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Walk-In Refrigerator Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Germany, UK, Japan - Size and Forecast 2024-2028

Walk-In Refrigerator Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Germany, UK, Japan - Size and Forecast 2024-2028

Published: Jul 2024 146 Pages SKU: IRTNTR74247

Market Overview at a Glance

$5.29 B
Market Opportunity
8.51%
CAGR
7.67
YoY growth 2023-2024(%)

Walk-In Refrigerator Market Size 2024-2028 

The walk-in refrigerator market size is forecast to increase by USD 5.29 billion at a CAGR of 8.51% between 2023 and 2028. The walk-in refrigerator and freezer market in the US is experiencing significant growth due to the increasing need to control bacterial growth and extend the shelf life of perishable goods at commercial scales. Customized walk-in refrigeration systems catering to specific industries such as breweries, hospitals, and mortuaries, are gaining popularity.

Technological advancements in air curtains and strip curtains enhance energy efficiency and maintain low temperatures. Non-floor distribution channels, including direct sales and e-commerce, are expanding the market reach. Additionally, specialty stores, research laboratories, and cold storage warehouses are major consumers of walk-in refrigerators and freezers. The market also caters to niche applications like floral storage and mobile refrigeration systems. Chemicals and chemical storage are emerging applications. Despite these growth opportunities, compressor failure remains a challenge, necessitating regular maintenance and replacement.

Market Analysis

Walk-In Refrigerator Market Size

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The market caters to the growing demand for insulated storage spaces in various industries, including food service, pharmaceuticals, and food processing facilities. These commercial-grade refrigeration systems offer walk-in storage areas, ensuring optimal temperature control for perishable items. Walk-in refrigerators and freezers are essential for businesses dealing with large volumes of perishable goods. They provide ample space for storing and organizing goods, making inventory management more efficient. These insulated storage spaces are designed to maintain consistent temperatures, ensuring the quality and safety of the stored items. Energy conservation is a significant consideration in the design and implementation of walk-in refrigeration systems. Insulating materials, such as cold room panels, play a crucial role in minimizing energy loss. Various temperature control systems, including compressor-based, self-contained, remote condensing, multiplex condensing, and penthouse refrigeration systems, are employed to optimize energy usage. Walk-in refrigerators are available in different configurations, including standard top-mount, side-mount, and remote systems, catering to diverse commercial needs. The market continues to evolve, with ongoing advancements in insulating materials and temperature control technologies.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

  • Application
    • Indoor
    • Outdoor
  • Geography
    • APAC
      • China
      • Japan
    • Europe
      • Germany
      • UK
    • North America
      • US
    • South America
    • Middle East and Africa

By Application Insights

The indoor segment is estimated to witness significant growth during the forecast period. Indoor walk-in refrigerators are essential refrigeration solutions for businesses dealing with perishable and frozen goods, particularly in sectors like bakeries and hotels. These self-contained units offer several advantages over outdoor models, including lower installation, up-front, and maintenance costs. With indoor units, there's no need for additional investments in roof caps, fences, or anti-theft equipment, which are common requirements for outdoor refrigerators. Furthermore, indoor walk-in refrigerators eliminate the need for costly weather-related maintenance. As a result, the demand for these units is expected to grow during the forecast period. The market for walk-in refrigerators encompasses various configurations, including self-contained, remote condensing, multiplex condensing, and remote systems. These models come in different door styles, such as standard top-mount, single door, double door, triple door, hinged, manual sliding, power sliding, manual, semi-automatic, and fully automatic.

Walk-In Refrigerator Market Size

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The indoor segment was valued at USD 5.62 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Walk-In Refrigerator Market Share by Geography

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The Asia Pacific region is experiencing significant growth in the market due to the expanding foodservice industry, particularly in countries like India, Japan, and China. The rise in consumer demand for dining out has resulted in an increase in the number of restaurants, leading to a corresponding growth in commercial kitchens. This trend is driving the demand for walk-in refrigerators in the region. China, Japan, and India are major contributors to this market due to their large populations and growing economies. These countries have a high number of bakeries, hotels, and other foodservice establishments that require walk-in refrigerators for storing perishable and frozen goods.

Additionally, the market is segmented based on the type of walk-in refrigerators, including self-contained, remote condensing, multiplex condensing, and remote systems. The most common types of walk-in refrigerators are standard top-mount, single door, double door, triple door, hinged, manual sliding, power sliding, manual, semi-automatic, and fully automatic. These refrigerators are essential for storing a wide range of goods, from bakery items to frozen foods, making them an indispensable part of the foodservice industry.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

The need to control bacterial growth and extend the shelf life of food is the key driver of the market. In the US market, the demand for walk-in refrigerators is significant due to the importance of maintaining proper temperature-controlled storage for perishable commodities. Insulating materials and cold room panels are essential components of these refrigeration systems, ensuring optimal temperature conditions and energy economy. Compressor-based systems are commonly used for their efficiency and reliability. IoT sensors and real-time monitoring enable smart automation and energy usage reduction. Food safety laws mandate stringent regulations, making it crucial for businesses in the retail food industry and foodservice sector to invest in advanced walk-in refrigeration solutions. Customization possibilities cater to various applications, including in-door refrigerators and out-door refrigerators.

Further, the food safety concerns associated with contamination of food products necessitate the use of advanced technologies. Bacteria like E. Coli and Salmonella can rapidly multiply between temperatures of 54-57 degrees Fahrenheit and 45-70 degrees Fahrenheit. Walk-in refrigerators with touchscreen interfaces and IoT sensors facilitate real-time monitoring and temperature control, ensuring food safety and quality. Labs and research facilities also benefit from these systems, maintaining critical conditions for their experiments.

Market Trends

Customized walk-in refrigerators is the upcoming trend in the market. Walk-in refrigerators are essential for temperature-controlled storage of perishable commodities in various industries, including retail food and food service. Manufacturers focus on creating customized solutions to cater to the unique requirements of businesses, such as supermarkets and laboratories. Insulating materials and cold room panels are crucial components, ensuring energy economy and adherence to food safety laws. Compressor-based systems maintain consistent temperatures, while IoT sensors enable real-time monitoring and energy usage optimization. Doors are customizable, with options for in-door and out-door refrigerators, and swing direction can be adjusted for efficient traffic management.

Additionally, safety features include deadbolt-locking handles and indoor release panels. Smart automation and touchscreen interfaces enhance operational efficiency and ease of use. In the retail food industry, walk-in refrigerators play a vital role in ensuring product freshness and reducing energy consumption. The foodservice industry also benefits from walk-in refrigerators' temperature control capabilities and customization possibilities.

Market Challenge

Compressor failure is a key challenge affecting market growth. Walk-in refrigerators are essential for temperature-controlled storage of perishable commodities in various industries, including retail food and food service. However, these systems can encounter issues related to compressor performance and coil freezing, leading to energy inefficiency and potential product loss. Compressor-based systems require consistent monitoring to maintain optimal pressure levels and prevent compressor failure. IoT sensors and real-time monitoring enable proactive maintenance, ensuring energy economy and adherence to food safety laws. Insulating materials and cold room panels play a crucial role in maintaining consistent temperatures and reducing energy usage.

Further, customization possibilities, smart automation, touchscreen interfaces, and both indoor and outdoor refrigerator options cater to diverse industry needs. In the retail food industry, walk-in refrigerators ensure the freshness of perishable goods, while in labs, they maintain precise temperatures for research purposes. By investing in advanced walk-in refrigeration systems, businesses can minimize energy consumption, enhance food safety, and optimize their operations.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Walk-In Refrigerator Market Share by Geography

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Carrier Global Corp.: The company offers walk-in refrigerators such as Modular cold rooms and Carrier single door cold room storage walk in chiller,

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

  • American Panel Corp.
  • Amerikooler Inc.
  • Arctic Industries- Walk In Coolers and Freezers
  • Canadian Curtis Refrigeration Inc.
  • Danfoss AS
  • Emerson Electric Co.
  • Everidge Inc.
  • Foster Refrigerator
  • GEA Group AG
  • Hussmann Corp.
  • Imperial Brown Inc.
  • Intertek Group Plc
  • Kolpak
  • Master Bilt Products LLC
  • Norlake Inc.
  • Panasonic Holdings Corp.
  • Precision Refrigeration Ltd.
  • SRC Refrigeration.
  • The Delfield Company
  • Whynter LLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

In the dynamic world of commercial settings, walk-in refrigerators and freezers play a pivotal role in maintaining the integrity and freshness of perishable items. These insulated storage spaces are essential for various industries, including restaurants, cafés, commercial kitchens, retail food service, healthcare facilities, food processing facilities, labs, bakeries, and more. Temperature control is a critical factor in preventing freezer burn and product degradation. Energy conservation is another significant consideration, with many modern walk-in refrigerators and freezers featuring auto temperature control, Bluetooth connectivity, and alarm systems. These features ensure optimal temperature regulation, reducing spoilage and enhancing food safety.

Additionally, with customization possibilities, smart automation, and touchscreen interfaces, these commercial-grade refrigeration systems cater to the diverse needs of the food service industry, pharmaceuticals industry, and cold chain logistics. Insulating materials, such as cold room panels and compressor-based systems, further contribute to energy efficiency and temperature-controlled storage for perishable commodities. The walk-in refrigerator and freezer market offers various configurations, including self-contained, remote condensing, and multiplex condensing systems, to accommodate different spatial constraints in commercial and industrial facilities.

Market Scope

Report Coverage

Details

Page number

146

Base year

2023

Historic period

 2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.51%

Market Growth 2024-2028

USD 5.29 billion

Market structure

Fragmented

YoY growth 2023-2024(%)

7.67

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 49%

Key countries

US, China, Germany, UK, and Japan

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

American Panel Corp., Amerikooler Inc., Arctic Industries- Walk In Coolers and Freezers, Canadian Curtis Refrigeration Inc., Carrier Global Corp., Danfoss AS, Emerson Electric Co., Everidge Inc., Foster Refrigerator, GEA Group AG, Hussmann Corp., Imperial Brown Inc., Intertek Group Plc, Kolpak, Master Bilt Products LLC, Norlake Inc., Panasonic Holdings Corp., Precision Refrigeration Ltd., SRC Refrigeration., The Delfield Company, and Whynter LLC

Market dynamics

Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period

Customization purview

If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research and Growth Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
  • Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
  • Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
  • Thorough analysis of the market's competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Walk-In Refrigerator market growth will increase by $ 5285.4 mn during 2024-2028.

The Walk-In Refrigerator market is expected to grow at a CAGR of 8.51% during 2024-2028.

Walk-In Refrigerator market is segmented by Application( Indoor, Outdoor)

American Panel Corp., Amerikooler Inc., Arctic Industries- Walk In Coolers and Freezers, Canadian Curtis Refrigeration Inc., Carrier Global Corp., Danfoss AS, Emerson Electric Co., Everidge Inc., Foster Refrigerator, GEA Group AG, Hussmann Corp., Imperial Brown Inc., Intertek Group Plc, Kolpak, Master Bilt Products LLC, Norlake Inc., Panasonic Holdings Corp., Precision Refrigeration Ltd., SRC Refrigeration., The Delfield Company, Whynter LLC are a few of the key vendors in the Walk-In Refrigerator market.

APAC will register the highest growth rate of 49% among the other regions. Therefore, the Walk-In Refrigerator market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

US, China, Germany, UK, Japan

  • Need to control bacterial growth and extend shelf life of foodContamination of food affects the safety and quality of food products. It is the most common reason for food poisoning. It can result in products being discarded is the driving factor this market.
  • which could affect foodservice restaurants is the driving factor this market.
  • hotels is the driving factor this market.
  • and other end-users in terms of their turnovers. Food items such as meat is the driving factor this market.
  • fish is the driving factor this market.
  • and poultry tend to get infected with bacteria is the driving factor this market.
  • such as Escherichia coli (E. Coli) and Salmonella is the driving factor this market.
  • when not stored properly is the driving factor this market.
  • causing food contamination. These bacteria multiply rapidly if the food items are left in unsuitable conditions. It is estimated that bacteria tend to develop and multiply rapidly at temperatures between 158 degrees Fahrenheit to 95 degrees Fahrenheit. E. Coli is known to have a quick growth at 100degree Fahrenheit is the driving factor this market.
  • and its growth slows down when the temperature is below 40 degrees Fahrenheit. Proper storing methods help in avoiding such bacterial infections. Commercial walk-in refrigerators can keep the food items fresh for a longer period. This helps to prevent the growth of bacteria and retain the freshness of the food items. A walk-in refrigerator enables kitchen and service teams to be ready for a sudden increase in customers and meet unexpected demand.There have been rapid developments in terms of urbanization in recent years. This expansion of the urbanized population is inculcating new habits and trends of developing preferences for international food. The increase in the urbanized population and the subsequent number of people eating out is encouraging many foodservice operators to invest in walk-in refrigerators. This is mainly because of the need to store large volumes of pre-cooked food and groceries to prevent bacterial contamination. Some of the factors that create the demand for these foods are the rising constraints of time due to hectic work schedules is the driving factor this market.
  • the growing sizes of middle-class families is the driving factor this market.
  • and the rise in the women workforce. Also is the driving factor this market.
  • high disposable income makes people buy pre-cooked food from a one-stop shop. Globally is the driving factor this market.
  • 65% of the population is the working population between the age group of 15-49 years. The rise in demand for frozen foods is due to the changing demographics is the driving factor this market.
  • busy lifestyles of the customers is the driving factor this market.
  • and also increased access to new technologies on a global scale. Thus is the driving factor this market.
  • the increasing need to control bacterial growth and extend the shelf life of food is one of the major drivers for the growth of the global walk-in refrigerator market during the forecast period. is the driving factor this market.

The Walk-In Refrigerator market vendors should focus on grabbing business opportunities from the Indoor segment as it accounted for the largest market share in the base year.