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The freezers market has been segmented on the basis of product type, application, capacity and door type. On the basis of product type, the market has segmented into chest freezers, upright freezers, and others. In 2016, the segment of chest freezers held the largest market share of approximately 37% of the total freezer market and is also expected to continue its dominance throughout the forecast period of 2017 to 2025. The expansion of the chest freezer segment is mainly driven by increasing adoption in the commercial sector as well as by the industrial sector in order to store packaged foods and beverages.
Chest freezer doors seal are tighter and are more energy efficient, so food stays colder during power outages. Based on application, the market has been segmented into residential, commercial, and industrial. On the basis of capacity, the market is segmented into 200 & below, 200-300, 300-500 and 500 & above. Moreover, based on door type, the market is segmented into 1 Door, 2 Doors, 3 Doors, and 4 Doors & above.
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From a geographical standpoint, North America and Europe are the lucrative regions, and the adoption of freezers across these two regions is expected to increase further in the near future. The North America freezers market is estimated to be worth US$5,481.9 mn by 2025. This is primarily due to the increasing number of consumers becoming aware of the importance of living a healthier lifestyle and increase in disposable income of urban populations.
Asia pacific region, which is estimated to provide for a demand worth of US$6,456.7 mn by 2025, is the major adopter of freezers, specifically by the commercial and industrial sectors. Furthermore, the Middle East & Africa as well as South America are rated as emerging markets, primed to create new opportunities for the global freezer market during the forecast period.
Penetration of smart and solar powered commercial refrigerators in Asia Pacific is offering new opportunities for key players operating in the global freezers market. The high wattage consumed by these devices have resulted in the development of solar-powered commercial refrigerators and freezers.
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