Refrigeration Coolers Market Forecast, Opportunities and Challenges

 The global refrigeration coolers market size is estimated to grow from USD 3.6 billion in 2022 to USD 4.8 billion by 2027, at a CAGR of 6.0%. The market declined in 2020, mainly due to the impact of COVID-19. The industrial supply chain was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the refrigeration coolers market . Though the market is expected to be impacted in 2020, it is expected to fully recover by mid 2022. Increasing demand for innovative and compact refrigeration coolers based on natural refrigerants and growing adoption of refrigeration coolers in commercial applications is the primary factor driving the market growth.

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Likewise, influx of IoT fueling automation in refrigeration technologies is also expected to propel the demand for the said market during the forecast period.

 

The Internet of Things (IoT) allows the connection of various devices and systems in a network and automates these processes. A smart refrigeration solution uses thermodynamic and refrigeration-based algorithms to review and analyze commercial refrigeration data. This allows optimizing store performance and improving energy efficiency. Smart refrigerator compares the status of the food, such as its expiry date, weight, and quantity. The solution uses predictive and preventative analytics to minimize energy spending, avoid unplanned maintenance, reduce food spoilage, and improve case performance. Smart refrigerator is designed to manage food items stored in it and advise the user on what type of food is to be stored inside the refrigerator. The increase in smart refrigeration units has created several opportunities for the manufacturers of refrigeration coolers. 

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