The refrigeration coolers market size is expected to grow from USD3.6bn in 2022 to USD4.8bn by 2027, at a CAGR of 6.0%, according to the new research report published by MarketsandMarkets.
Growing investments in refrigerated warehouses/cold storage, rising demand for frozen and processed foods worldwide, rising demand for innovative and compact refrigeration coolers, and growing adoption of natural refrigerant-based systems in various commercial and industrial applications will drive the demand for this market in the near future.
The market has slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the refrigeration coolers market. Though the market is impacted in 2020, it is expected to fully recover by mid 2022.
Major players in the refrigeration coolers market include Johnson Controls International plc (Ireland), Lu-Ve SPA (Italy), Lennox International (US), Kelvion Holding GmbH (Germany), Rivacold srl (Italy) H. Güntner Limited (Italy), Evapco, Inc. (US), Thermofin (Canada), Emerson Electric Co (US), and Modine Manufacturing Co (US) among others.