Walk-In Refrigerator Market to Reach $20.2 Billion, Globally, by 2032 at 6.1% CAGR: Allied Market Research

With growing environmental concerns, businesses are prioritizing solutions that minimize energy consumption and utilize eco-friendly refrigerants, such as hydrofluorocarbon (HFC)-free options, to reduce their carbon footprint and operating costs while complying with regulatory standards.

PORTLAND, Ore., March 20, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Walk-in Refrigerator Market by Type (Indoor and Outdoor), Door Type (Insulated Flush Door and Slide Door), and End User (Retail Food Service, Food Processing Industry, Healthcare Facilities, Full-service Restaurant & Hotels, and Others): Global Opportunity Analysis and Industry Forecast, 2023?2032" According to the report, the global walk-in refrigerator market size was valued at $11.2 billion in 2022 and is projected to reach $20.2 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.

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Prime determinants of growth

Increase in industrial need for cold storage areas for food storage, food transit, and pharmacies acts as a key driver of the global walk-in refrigerator market. This is attributed to the fact that walk-in freezers are utilized to keep a huge capacity of items all year while still focusing on stock rotation. Moreover, walk-in refrigerators are essential components in healthcare facilities, greatly contributing to patient care, research, and the efficacy of medical treatments by meeting the demanding temperature requirements of key medicinal materials. On the other hand, technological advancements play a pivotal role in driving the growth of the walk-in refrigerator market by continually enhancing the efficiency, performance, and functionality of refrigeration systems. Innovations such as advanced insulation materials, energy-efficient compressors, and smart temperature control systems optimize energy consumption and reduce operating costs for businesses.

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Indoor segment to maintain its leadership status throughout the forecast period 

By type, indoor segment held the major share of the market share in 2022, accounting for more than two third of the global walk-in refrigerator market and is estimated to maintain its leadership status throughout the forecast period. As restaurants, hotels, supermarkets, and other food-related businesses seek to optimize space and ensure food quality, the demand for indoor walk-in refrigerators rises. Outdoor walk-in refrigerator is the fastest growing segment of the market in 2022. Outdoor walk-in refrigerators offer businesses the ability to expand their storage capacity without sacrificing valuable indoor space, allowing for efficient organization and accessibility of perishable goods.

Insulated Flush Door segment to retain its dominance by 2032 

Based on door type, the insulated flush door segment held the major share of the market in 2022, accounting for more than half of the global walk-in refrigerator market and is estimated to maintain its leadership status throughout the forecast period. These refrigerators feature tightly sealed doors that prevent cold air from escaping and warm air from entering, minimizing energy consumption and reducing operating costs for businesses. Slide door segment is the fastest growing segment of the market in 2022. As the door is regularly used, it must be sturdy and tightly sealed to withstand the usage to a greater extent. This is attributed to the increase in usage of slide doors in retail food service.

Food processing industry segment to maintain its leadership status throughout the forecast period 

Based on end use, the food processing industry segment held the highest market share in 2022, accounting for more than one-fourth of the global walk-in refrigerator market and is estimated to maintain its leadership status throughout the forecast period. Walk-in refrigerators provide ample space for storing large quantities of perishable ingredients and finished products at precise temperatures, helping food processing facilities meet stringent safety standards and regulations. Additionally, the trend towards globalization of food supply chains and the rising demand for processed and packaged foods further drive the need for efficient and hygienic refrigeration solutions, thereby fueling the demand for walk-in refrigerators in the food processing industry. 

Full-service restaurant and hotel segment is the fastest growing segment of the market in 2022. Many food & beverage establishments employ standup refrigerators or chest freezers. With movable shelves, specialized sections, and separate entrances for various items, these refrigerated units provide efficient use of space and ease of navigation. 

North America to maintain its dominance by 2032  

Based on region, North America region held the highest market share in term of revenue in 2022, accounting for nearly one third of the global walk-in refrigerator market. compared to other nations, the habit of bulk purchasing and keeping huge quantities of food at stock or inventory is more widespread in the U.S. This increases demand for bigger refrigerators with more storage space and propels the market growth. The size of refrigerators is also affected by cultural and lifestyle differences since food consumption and cooking techniques vary between regions and nations. Asia-Pacific is the fastest growing region of the market in 2022. Walk in refrigerator have a greater commercial potential in Asia-Pacific nations such as India, China, and others.   

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Leading Market Players:

• Industrial Refrigeration Pvt. Ltd.
• AB Electrolux
• Panasonic Corporation
• Dover Corporation
• Haier Biomedical
• Norlake, Inc.
• Thermo-Kool
• Bally Refrigerated Boxes, Inc.
• KPS Global LLC,
• Everidge, Inc.

The report analyzes these key players in the global walk-in refrigerator market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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