Cryogenic freezing being employed in computing, chemicals, and nuclear industries will be the factor propelling the growth of the upright freezers market in the upcoming years. Freezers have largely been used in the food and beverage industry for storing frozen food that highly benefits in terms of preservation. However, the upright freezers market have now extended their application to other industries as well, such as computing, where these freezers are being deployed to store photonics, condensed matter, computer chips, and similar products. With the advent of quantum computing, storing miniature computer parts in freezers have become necessary for computer manufacturing units. Storing was done with the help of cryogenic free dilution freezers that can bring down temperatures to extremely low measurements such as 2 miliKelvin. At this temperature, storing computing and nuclear parts becomes easy and safe from malfunctioning. In the chemical industry, upright freezers equipped with cryogenic freezing technologies are being used to store liquid chemicals. For instance, in India, the Department of Atomic Energy’s Variable Energy Cyclotron Centre has invented a cryocooler that can store liquid hydrogen and helium. The upright freezers market is, therefore helping the world economy to move forward by providing impetus to other industries. The Upright Freezers Market earned a revenue of $20.4 billion by the end of 2018, and forecasted to grow at a CAGR of 3.2%, during the forecast period 2019-2025.
Based on end-users, the upright freezers market is segmented into household and commercial. The commercial sector can further be segmented into pharma and retail outlets, hospitals, schools and administrative offices, hotels and restaurants, and others. This sector has been evaluated to grow with a CAGR of 4.7%, during the forecast period 2019-2025. In hospitals and pharmacies, the use of upright freezers if indispensable as some several medications and drugs require to be stored at a lower temperature to prevent loss of potency and change of physical composition. Frozen medications are therefore required to be kept between the temperatures of -25° to –10°C, which cannot be easily provided by upright freezers, but leverage demand over chest freezers for their difficulty in accessibility. Similarly, upright freezers have significant application in restaurants, where freezing food is the most necessary step for smooth functioning and financial savings.
As per IndustryARC’s research, the APAC region has emerged as geographical leader of the global upright freezers market. In 2018, the region held a noticeable share of 34.4%, out of the total revenue earned by the market globally. The most important factor that helped in the APAC region leading the market is persistently high to moderate climate in Asian countries. The highly hot, tropical and coastal climate in India, Pakistan, the Middle East, and other countries have helped key market players in accentuating sales in the APAC region. Furthermore, with constantly increasing globalization and higher purchasing power, the demand for frozen food is increasing, thereby supporting APAC region in gaining a comparatively higher demand, than other regions of the upright freezer market.
Growth Drivers of the Upright Freezers Market
· An Increasing Demand for Food Devoid of Preservation
Consumers around the world have become increasingly aware of the detrimental effect of pesticides and insecticides on raw food products. Hence, the food and beverage industry is experiencing a high demand for organic produce, that consists of vegetables, fruits, and other edible food items produced without the addition of any chemical compounds. Since organic produce is devoid of any added preservatives, it tends to have a shorter shelf life. This has instigated a need for upright freezers in hypermarkets and supermarkets than can store food items fresh for a longer time. An increase in working-class society, who are consistently low on time for cooking meals, heavily rely on frozen meals for instant consumption. Rising demand for frozen food has, therefore instigated further innovations in the upright freezers market. For instance, key market players are now releasing upright freezers equipped with individually quick frozen technology (IQF.) This technology allows freezing of food items individually, contrary to collective freezing that often causes inconvenience to consumers. Food products such as peas and herbs are now being frozen using IQF technology to prevent cluster freezing, provide noticeable growth to the upright freezers market.
· Temperature Controlled Freezers for the Healthcare Industry
The Pharmaceutical and Healthcare Industry use freezers for storing medicines, organs, blood, and other medical components. As per several medical researches, medicines refrigerators and freezers are imperative for retaining the potency of drugs. Apart from retaining potency to approximately 90%, medicines freezing is also necessary for considering the physical and chemical stability of drugs. For instance, certain drugs that are not in solid form may require a certain viscosity which if changed, will render the drug mostly ineffective. These drugs normally include chemotherapy, insulin, different kinds of vaccines, and most importantly, topical medicines, especially the ones prepared for eye problems and severe hypoglycaemia. Another instance of increasing use of upright freezers in the healthcare industry is production of nano-products that are being used to treat cystic fibrosis and cancer. If not controlled through their shelf lives, these particles tend to form clusters, which can be extremely problematic for the treatment. This research and production was majorly performed by Texas A&M University Health Science Center, who stressed upon the importance of using freezers for individual freezing of nanoparticles. Therefore, the rising usage of freezing technologies in the pharmaceutical and healthcare industries have instigated the innovations in key market players, who have now developed technologies such as cryogenic freezing, which is supplementing the growth of the upright freezers market.
Major Players in the Market
Due to industrial activities and an increasing technological consumption, the temperature of earth is incessantly rising. With high temperatures, the necessity for freezing products is increasing, which is why freezer manufacturers are investing resources in striking the balance between meeting the rising demand for freezing and maintaining environment conservation at the same time. These manufacturers are Dover Corporation, Daikin Industries, Carrier Corporation, Whirlpool Corporation, Electrolux, EdgeStar, Haier Corporation, Emerson Electric, Johnson Controls, Parker Hannifin Corp., Ingersoll-Rand, PLC, Danfoss A/S, Hussman Corporation, Lennox International, and GEA Group.
Whirlpool Corporation, a manufacturer of home appliances is capitalizing on opportunities, noticeably in the APAC region. In 2019, Whirlpool India reported their earnings of the last quarter of 2018, which witnessed an increase of 14%.. These results were attained despite delayed summer in APAC region, and the manufacturers owed this success to continuous innovations in appliance technologies. The company has been consistently innovating in refrigeration and freezer technologies. Whirlpool has innovated and manufactured the world’s first side by side refrigerator and freezer that allows consumers to refrigerate and freeze food simultaneously with equal importance given to freezing space. They have also manufactured upright freezers that come with an in-built temperature alarm in order to help consumers to control the temperatures electronically. These freezers are also environment friendly, as LED lighting fitted inside it uses comparatively less energy than lights that are incandescent.
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