduction
5.2. Indoor Type
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Outdoor Type
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
6. WALK-IN REFRIGERATOR MARKET, BY COMPONENT
6.1. Introduction
6.2. Hardware
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Software
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
6.4. Service
6.4.1. Market Trends and Opportunities
6.4.2. Growth Prospects
6.4.3. Geographic Lucrativeness
7. WALK-IN REFRIGERATOR MARKET, BY END-USER
7.1. Introduction
7.2. Food Processing Industry
7.2.1. Market Trends and Opportunities
7.2.2. Growth Prospects
7.2.3. Geographic Lucrativeness
7.3. Retail Food Service
7.3.1. Market Trends and Opportunities
7.3.2. Growth Prospects
7.3.3. Geographic Lucrativeness
7.4. Food Service Industry
7.4.1. Market Trends and Opportunities
7.4.2. Growth Prospects
7.4.3. Geographic Lucrativeness
7.5. Healthcare Facilities
7.5.1. Market Trends and Opportunities
7.5.2. Growth Prospects
7.5.3. Geographic Lucrativeness
7.6. Bars
7.6.1. Market Trends and Opportunities
7.6.2. Growth Prospects
7.6.3. Geographic Lucrativeness
7.7. Others
7.7.1. Market Trends and Opportunities
7.7.2. Growth Prospects
7.7.3. Geographic Lucrativeness
8. WALK-IN REFRIGERATOR MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Type
8.2.2. By Component
8.2.3. By End-User
8.2.4. By Country
8.2.4.1. USA
8.2.4.1.1. Market Trends and Opportunities
8.2.4.1.2. Growth Prospects
8.2.4.2. Canada
8.2.4.2.1. Market Trends and Opportunities
8.2.4.2.2. Growth Prospects
8.2.4.3. Mexico
8.2.4.3.1. Market Trends and Opportunities
8.2.4.3.2. Growth Prospects
8.3. South America
8.3.1. By Type
8.3.2. By Component
8.3.3. By End-User
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.1.1. Market Trends and Opportunities
8.3.4.1.2. Growth Prospects
8.3.4.2. Argentina
8.3.4.2.1. Market Trends and Opportunities
8.3.4.2.2. Growth Prospects
8.3.4.3. Others
8.3.4.3.1. Market Trends and Opportunities
8.3.4.3.2. Growth Prospects
8.4. Europe
8.4.1. By Type
8.4.2. By Component
8.4.3. By End-User
8.4.4. By Country
8.4.4.1. United Kingdom
8.4.4.1.1. Market Trends and Opportunities
8.4.4.1.2. Growth Prospects
8.4.4.2. Germany
8.4.4.2.1. Market Trends and Opportunities
8.4.4.2.2. Growth Prospects
8.4.4.3. France
8.4.4.3.1. Market Trends and Opportunities
8.4.4.3.2. Growth Prospects
8.4.4.4. Spain
8.4.4.4.1. Market Trends and Opportunities
8.4.4.4.2. Growth Prospects
8.4.4.5. Others
8.4.4.5.1. Market Trends and Opportunities
8.4.4.5.2. Growth Prospects
8.5. Middle East and Africa
8.5.1. By Type
8.5.2. By Component
8.5.3. By End-User
8.5.3.1. Saudi Arabia
8.5.3.1.1. Market Trends and Opportunities
8.5.3.1.2. Growth Prospects
8.5.3.2. UAE
8.5.3.2.1. Market Trends and Opportunities
8.5.3.2.2. Growth Prospects
8.5.3.3. Israel
8.5.3.3.1. Market Trends and Opportunities
8.5.3.3.2. Growth Prospects
8.5.3.4. Others
8.5.3.4.1. Market Trends and Opportunities
8.5.3.4.2. Growth Prospects
8.6. Asia Pacific
8.6.1. By Type
8.6.2. By Component
8.6.3. By End-User
8.6.4. By Country
8.6.4.1. China
8.6.4.1.1. Market Trends and Opportunities
8.6.4.1.2. Growth Prospects
8.6.4.2. Japan
8.6.4.2.1. Market Trends and Opportunities
8.6.4.2.2. Growth Prospects
8.6.4.3. India
8.6.4.3.1. Market Trends and Opportunities
8.6.4.3.2. Growth Prospects
8.6.4.4. South Korea
8.6.4.4.1. Market Trends and Opportunities
8.6.4.4.2. Growth Prospects
8.6.4.5. Taiwan
8.6.4.5.1. Market Trends and Opportunities
8.6.4.5.2. Growth Prospects
8.6.4.6. Thailand
8.6.4.6.1. Market Trends and Opportunities
8.6.4.6.2. Growth Prospects
8.6.4.7. Indonesia
8.6.4.7.1. Market Trends and Opportunities
8.6.4.7.2. Growth Prospects
8.6.4.8. Others
8.6.4.8.1. Market Trends and Opportunities
8.6.4.8.2. Growth Prospects
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. Friginox
10.2. Hussmann Corporation
10.3. Bush Refrigeration
10.4. Imperial Manufacturing Group
10.5. Panasonic
10.6. Precision Refrigeration
10.7. SRC Refrigeration
10.8. Beverage-Air Corporation
10.9. Delfield
Friginox
Hussmann Corporation
Bush Refrigeration
Imperial Manufacturing Group
Panasonic
SRC Refrigeration
Beverage-Air Corporation
Delfield
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