Walk in Coolers and Freezers Market Size, Share & COVID-19 Impact Analysis, By Type (Indoor, Outdoor) By Application (Commercial Kitchen and Restaurants, Retail Stores, Cold Storage Warehouse, Pharmaceuticals, Others), and Regional Forecast, 2021-2028

The global walk in coolers and freezers market size was USD 11.93 billion in 2020. The market is projected to grow from USD 12.67 billion in 2021 to USD 20.22 billion in 2028 at a CAGR of 6.9% during the 2021-2028 period. Based on our analysis, the global market exhibited a lower growth of 5.9% in 2020 as compared to the average year-on-year growth during 2017-2019. North America dominated the global market with a share of 48.7% in 2020.

The global impact of COVID-19 has been unprecedented and staggering, with walk in coolers & freezers witnessing a positive impact on demand across all regions amid the pandemic. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The Code of Federal Regulations (CFR) states that walk in freezers and coolers refers to an encircled storing space that is refrigerated to temperatures below or above at 32 degree Fahrenheit and has the maximum chilled storage area of >3,000 square feet. It is one of the commercial refrigeration equipment that can be placed outside or inside the building, built with or without floors and might contain remote or in-place condenser.

In the current period, the installation of customized walk in coolers and freezers is a growing trend. It is boosting the importance of efficient refrigeration across commercial applications, including commercial kitchen & restaurants, retail stores, pharmaceuticals, cold storage warehouses, and others. Additionally, the growing demand for walk in commercial refrigeration equipment to preserve food and products across these applications is a major factor responsible for the rising demand. Moreover, manufacturers are obeying the governmental energy conservation standards while manufacturing the equipment that is further projected to boost the demand for energy efficient walk in products.

COVID-19 Impact: Fast-track Utilization of Walk in Products in Healthcare Facilities to Witness Boost in Demand

The COVID-19 pandemic has resulted in difficult health emergency and economic crisis facing the world capitalism. However, it is projected that the global market observed moderate downfall in the year 2020 and the market is expected to exhibit strong growth in the forecast period.

The immediate shutdown of warehouses, manufacturing plants, and others has created an adverse impact on the overall supply chain systems. However, in the second half, the demand for walk in products has increased immensely owing to the storage of COVID-19 vaccines across healthcare facilities, allowing take-away of food from commercial restaurants, and partial openings of retail food beverage stores. In accordance, key players are providing customer-focused walk in products that has brought back the supply chain on-track to accomplish multi-channel fulfillment.

Additionally, to cater to healthcare & pharmaceuticals requirements, governmental bodies across various countries are utilizing walk in refrigerators to store the COVID-19 vaccine at the required temperature. It is performing as a key indicator to boost the installation and manufacturing of walk in commercial refrigeration equipment products. Therefore, the utilization of walk in products is providing opportunities to boost the market growth in the future years.

LATEST TRENDS

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Increasing Installation of Customized Walk in Coolers and Freezers is a Growing Trend

Market participants are inclined towards providing efficient and reliable customized commercial refrigeration equipment across applications, such as floral storage, cold storage warehouses, restaurants, and others. It is because the equipment, such as customized walk in refrigerators are specifically designed to increase the convenience and ease-of-use for applications as every industry application requires different product as per space availability. Unlike stand-in coolers and freezers, tailor-made equipment is providing flexibility that is resulting in an increasing trend towards customized walk in freezers and coolers Manufacturers, such as Master-Bilt Products, LLC offers ‘Bilt2spec walk in coolers and freezers’ that are custom designed to fit virtually across any shape or size. Therefore, the fast-tracked installation of customized refrigeration equipment is projected to grow exponentially in the forecast period.

DRIVING FACTORS

Rising Number of Retail Stores to Bolster the Market Growth

There has been a rapid growth in the number of retail and grocery stores across the globe owing to the rising disposable income, surging economies, and purchase of multiple items at one-stop place. These factors are expected to boost the demand for walk in freezers and coolers. The biggest advantage of installing these cooler and freezers in retail stores, such as hypermarkets and supermarkets is that they offer flexible size and storage space across these stores.

Additionally, governmental bodies across the U.K., China, South Korea, India, and the U.S, are heavily investing in the retail industry that is expected to bolster the market growth. For instance, in 2018, ‘Walmart Investments Cooperative U.A.’ invested ~USD 37.7 million in Wal-Mart India Pvt. Ltd. that would boost the walk in coolers and freezers market growth in the forecast period. Hence, the increasing number of retail stores across the highly developing economies is anticipated to propel the market growth.

RESTRAINING FACTORS

High Initial Investment Cost to Limit Market Growth

The growth of the market is attributed to its ability to refrigerate food and other products at the required temperature. However, the high initial installation & maintenance cost, coupled with the constantly fluctuating commercial refrigeration equipment prices is a major factor that is limiting the market growth. In addition to it, risks associated with condenser failure compliments the heavy maintenance cost. Moreover, lowering refrigeration rates can result in the declining quality of food and beverage products, floral products, and more. The lack of awareness regarding the utilization and consumption of these lowered refrigerated products amongst consumers is also one of the major factors responsible for limiting the market growth.

SEGMENTATION

By Type Analysis

Reduced Installation Cost to Drive the Indoor Segment

Based on the type, the global market is segmented into indoor and outdoor.

The indoor segment is in the best position to lead the market. It is attributed to its reduced installation and maintenance cost. Additionally, end-users are specifically focusing on installing indoor units rather than outdoor units as indoor units ensure the efficient cooling and freezing of products year-round. The outdoor unit requires proper concrete foundation and weather protection that adds on the extra costs.

By Application Analysis

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Usage of Walk in Products to Freeze or Cool Foodstuffs to Favor Commercial Kitchen and Restaurants Segment Growth

Based on the application, the market is segmented into commercial kitchen and restaurants, retail stores, pharmaceuticals, cold storage warehouses, and others.

The commercial kitchen and restaurants segment is anticipated to flourish in the forecast period. It is attributed to the usage of these cooler and freezers to cool or freeze the cooked or raw foodstuffs for inventory preservation and daily production. The retail stores segment is expected to witness strong growth owing to the rising public spending on buying stored food. Additionally, walk in freezer add up the expanded storage capacity and stock rotation that is further boosting the market growth.

The pharmaceuticals, cold storage warehouses, and floral storage segments are witnessing steady growth. The pharmaceuticals segment, in particular is showcasing substantial growth owing to the storage of COVID-19 vaccines at extreme low or high temperatures.

REGIONAL INSIGHTS

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Based on the regional analysis, the global market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. These are further divided into countries.

North America accounted for the highest walk in coolers and freezers market share in 2020. It is owing to factors, such as increasing construction of hotels, restaurants, and bakery outlets across the U.S., Mexico, and Canada. Additionally, growing foodservice establishments, healthcare, and retail industry would play a vital role in enhancing the installation of walk in products across the region.

Asia Pacific is anticipated to grow at a higher rate in the forecast period. It is because consumers are demanding for restaurant meals and takeaway offers. Additionally, the online retailing for the sale of fresh and frozen food and food products across India, China, South Korea, and countries in Oceania has rapidly boosted. This, in turn, is resulting in the maximum installation of these coolers and freezers across retail stores and commercial facilities. Moreover, the overall growth of non-residential construction is also expected to fuel the product’s demand.

China to Showcase Highest CAGR as Key Players Focus on Providing Innovative Products across Applications

China is one of the leading market of walk in coolers and freezers. The rapid urbanization across China has resulted in an increase in the number of commercial kitchen and restaurants and retail outlets chains across the country. Additionally, market players, such as Viessmann, Danfoss A/S, and others have well-established subsidiaries that are highly improving the penetration rate into the China market. For instance, Viessmann is providing innovative freezers with assembly and central refrigeration styles under its Chinese subsidiary, Beijing Viessmann Heating Technology Co., Ltd.

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Europe, the Middle East & Africa, and South America are expected to grow at a considerable rate owing to the rising e-commerce industry, surging retail industry, and the increasing construction of cold storage warehouses. Additionally, market participants, such as Danfoss A/S, Foster Refrigerator, and Viessmann are committed to manufacture the highest quality products by obeying the hygiene and food safety regulations that is bolstering the growth of the global market across the U.K., Germany, Denmark, Saudi Arabia, Argentina, and South Africa.

KEY INDUSTRY PLAYERS

Key Players are Emphasizing on Providing Customized Walk in Coolers and Freezers to Expand Market Reach

Key market participants such as, Danfoss A/S, Hussmann Corporation, Arctic Walk in Coolers & Walk in Freezers, Kolpak, and others are delivering products as per end-user’s customizations. They are also developing environmentally friendly products to keep in standard with government regulations. For instance, Kolpak is offering customer-focused walk in refrigeration solutions and services across applications, including warehouses, retail stores, and others.

Arctic Walk in Coolers & Walk-in Freezers is Adopting Various Strategies to Avail New Sales across Unattainable Market

Arctic Walk in Coolers & Walk in Freezers is focusing to tighten the product penetration across the commercial refrigeration market. Also, the company is adopting various marketing strategies, such as custom made products and flexible manufacturing with maximum available space to expand its sales across the countries. For instance, the company is offering walk in coolers across beverage, foodservice, and floral applications with custom shelving for products. This would boost its walk-in products to penetrate into the unattainable market.

LIST OF KEY COMPANIES PROFILED:

• Hussmann Corporation (Bridgeton, United States)


• Foster Refrigerator (Norfolk, United Kingdom)


• Arctic Walk in Coolers & Walk-In Freezers (Miami, United States)


• Stericox Sterilizer Systems India (Delhi, India)


• Kolpak (Parsons, United states)


• Danfoss A/S (Nordborg, Denmark)


• Beverage Air (Winston-Salem, United States)


• SRC Refrigeration (Sterling Heights, United States)


• Intertek Group plc (London, United Kingdom)


• Precision Refrigeration (Schuylerville, United States)


• Imperial Brown Inc. (Gresham, United States)


• Nor-Lake, Inc. (Hudson, United States)


• Master-Bilt Products, LLC. (Florida, United states)


• ABN Refrigeration Manufacturing (Ontario, Canada)


• Emerson Electric Co. (St. Louis, United States)


• Standex International Corporation (Salem, United States)


• Viessmann (Allendorf, Germany)


• Canadian Curtis Refrigeration Inc. (Vaughan, Canada)


• Everidge, Inc. (Plymouth, United States)

KEY INDUSTRY DEVELOPMENTS:

• November 2020: - Arctic Walk in Coolers & Walk in Freezer is providing ‘quick-ship COVID-19 vaccine cold storage solution. The company’s walk in freezers and coolers are engineered for -40° C for vaccines that requires freezing.


• June 2019: Viessmann took over IAC Vestcold AS (a refrigeration and service partner in Norway) to expand its competence across commercial refrigeration for the betterment of customers.

REPORT COVERAGE

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The global market research report provides detailed information regarding various insights into the industry. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2021 to 2028 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.

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