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Walk-In Refrigerator Market Overview, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Walk-In Refrigerator Market Overview
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According to The Business Research Company's, 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 in the historic period can be attributed to expansion of retail and foodservice, expand in healthcare industry requirements, rise in environmental awareness, increase in supply chains, and surge in 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 growth in the forecast period can be attributed to increasing food safety regulations, rising demand in healthcare, expanding e-commerce sector, emerging markets, and increasing sustainability initiatives. Major trends in the forecast period include technological integration, adoption of energy-efficient solutions, advancements in customization and modular designs, integration of smart technologies, integration of IoT, and technological advancements.
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Market Drivers and Trends:
The increasing number of restaurants is expected to propel the growth of the walk-in refrigerator market going forward. Restaurants refer to commercial establishments where food and beverages are prepared, served, and consumed on the premises. The number of restaurants is increasing due to rising disposable incomes, urbanization, changing lifestyles, tourism growth, the expansion of food delivery services, and increased investment in the food and beverage industry. Walk-in refrigerators help restaurants by providing ample, organized cold storage space that preserves perishable ingredients, reduces food waste, and ensures compliance with health regulations, ultimately enhancing operational efficiency. For instance, according to the Census and Statistics Department, a UK-based government agency, 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. Therefore, the growing number of restaurants is driving the walk-in refrigerator market.
Major companies operating in the walk-in refrigerator market are adopting strategic partnerships approach to offer more advanced and integrated solutions to meet varying customer needs. Strategic partnerships help walk-in refrigerator companies by combining resources and expertise, enhancing research and development capabilities, expanding market reach, and accelerating commercialization, ultimately driving innovation and growth in the walk-in refrigerator industry. For instance, in May 2021, Arctic Industries, a US-based industrial machinery manufacturing company, partnered with Fischer Group, a US-based food service company. The partnership aims to expand Arctic Industries' market presence in Southern California and Nevada, leveraging The Fischer Group's expertise and customer relationships to enhance sales and development of walk-in refrigerators.
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Major Key Players of the Market:
Panasonic Holdings Corporation, Johnson Controls International plc, Blue Star Limited, Thermo King Corporation, Beverage-Air Corporation, 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
Walk-In Refrigerator Market 2024 Key Insights:
• 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%.
• Rising Restaurant Numbers Fuel Growth in Walk-In Refrigerator Market
• Strategic Partnerships Drive Innovation and Growth in the Walk-In Refrigerator Market
• North America was the largest region in the walk-in refrigerator market in 2023
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