Dublin, Nov. 12, 2024 (GLOBE NEWSWIRE) — The “Walk-in Refrigerator Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
Where is the largest and fastest growing market for walk-in refrigerators? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The walk-in refrigerator market size has grown strongly in recent years. It will grow from $11.34 billion in 2023 to $12.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth during the historic period can be attributed to the expansion of the retail and foodservice sectors, increased requirements in the healthcare industry, rising environmental awareness, growth in supply chains, and a surge in the hospitality sector.
The walk-in refrigerator market size is expected to see strong growth in the next few years. It will grow to $16.66 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The projected growth during the forecast period can be attributed to stricter food safety regulations, rising demand in the healthcare sector, the expanding e-commerce market, emerging markets, and growing sustainability initiatives. Key trends expected include technological integration, adoption of energy-efficient solutions, advancements in customization and modular designs, the incorporation of smart technologies, IoT integration, and overall technological advancements.
The growth in the number of restaurants is expected to drive the expansion of the walk-in refrigerator market. The rise in restaurant numbers is attributed to factors such as increased disposable incomes, urbanization, lifestyle changes, tourism growth, the expansion of food delivery services, and greater investment in the food and beverage industry. For example, the Census and Statistics Department, a UK-based government agency, reported that total restaurant receipts in the first half of 2023 increased by 47.7% in value and 41.8% in volume compared to the same period in 2022. This trend supports the growing demand for walk-in refrigerators.
Key players in the walk-in refrigerator market are forming strategic partnerships to provide advanced and integrated solutions that address diverse customer needs. These partnerships enhance research and development, expand market reach, and accelerate innovation in the walk-in refrigerator industry. For instance, in May 2021, Arctic Industries, a US-based industrial machinery manufacturer, teamed up with Fischer Group, a US-based food service company. This collaboration aims to boost Arctic Industries’ market presence in Southern California and Nevada by leveraging Fischer Group’s expertise and customer connections to drive sales and development of walk-in refrigerators.
In February 2024, Kinzie Capital Partners, a US-based private equity firm, acquired Arctic Industries for an undisclosed sum. This acquisition is intended to bolster Kinzie Capital Partners’ position in the walk-in refrigerator market by adding Arctic Industries’ cold storage manufacturing expertise to its portfolio. Arctic Industries, also based in the US, manufactures a range of products, including walk-in coolers, freezers, cold storage panels, refrigeration systems, and related accessories.
North America was the largest region in the walk-in refrigerator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the walk-in refrigerator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the walk-in refrigerator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Indoor Type; Outdoor Type
2) By Component: Hardware; Software; Service
3) By Door Type: Insulated Flush Door; Slide Door
4) By End-user: Food Processing Industry; Retail Food Service; Foodservice Industry; Healthcare Facilities; Bars; Other End-users
Key Companies Profiled in this Walk-in Refrigerator Market Report: Panasonic Holdings Corporation; Johnson Controls International plc; Blue Star Limited; Thermo King Corporation; Beverage-Air Corporation
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $12.24 Billion |
| Forecasted Market Value (USD) by 2028 | $16.66 Billion |
| Compound Annual Growth Rate | 8% |
| Regions Covered | Global |
Other major companies profiled in this Walk-in Refrigerator market report include:
- True Manufacturing Company Inc.
- KPS Global LLC
- Master-Bilt Products LLC
- Foster Refrigerator
- Nor-Lake Inc.
- Cantek Group
- American Panel Corporation
- Bally Refrigerated Boxes Inc.
- Imperial Brown Inc.
- Delfield Company
- Leer Inc.
- Victory Refrigeration
- Polar King International Inc.
- U.S. Cooler
- Koolmax Group Ltd.
- Arctic Industries Inc.
- SRC Refrigeration
- Industrial Refrigeration Pvt. Ltd.
- Kolpak
- Stericox India Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/e04sat
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- Walk-in Refrigerator Market
