The North America Refrigeration Coolers Market would witness market growth of 5.9% CAGR during the forecast period (2021-2027).
Refrigeration coolers are becoming increasingly popular as the demand for refrigerated food and beverage items grows, as is their use in chemicals and pharmaceuticals, the hospitality industry, and other areas. Because of the importance of a healthy diet and changes in customer preferences around the world, the demand for healthy food items such as ready-to-eat and frozen fruits is expanding. Moreover, rising government regulations and concerns about toxic refrigerants that contribute to ozone depletion will provide substantial market prospects for magnetic refrigeration technology and green technology.
The growth of the food industry has resulted in the establishment of many restaurant chains and the growth of dining restaurants all over the world, resulting in an increase in the need for refrigeration coolers. Additionally, increased disposable income in both developed and emerging countries, as well as growing preference for ready-to-eat foods and other foods like egg, milk, and meat would act as the growth catalysts for the industry.
As per the US Department of Electricity, these systems can save up to 30% on energy. In addition, the lower emissions of dangerous gases and lower operational costs would drive the adoption of the technology. Some of the key trends of the regional market are increasing investments in the food and beverage sectors. In addition, consumers are becoming more aware of the need for nutritious and hygienic food and are prepared to pay a premium for it, prompting restaurants and hotels to use these systems to keep food products fresh and safe. Moreover, the growing number of fast-food restaurants and the expanding restaurant industry in the United States and Canada would generate a higher need for refrigeration coolers.
The US market dominated the North America Refrigeration Coolers Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $976.4 million by 2027. The Canada market is experiencing a CAGR of 8.3% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 7.3% during (2021 - 2027).
Based on Component, the market is segmented into Evaporators & Air coolers and Condenser. Based on Refrigerant Type, the market is segmented into HFC/HFO, NH3, CO2, Glycol, and Others. Based on Application, the market is segmented into Commercial and Industrial. Based on Commercial Type, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores & Mini Markets and Hospitality. Based on Industrial Type, the market is segmented into Refrigerated Warehouses, Beverage Processing, Fruit & Vegetable Processing, Dairy & Ice-cream Processing, Meat, Poultry, & Fish Processing and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Refrigeration Coolers Market is Estimated to reach $4.7 Billion by 2027, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Emerson Electric Co., Carrier Global Corporation, Daikin Industries, Ltd., The Danfoss Group, Lennox International, Inc., Guntner GmbH & Co. KG, Evapco, Inc., Baltimore Aircoil Company Inc. (Amsted Industries), and Koxka.
By Component
By Refrigerant Type
By Application
By Commercial Type
By Industrial Type
By Country
Companies Profiled
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