Global Ultra-low Temperature Freezers Market

The commercial refrigeration equipment market consists of sales of commercial refrigeration equipment by entities (organizations, sole traders, and partnerships) that produce commercial refrigeration equipment such as refrigerators and freezers used in supermarkets, convenience stores, restaurants, and commercial kitchens. The main product types of commercial refrigeration equipment market are refrigerator & freezer, transportation refrigeration, refrigerated display cases, beverage refrigeration, ice cream merchandiser, and refrigerated vending machine. Beverage refrigeration refers to a refrigerated storage area intended to cool beverages using a vehicle's air conditioning system or a separate phase-cooling system. The refrigerant types are fluorocarbons, hydrocarbons, and inorganics. The various applications involved are hotels & restaurants, supermarkets & hypermarkets, convenience stores, and bakeries. The global commercial refrigeration equipment market size is expected to grow from $56.03 billion in 2021 to $59.74 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The global commercial refrigeration market size is expected to grow to $79.1 billion in 2026 at a CAGR of 7.3%. The increasing demand for frozen & chilled products from consumers is anticipated to drive the commercial refrigeration equipment market. Preference for frozen & chilled products have increased due to changing lifestyle, accelerated urbanization, and benefits offered by frozen products such as longer shelf life, convenience, reduced food preparation & clean-up time. As per the study of the American Frozen Food Institute (AFFI) released in May 2020, there is a significant growth in the purchase of frozen products among consumers with 70% of consumers buying more frozen food than usual during the COVID-19 situation. Frozen food sales increased to 80% in the week of March 15 and 94% in the week of March 22 when compared to the same weeks in 2019. Frozen and chilled products are stored in commercial refrigerators in supermarkets, hypermarkets, and refrigerated trucks from where they are bought and transported. This is likely to generate a higher requirement for commercial refrigeration equipment market for storing, which propels the growth of the market. High equipment and installation cost of equipment is expected to hinder the commercial refrigeration equipment market’s growth. For instance, the total cost of the walk-in cooler including installation range from $3,000 to $9,000. In addition to this, the average cost of commercial refrigeration equipment repair falls between $100 and $325. This high cost of the equipment, installation, and maintenance are extremely unaffordable to smaller retailers who rent these services or opt for non-commercial variants, which hinders the growth of the commercial refrigeration equipment market. Companies are concentrating on incorporating the latest technologies such as artificial intelligence, 5G, and machine learning into commercial refrigeration equipment market for decreasing electrical consumption, improved preventive maintenance, and better customer experience. For instance, in August 2020, Axiom Cloud and Turn tide Technologies collaborated to stimulate AI in Commercial refrigeration. Axiom will license divisions of its IoT infrastructure to Turn tide to support Turn tide's mission to reduce the 25% of global electricity consumption that is misused by legacy motors. Furthermore, in May 2019, the UTStarcom company launched the goBox together with China Mobile Group Zhejiang Company (Hangzhou), its first 5G-powered smart commercial refrigerator. The smart vending machine, goBox created a new way of shopping with an enhanced buying experience, driving greater consumption per transaction. The device is enabled by a powerful system platform supported by 5G, mobile cloud, and artificial intelligence. In February 2019, Daikin Industries, Ltd, a Japan-based manufacturer of air conditioning units HVAC-R systems, filtration systems, and chemicals, through its subsidiary Daikin Europe N.V has acquired AHT Cooling Systems GmbH for approximately $656 million (€579 million). This acquisition enabled Daikin Industries, Ltd to be a one-stop provider offering complete coordination of air conditioning and refrigeration products as it has added AHT Cooling Systems GmbH products and services relating to air conditioning and commercial equipment. It also strengthens the expansion of Daikin Industries, Ltd in Europe, and the natural refrigerant portfolio as AHT Cooling Systems GmbH focuses on natural refrigerants like propane-based equipment. AHT Cooling Systems GmbH is an Austria-based provider of refrigerator and freezer systems for retail and industry. Major players in the commercial refrigeration equipment market are Dover Corporation, Daikin Industries Ltd, Carrier Commercial Refrigeration Inc, Johnson Control Inc, Haier Group Corp, Danfoss, and Emerson Electric Company. Asia Pacific was the largest region in the global commercial refrigeration equipment market in 2021. North America was the second largest region in the global commercial refrigeration market. The regions covered in the global commercial refrigeration equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the commercial refrigeration equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global commercial refrigeration equipment market is segmented - 1) By Product Type: Refrigerator and Freezer, Transportation Refrigeration, Refrigerated Display Case, Beverage Refrigeration, Ice Cream Merchandiser, Refrigerated Vending Machine 2) By Refrigerant Type: Fluorocarbons, Hydrocarbons, Inorganics 3) By Application: Hotels and Restaurants, Supermarkets and Hypermarkets, Convenience Stores, Bakery

The refrigerators market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of Refrigerators. The market includes sales of household refrigerators which are electrical appliances used to preserve food at cold temperatures. The main types of refrigerators are single-door, double-door, French-door and others. A single door refrigerator has only one outer door, the freezer too, has a door; but it can be reached only through the outer door. Also, usually available in size as small as 50 liters and can go up to 250 liters. The various freezer location includes freezer-on-top, freezer-on-bottom and freezer-less that are used for household, commercial and industrial applications. The refrigerators are distributed through specialty retailers, department stores, mass retailers/hypermarkets/supermarkets, discount stores and online channels. The global refrigerators market size is expected to grow from $38.57 billion in 2021 to $39.64 billion in 2022 at a compound annual growth rate (CAGR) of 2.8%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The refrigerator market is expected to reach $42.67 billion in 2026 at a CAGR of 1.9%. The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the refrigerators market growth. Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require refrigerators for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the refrigerators market. Intense pricing pressure on manufacturers is restraining the growth of the refrigerators market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike. Refrigerators manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in refrigerators and also manufacturing refrigerators that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement. In March 2019, The Legacy Companies, a Florida based food and beverages company acquired Avanti Products Inc for an undisclosed amount. Through this acquisition the Legacy Companies plans to produce some of Avanti’s product solutions in its wholly owned manufacturing plants thereby securing a source of competitive advantage. Avanti Products Inc, a Florida based company that develops, manufacturers and markets compact appliances including refrigerators, freezers, ranges, microwave ovens, wine refrigerators, ice makers, water dispensers, laundry appliances and other compact appliances. Major players in the refrigerators market are Electrolux, Haier, LG Electronics, Samsung Electronics, Whirlpool, Hitachi, Bosch, Hisense, Sharp, and Siemens. Asia Pacific was the largest region in the refrigerators market in 2021. Western Europe was the second-largest region in the refrigerators market.The regions covered in the refrigerators market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the refrigerators market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The global refrigerators market is segmented - 1) By Type: Single-Door, Double-Door, French-Door, Others 2) By Distribution Channel: Specialty Retailers, Department Stores, Mass Retailers/Hypermarkets/Supermarkets, Discount Stores, Online 3) By Application: Household, Commercial Use, Industrial Use 4) By Freezer Location: Freezer-on-Top, Freezer-on-Bottom, Freezer-Less

The smart refrigerators market consists of sales of smart refrigerators and related services that are used in residential and commercial sectors. A smart refrigerator is a programmed high-tech refrigerator that can identify the type of products stored therein and keep track of important information such as expiry and usage. Such refrigerators operate on a barcode or RFID network whereby the batch is collected and information are generated directly from the Internet. The main product types of smart refrigerators are top freezer refrigerator, bottom freezer fridge, side-by-side refrigerator, French door refrigerator and the technologies used are wi-fi, radio frequency identification (RFID), cellular technology, Bluetooth, zigbee and touchscreen. The top freezer refrigerator are more energy efficient and easy to freeze products. The smart refrigerators are found in two types of doors such as single, double, side by side and French and used for residential and commercial purpose. The global smart refrigerators market size is expected grow from $4.89 billion in 2021 to $5.23 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth in the smart refrigerators market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The smart refrigerators market is expected to reach $6.84 billion in 2026 at a CAGR of 6.9%. The rise in adoption of smart cities and smart infrastructures is a key factor driving the growth of the smart refrigerators market. The Internet of Things (IoT) market has been growing, with smart home devices and appliances, home is getting smarter with new devices that are available with internet connectivity. Smart home devices such as Google Nest, Ring and smart fridges have held users aware of the Internet of Things (IoT) trend, which relates to the connectivity of everyday items over the Internet. according to IoT-analytics the global number of connected IoT devices to grow by 9% to 12.3 billion active endpoints and grew to 27 billion connections by 2025. Therefore, companies are investing more in IoT due growing interest in the smart home and this factor is driving the smart refrigerators market. Smart refrigerators are generally more expensive than ordinary refrigerators. Although, smart refrigerators have high-tech features and can be controlled via smartphones, the high cost is hindering its growth. Additionally, the high repair cost is a key factor hampering the growth of the smart refrigerator market. Consumers might have to invest more on specific parts that are difficult to locate, and there might also be shortage of parts for some models in some cases. This results in using second-hand parts. Popular issues include a non-running refrigerator, or having a freezer portion that does not remain cold. The cost to fix these problems ranges between $140 and $200 nationally. The more recent issue with smart refrigerators is hacking. Smart refrigerators are not build with security and can’t be protected by antivirus software. Using devices that incorporates hardware, cloud and software designed to safeguard the appliance is an additional expense. Therefore, the high cost with smart refrigerators is expected to limit the growth of the smart refrigerators market. The IoT-enabled family hub refrigerator is a key trend in smart refrigerators market. The new Family Hub refrigerator provides features such as testing from anywhere what's inside the refrigerator, leaving messages on the White Board, seeing who's at the front door via a connected doorbell, adjusting the thermostat, watching CCTV video, suggestions for recipes, shopping recommendations, etc. In July 2020 Samsung launched its connected SpaceMax Family Hub Refrigerator which has additional storage space. Major players in the smart refrigerators market are Haier, Samsung Electronics, LG Electronics Inc., Panasonic Corporation, Whirlpool, Siemens AG, Midea Group, Hisense Co. Ltd, Electrolux, and GE Appliances. Asia Pacific was the largest region in the smart refrigerators market in 2021. Western Europe was the second-largest region in the smart refrigerators market. The regions covered in the smart refrigerator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the smart refrigerators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global smart refrigerators market is segmented - 1) By Product: Top Freezer Refrigerator, Bottom Freezer Fridge, Side-by-Side Refrigerator, French Door Refrigerator 2) By Technology: Wi-Fi, Radio Frequency Identification (RFID), Cellular Technology, Bluetooth, ZigBee, Touchscreen 3) By Door Type: Single, Double, Side-by-Side, French 4) By End-Use: Residential, Commercial

Laboratory Freezers Market Definition

The laboratory freezer market consists of revenues generated by the companies that are engaged in selling and manufacturing of laboratory freezer products and related services which are used to store blood samples, medicines and injections, and others for a long period of time. A laboratory freezer is an explicitly designed piece of laboratory equipment used to maintain consistent below-freezing temperatures and monitor it with digital displays. They have a thermally insulated compartment and a heat pump (mechanical, electronic, or chemical) which moves heat from within the device to its external environment so that the inside of the freezer is cooled to a certain temperature. Laboratory freezers are used to store a variety of samples which include pharmaceutical, biological, and other commonly used laboratory samples. Different forms of sizes of laboratory freezers are available, including upright, freestanding, and under-counter models.

The home freezers market consists of sales of home freezers. A freezer is a larger container where temperature is maintained below the freezing point for storing the food inside for longer periods. The main products of home freezers are chest freezer, upright freezer and others. A chest freezer is a cabinet freezer with a door that lifts up to open. Freezers are available as 1 door, 2 doors, 3 doors and 4 doors. The capacity of home freezers ranges from 200 and below, 200-300, 300-500, and 500. The global home freezers market size is expected to grow from $6.05 billion in 2021 to $6.16 billion in 2022 at a compound annual growth rate (CAGR) of 1.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The home freezer market is expected to reach $6.29 billion in 2026 at a CAGR of 0.5%. The increasing consumption of processed food products such as frozen meat, vegetables, dairy products as well as change in the dietary habits of consumers is driving the freezers market growth. Due to busy lifestyles, consumers are increasingly relying on processed food, prepared meals that require freezers for storage. According to Rentokil, the processed food industries are valued at $2 trillion globally. The huge market for processed food products is expected to drive the freezers market. Intense pricing pressure on manufacturers is restraining the growth of the freezers market. The market has numerous players competing in terms of price, specifications, and other characteristics. Durable goods such as TV, freezers are more price elastic than necessities. People are more likely to purchase when there is reduction in the price of the goods and less likely to purchase when there is a price hike. Freezer manufacturers are implementing technologies such as IoT and embedded sensors in their products to improve overall functionality. Manufacturers are introducing advanced human machine interface designs in freezers and also manufacturing freezers that can automatically recognize the type and weight of the food stored in the refrigerators, adjust and monitor the temperature as per requirement. Major players in the home freezers market are Daihan Scientific, ThermoFisher Scientific, Haier Group Corporation, AB Electrolux, Hitachi Ltd, LG Electronics, Liebherr Group, Siemens Home Appliances, Brandt, and Beverage-Air Corporation. Asia Pacific was the largest region in the home freezers market in 2021. Western Europe was the second-largest region in the home freezer market. The regions covered in the home freezers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the home freezer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The home freezer market is segmented: 1) By Product: Chest Freezer, Upright Freezer, Others 2) By Type of Door: 1 Door, 2 Door, 3 Door, 4 Door 3) By Capacity: 200 & below, 200-300, 300-500, 500 & Above

The refrigerants market consists of sales of refrigerants by entities (organizations, sole traders, and partnerships) that can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other. A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles. It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures. The main types of refrigerants are halocarbons, azeotropic, zeotropic, inorganic refrigerants, hydrocarbons, and other types. Halocarbons are organic compounds with several or all hydrogen atoms replaced with halogen atoms, usually fluorine or chlorine. It is used in air conditioners, refrigerators, chillers, heat pumps, electronics devices, and others. The various end-users are commercial, industrial, domestic, other end users. The global refrigerants market size is expected to grow from $20.4 billion in 2021 to $22.71 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The global refrigerants market size is expected to grow to $30.15 billion in 2026 at a CAGR of 7.3%. The rising demand for air conditioning is expected to drive the growth of the refrigerants market in the coming years. The increasing temperature globally increased the demand for cooling systems. According to the World Meteorological Organization (WMO), in 2020, the average temperature across the globe was 1.2°C higher than the above pre-industrial era (1880) temperatures. This drives the demand for air conditioning, hence refrigerants. A refrigerant is a chemical compound that is found in air conditioners. It absorbs heat from the surroundings and releases cool air after passing through air conditioners and evaporators. For instance, according to the International Energy Agency (IEA) estimates, by 2050 around two-thirds of the world’s households will have an air conditioner. Developing economies such as India, China, and Indonesia together will account for half of the total number of air conditioners. Therefore, the increasing temperature globally increasing demand for air conditioning is expected to propel the market for refrigerants market. The growing technological advancements are shaping the refrigerants market. Major Players operating in the refrigerants sector are focused on developing technological solutions for refrigerants to strengthen their position. For instance, in February 2020, Honeywell, a US-based company that delivers innovative technologies to customers launched Solstice N15 (R-515B) based on HVAC technology. Solstice N15 (R-515B) is a novel non-flammable refrigerant with a low global warming potential (GWP) that can be used in chillers and heat pumps. In February 2019, A-Gas, a US-based company that provides supply and lifecycle management of refrigerants and associated products and services acquired VEMAC Services for an undisclosed amount. This acquisition helps VEMAC to expand further afield and to utilize A-Gas’ expertise and proven track record in the global refrigerants market. VEMAC Services is a Singapore-based company that manufacture and repair refrigerating, air-conditioning, and ventilating machinery and equipment. Major players in the refrigerants market are Arkema SA, Dongyue Group Co Ltd, Honeywell International Inc, The Chemours Company, Daikin Industries, Gujarat Fluorochemicals Limited, and Navin Fluorine International Ltd. The Asia Pacific was the largest region in the refrigerants market in 2021. The regions covered in the global refrigerants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the refrigerants market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global refrigerants market is segmented - 1) By Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Other Types 2) By Application: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Other Applications 3) By End User: Commercial, Industrial, Domestic, Other End Users