Horizontal Freezer Market Size, Share, Growth, And Industry Analysis By Type (Freezer, Refrigerator, Refrigerator Freezer Conversion Cabinet) By Application (Supermarket, Restaurant, Medical Cryostat), Regional Forecast To 2031

Updated On: 15 April 2024

Horizontal Freezer Market Report Overview

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The global Horizontal Freezer market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

It is obvious that freezers are enclosed, refrigerated cabinets or spaces that offer a place for storing food and drinks at low temperatures while maintaining strength. Perishable food and drink goods including vegetables, milk, meat, fish, and others are typically kept in freezers. As technology continues to improve, more space-saving, compact freezers with many uses are being brought to the market.

The increased demand for frozen foods, rising disposable income, and technical developments are all responsible for the market's expansion. Due to its cheap price point and substantial storage capacity, the chest freezer category is predicted to dominate the market over the projection period. As companies increasingly use frozen food as a way to cut costs, commercial applications are anticipated to account for a higher part of the market throughout the projected period.

COVID-19 Impact: COVID-19 Pandemic Will Fuel The Market Growth

In the upcoming years, the COVID-19 pandemic will fuel the need for ultra-low temperature freezers. In order to preserve unique COVID-19 samples so that they may be recovered as needed and evaluated to learn more about this emergent respiratory ailment, scientists rely on ultra-low temperature freezers and incubators. For instance, the BINDER CO2 freezer assists scientists and researchers in preserving COVID-19 samples. Due to their safety and anti-contamination qualities, these freezers are crucial. Consequently, the COVID-19 epidemic helped the demand for ultra-low temperature freezers to expand.

Latest Trends

"Rising Consumer Demand For Ready-To-Cook Food Fuel The Market Growth "

Consumer demand for ready-to-cook and ready-to-eat foods has increased recently, particularly in countries where disposable incomes have increased. With so many prospects for expansion for chest freezer producers in emerging regions, this increase in demand has also encouraged some new entrants.

Horizontal Freezer Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Freezer, Refrigerator, and Refrigerator Freezer Conversion Cabinet. Freezer is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Supermarket, Restaurant, Medical Cryostat. Supermarket will be the dominating segment.

Driving Factors

"Laboratory Refrigerators Segment Is Anticipated To Hold A Sizable Market Share"

Clinical trial expansion and new product introductions are important drivers of market expansion. According to clinicaltrials.gov, there will be about 15,316 clinical studies using biopharmaceuticals registered in the US by 2022. Additionally, 50 medications were authorised globally in 2021 by the Food and Drug Administration (FDA) and the Center for Drug Evaluation and Research (CDER). One of the crucial areas to maximise the survivability of the medicine is the usage of biomedical freezers in the lab to keep pharmaceuticals at the appropriate temperature. It is projected that the nation's growing number of clinical studies and medicinal developments would fuel market expansion.

Restraining Factors

"High Cost Of ULT Freezers Limit The Market Growth"

In the upcoming years, the market for ultra-low temperature freezers is anticipated to have slow development due to the high cost of ULT freezers. The majority of laboratories, biobanks, and pharmacies throughout the world are equipped with ultra-low temperature (ULT) sample storage freezers. Numerous biological materials, including cell extracts, proteins, RNA, or DNA, can be preserved using these devices for an extended period of time. A typical upright mechanical freezer may maintain a fixed temperature of -20 °C or -40 °C, however the majority would run at -80 °C. A constant power supply is needed to maintain a lower temperature, which increases energy use and operational expenses. The typical annual running costs for an upright, mechanical ULT freezer can range from $750 to $1000. Therefore, the high operational expenses associated with ultra-low temperature (ULT) freezers create challenges for small and medium-sized businesses and restrain the market growth for these products.

Horizontal Freezer Market Regional Insights

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"North America Is Anticipated To Have A Sizable Market Share And Is Anticipated To Continue Doing So Throughout The Forecast Period"

The need for medication storage may rise as a result of the rising vaccine manufacturing in North America, which is anticipated to occupy a sizable market share in the worldwide biomedical refrigerator and freezer market. ClinicalTrial.gov reports that Canadian pharmaceutical firms and academic institutions have strong R&D pipelines as of April 2021. 5,659 additional research were at different stages of review in the pipeline. 1,397 (24%) of the trials, which covered a wide variety of therapeutic areas and were approved by the FDA or EMA, were in phase III clinical trials. As a result, a growing quantity of vaccinations need to be stored in biomedical freezers. Biobanks are used for a variety of purposes relating to national research initiatives. For instance, CanPath began the genome sequencing of more than 41,000 participants in the Ontario Health Study in April 2021 with a total samples of over 150,000 people from across Canada (OHS). It was conducted out by the Canadian Data Integration Centre utilising the Ontario Institute for Cancer Research's genome technology platform (OICR). Such projects offer appropriate studies to assist several general applications in health research where researchers are looking for hereditary components. These elements may contribute to healthy ageing, disease development, or improving our knowledge of how the environment and genome interact to cause illness. Utilizing biobanks will be necessary to boost market expansion throughout the projection period in order to accommodate these applications and the aforementioned considerations.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Qingdao Haier Special Refrigerator (China)
• Qingdao Hairong Commercial Cold Chain (China)
• Shenzhen Ouxue Refrigeration Equipment (China)
• Henan Xinfei Refrigeration Appliance (China)
• Changhong Meiling (China)
• Henan Xiangsen Cold Chain Equipment
• Shenyang Longwei Refrigeration Equipment
• Jiangsu Meibaijia Electrical Technology
• Zhejiang Snow Village Refrigeration Equipment
• Guangshen Electric Factory
• Beijing Xiongpeng Century Kitchen
• Binzhou Ledao Machinery Equipment
• Dingye Electric

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.