Freezing Device Market Size, Share, Growth, And Industry Analysis, By Type (Direct Cooling and Indirect Cooling), By Application (Industrial, Food and Medical), Regional Forecast From 2024 to 2031

Updated On: 29 April 2024

Freezing Device Market Report Overview

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The global freezing device market size expanded rapidly in 2022, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the freezing device market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

It is possible to solidify or freeze an item or material by using freezing devices, which are tools or machines that drop the temperature of a substance or object below its freezing point. Food processing, medicines, and research labs are just a few of the businesses that frequently use these devices. In order to safeguard and uphold the standard of goods and materials, these devices are crucial in a variety of sectors and applications.

The market for freezing devices is expanding as a result of a number of factors, including growing demands from the beverage and food sectors for food products that are preserved and frozen as well as rapid demand of freezing gadgets in the healthcare sector for the storage of biological samples and medications. The availability of cutting-edge freezing technologies, notably cryogenic freezing and ultra-low temperature freezing, is another factor promoting market expansion. Also, the popularity of frozen foods among time-constrained consumers who choose quick and simple to make meals is boosting the demand for freezing equipment. Overall, these elements support the market expansion for freezing technologies.

COVID-19 Impact: Unavailability of Crucial Parts Led to Increased Production Expenses during the Outbreak

The market for freezing devices had suffered a number of setbacks as a result of the COVID-19 outbreak. Worldwide supply chains were hampered by the epidemic, resulting in postponements and unavailability of vital parts needed to make freezing equipment. This led to longer lead times and increasing production expenses, and that could have helped drive up end-user prices. In addition, the pandemic had seriously disrupted the beverage and food sector, which decreased consumption for frozen food items. This impacted the market's demand for freezing equipment, resulting in lower manufacturer sales and earnings.

Latest Trends

"Using Modern Technology to Improve Preservation and Provide Remote Control"

The creation of enhanced freezing technologies that provide superior preservation and storage capacities is one of the most recent advances in the freezing device business. For instance, the use of ultra-low temperature (ULT) freezing technology has expanded due to its ability to keep biological samples and vaccines intact for longer periods of time. ULT freezers can sustain temperatures as low as -86°C, giving storage facilities a steady and predictable environment. Moreover, the incorporation of intelligent technology into freezing apparatuses to allow for remote control and monitoring. This enables the observation of temperatures and other external conditions in real-time, which can aid in preventing rotting and guaranteeing the security of stored goods.

Freezing Device Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Direct Cooling and Indirect Cooling

• By Application Analysis

Based on application, the market can be divided into Industrial, Food and Medical

Driving Factors

"Growing Requirements from the Food and Beverage Sector is Expected to Grow the Devices Market"

By using freezing devices to freeze and store food products, especially frozen foods, the food and beverage sector uses them to a great extent. Due to shifting customer tastes, such as a need for ease and a prolonged shelf life, as well as the accessibility of a larger variety of frozen food products, the demand for frozen meals has been rising. Blast freezers and spiral freezers, which are employed in industrial kitchens and food processing plants, are now in higher demand as a consequence of this.

"Development Opportunities for Freezing Makers are Being Created by the Cold Chain Logistics Sector Expansion"

The international trade in foods, pharmaceuticals, and other temperature-sensitive goods is driving the expansion of the cold chain logistics sector, which is in charge of the transportation and retention of temperature-sensitive goods. Manufacturers of freezing equipment are finding new opportunities as a result of the growth of the cold chain logistics sector since they are now expected to provide dependable, high-quality freezing solutions that are tailored to the specific requirements of the sector. These factors in turn are promoting the freezing device market growth during the forecast period.

Restraining Factors

"High Initial Expenditure Make it Difficult for Small Businesses to Invest in these Devices"

The significant initial expenditure necessary for acquiring and installing freezing equipment is one restraint on the market for these devices. Particularly for bigger industrial-grade equipment such as blast freezers and ULT freezers, the price of freezing devices can be high. Small and medium-sized businesses may find it difficult to invest in freezing technologies in the wake of this high cost, which would impede the market's expansion. However, the continuous expenses of operating and maintaining freezing equipment, particularly for energy-intensive equipment, can be high. Businesses with limited resources or those located in areas with high electricity costs may find this to be an additional barrier.

Freezing Device Market Regional Insights

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"Major Food Processing Industry in the Region has Helped North America Dominate the Market"

One of the biggest markets for freezing equipment is the food processing sector, and there are many food processing businesses in North America that need freezing equipment. The region has a well-established food processing sector that includes the manufacture of frozen foods, meat and poultry processing, and seafood preparation. The North American freezing device market share has expanded as a result of the increasing need for these devices from this sector of the economy. Also, North America is home to many producers of these devices, including some of the industry's top names. As a result, a variety of freezing tools and technologies are now easily accessible in the area. All of these elements collectively have helped North America dominate the freezing gadgets market.

Key Industry Players

"Key Players Focus on Diversifying their Product Lines to Increase the Customer Base"

Market participants for freezing devices are using a variety of tactics to grow their share of the market. Numerous producers of freezing gadgets are diversifying their product lines and creating new freezing technologies in order to increase the scope of their product lines. For instance, some producers are creating freezing techniques that use different refrigerants or are more energy-efficient, while others are enlarging their product ranges to incorporate supplementary goods such as refrigerated trucks and storage containers. Also, many producers are enlarging their geographic reach by breaking into new markets and creating new distribution networks.

List of Market Players Profiled

• GE (U.S.)
• Twin Guard (Japan)
• PHC Corporation Singapore Pte. Ltd. (Singapore)
• Carrier (U.S.)
• Johnson Controls (U.S.)
• Dongin Thermo (South Korea)
• Gram BioLine (Denmark)
• Tekop Refrigeration (Turkey)

Report Coverage

This report covers the freezing device market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.