Modular Refrigeration Unit/System Market Size, Share & Industry Analysis, By Weight (in lbs) (Less than 200, 200-400, 400 and Above), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
A modular refrigeration unit have revolutionized the conventional “big-box” refrigerators. These units are flexible in designs and are integrated easily. The market for modular refrigeration unit is gaining traction and it is anticipated to grow significantly. This is owing to the rising residential and commercial modular construction projects. For instance, in May 2019, Skender launched a modular production building at its advanced manufacturing facility located in Chicago. Similarly, In 2016, the state council of China released a circular stating that 30% of the new buildings would utilize prefabricated construction. Also, the accessibility of the user increases without compromising the capaciticies or place occupied by the system. This leads to efficient usage of the availability of spaces. Besides, the rising concerns of carbon emissions, optimal temperature utilization and reduce energy consumption is a major factor resonsible for driving the market. For instance, the government of U.K. has introduced Low Carbon Transition Plan strategy wherein it has planned to achieve a 50% reduction in greenhouse gas emissions. However, high cost of investment at initial stage, complex architectural design are the factors limiting the market growth. Also, the unprecedented COVID-19 crisis is hindering the modular refrigeration system market. The sudden outbreak widespread resulted in lockdown across many nations leading to stoppage of construction sites further impacting the sales of the refrigeration units. For instance, according to The Association General Contractors of America (AGC), the U.S. construction projects of nearly USD 160 billion are affected by COVID-19 pandemic. Owing to this, the market seems unforeseeable in the near future.
Key Market Driver -
• Demand for frozen foods and vegetables across all seasons. • Growing trend towards customized residential and commercial projects. • Stringent environmental norms and standards for reducing carbon emissions.
Key Market Restraint -
• A high upfront investment at initial stage is hindering the market growth
Key Players Covered:
Some of the key competitors in the modular refrigeration unit/system market include MAINSTREAM ENGINEERING CORPORATION, U-Line, Porticold, EMERSON, ALTA Refrigeration, Blue Star Limited., THERMO KING, BSH Home Appliances Corporation and others.
Regional Analysis
North America holds a dominant position in modular refrigeration unit market owing to rising consumption of frozen food and groceries products, stringent governmental norms to reduce carbon emissions and others. Also, the trade of perishable items is spurring in this region resulting in increasing deployements of modular units. Besides, the upsurging trend towards modular construction of residential and commercial projects is one of the major factor creating a potential room for modular refrigeration unit market.
Asia Pacific is expected to book a major market share in the forecast period owing to presence of organized and unorganized chinese players operating in this business segment, rising infrastructure development, Also, countries including China and Japan are continously pouring heavy investments in research and development activities to align the products with the environmental and emission standards further enhancing the modular refrigeration system market
Europe, Middle East and Africa and Latin America are anticipated to grow at a considerable rate in the coming years owing to rising trend towards modular construction projects across these regions. Also, involvement of regulartory bodies to reduce carbon and other hazardous gases emitting from the refrigeration system is enabling to gain traction in the forecast period.
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Segmentation
ATTRIBUTE | DETAILS |
By Weight (in lbs) |
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By Application |
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By Region |
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Key Industry Developments
- May, 2018: - EMERSON announced Vilter Manufacturing which includes new product developments and solutions. The products include modular refrigeration unit, reciprocating compressor unit and others.
- February, 2016: - SPARTAN MOTORS showcased four innovative fleet vehicles wherein lightweight and modular refrigeration unit installed to reduce the load of the truck.
- Ongoing
- 2023
- 2019-2022
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