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The walk-in refrigerator market share is expected to increase by USD 5.18 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.38%.
This walk-in refrigerator market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the walk-in refrigerator market segmentation by application (indoor and outdoor) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The walk-in refrigerator market report also offers information on several market vendors, including American Panel Corp., Amerikooler Inc., Canadian Curtis Refrigeration Inc., Carrier Global Corp., Danfoss AS, Emerson Electric Co., Everidge Inc., Foster Refrigerator, GEA Group Aktiengesellschaft, Imperial Brown Inc., Intertek Group Plc, Norlake Inc., Panasonic Corp, Precision Refrigeration Ltd., SRC Refrigeration., Store It Cold LLC, Welbilt Inc., Whynter LLC, and Master Bilt Products LLC among others.
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The availability of new walk-in refrigerators with better refrigerants is notably driving the walk-in refrigerator market growth, although factors such as high operating costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the walk-in refrigerator market industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Walk-in Refrigerator Market Driver
The availability of new walk-in refrigerators with better refrigerants is one of the major drivers impeding the walk-in refrigerator market growth. The synthetic refrigerant chlorofluorocarbon (CFC) was banned in the 1987 Montreal Protocol and was replaced by hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) to be used for refrigeration purposes. Many countries worldwide are also reducing the consumption of HFCs and HCFCs, given their negative impact on the ozone layer. Given the drawbacks of these synthetic refrigerants, the market demand for natural inorganic refrigerants is rising. Ammonia is the next available alternative as a refrigerant solution with lower global warming potential (GWP) and is expected to be used worldwide. Natural refrigerants do not contribute to the depletion of the ozone layer and, thus, find their growing use in refrigeration. Natural refrigerants are energy efficient as well their use in refrigeration is well approved by regulatory bodies worldwide. Thus, the market for these natural refrigerants is expected to capture the maximum share of the market and will replace synthetic refrigerants during the forecast period.
Key Walk-in Refrigerator Market Trend
Customized walk-in refrigerators are one of the major trends influencing the walk-in refrigerator market growth. The manufacturers of walk-in refrigerators aim at building customized walk-in refrigerators for end-users, such as supermarkets. These customized walk-in refrigerators are used in storing products at the refrigerated temperatures that are used in grocery stores, restaurants, floral markets, convenience stores, breweries, and food warehouses. The doors that are used in walk-in refrigerators that have higher quality door designs have rigidly reinforced frames and stronger hinges to ensure optimum durability. The direction of swinging doors can be customized by the manufacturer to manage the traffic flow through a kitchen or food preparation area. Most doors have deadbolt-locking handles and indoor release panels that provide a standard safety feature. Few other manufacturers provide walk-in refrigerators that are with or without an insulated floor. The walk-in refrigerator application, location, and cold storage needs will depict if there is any requirement for the insulated floor.
Key Walk-in Refrigerator Market Challenge
High operating costs are one of the major challenges impeding the walk-in refrigerator market growth. The overall cost of operating walk-in refrigerators is much higher than the cost of buying the equipment. The factors that hamper the operating costs of the walk-in refrigerators include insulation; efficiency of the refrigeration; age, exterior temperature, and location of the walk-in refrigerator; frequency of opening the refrigerator door to load the food items and to clean the refrigerator; and temperature of the food that is stored inside. The operating cost takes into consideration parameters like maintenance and energy. A walk-in refrigerator requires regular maintenance to function with full efficiency and contribute to the profitability of catering companies, supermarkets, and restaurants. Therefore, the users or staff need to be trained properly to handle the walk-in refrigerators. Thus, high operating costs can become a major challenge for the growth of the global walk-in refrigerator market during the forecast period.
This walk-in refrigerator market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global walk-in refrigerator market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the walk-in refrigerator market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the walk-in refrigerator market encompasses successful business strategies deployed by the key vendors. The walk-in refrigerator market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The walk-in refrigerator market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the walk-in refrigerator market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the walk-in refrigerator market in APAC. Market growth in this region will be faster than the growth of the market in regions.
An increase in consumer preference for dining out will facilitate the walk-in refrigerator market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 led to a decline in demand for walk-in refrigerators in APAC. The rising cases of COVID-19 forced governments in India, China, Japan, Australia, Vietnam, Indonesia, and other countries to impose a lockdown to limit the spread of the disease. This led to the shutdown of various industries such as food processing, hotel, and restaurants, which declined the demand for walk-in refrigerators in these industries.
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The walk-in refrigerator market share growth in the indoor segment will be significant during the forecast period. The cost of an indoor walk-in refrigerator is comparatively less in terms of installation, up-front costs, and maintenance and operations as compared to outdoor units. This will lead to an increase in the demand for more indoor walk-in refrigerators during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the walk-in refrigerator market size and actionable market insights on post COVID-19 impact on each segment.
US Walk-in Refrigeration Market - The market in the US grew at a CAGR of 4.01 percent over the period 2013-2018.
Walk-in Refrigerator Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.38% |
Market growth 2022-2026 |
$ 5.18 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.78 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 43% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled American |
American Panel Corp., Amerikooler Inc., Canadian Curtis Refrigeration Inc., Carrier Global Corp., Danfoss AS, Emerson Electric Co., Everidge Inc., Foster Refrigerator, GEA Group Aktiengesellschaft, Imperial Brown Inc., Intertek Group Plc, Norlake Inc., Panasonic Corp, Precision Refrigeration Ltd., SRC Refrigeration., Store It Cold LLC, Welbilt Inc., Whynter LLC, and Master Bilt Products LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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