Ultra-Low Temperature Freezer Market Size Report | Share & Growth Analysis 2030

[Research Report] The ultra-low temperature freezer market is expected to grow from US$ 619.89 million in 2022 to US$ 902.08 million by 2030; it is anticipated to register a CAGR of 4.8% from 2022 to 2030.

Market Insights and Analyst View:

The ultra-low temperature freezer market size is expanding with the rising R&D activities to introduce new drug compounds, increasing demand for blood & blood components, and growing government support for research activities and clinical trials. In addition, the availability of advanced products by market players drives the market growth. Thermo Scientific Revco RLE –86°C upright freezers are available in five capacities, storing 300 up to 700 2-inch boxes. These freezers provide outstanding thermal performance, safety, and security.     

Growth Drivers and Challenges:

Biological research specimens need storage at temperatures below –80°C, i.e., at ultralow temperature (ULT) values. The ULT feature is providing an alternative to standard compressor-based cooling technology that keeps getting better as the understanding of it grows. Innovative products offered by Haier Biomedical include smart frequency conversion technology ULT freezers that boast an unparalleled energy consumption figure of just 8.2 Kwhr/day with a unit capacity of 829 L/29.2 ft3. In October 2022, Thermo Fisher Scientific launched a new freezer to its ultra-low temperature (ULT) green portfolio, the Thermo Scientific TDE Series -80°C Chest Freezer. The freezer is powered by H-drive hydrocarbon systems, and it enhances the performances required for vital research without compromising sustainability goals. In June 2023, BioLife Solutions’s Stirling ultracold upright ULT freezer ISO class 6 was approved for cleanroom applications in accordance with relevant Good Manufacturing Practice (GMP), without compromising biostorage performance or the cleanliness of the environment.

ULT sample storage freezers are a crucial component of many biobanks, clinics, and laboratories globally. These units allow for a wide variety of biological samples, including DNA, RNA, proteins, and cell extracts. A constant power supply is required to maintain low-temperature levels. The International Institute for Sustainable Laboratories stated that the average ULT freezer consumes the same amount of energy, 20 kWh per day, as a single-family home. Considering laboratories and research facilities usually running dozens of these units at once, the operating and energy costs can dominate the user preferences. The average price to run an upright, mechanical ULT freezer can vary from US$ 750 (£570) to US$ 1,000 (£750) per year, depending on several factors such as size, and temperature range. Regular maintenance and maintenance in the form of defrosting can reduce this cost considerably. Moreover, the above-mentioned figures about the ULT freezers do not consider the additional cost of HVAC systems and warm air removal. Thus, the high costs associated with ULT freezers become a severe concern for budget-conscious laboratories and storage facilities.

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Ultra-Low Temperature Freezer Market: Strategic Insights

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Report Segmentation and Scope:

The ultra-low temperature freezer market is segmented on the basis of type, application, technology, and geography. The ultra-low temperature freezer market is segmented on the basis of type, application, technology, and geography. The ultra-low temperature freezer market, by application, is segmented into blood and blood products, organs, pharmaceuticals, forensic and genomic research, and others. The market, by technology, is bifurcated into automatic and semi-automatic.

 Based on geography, the ultra-low temperature freezer market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

The ultra-low temperature freezer market, by type, is bifurcated into chest freezers and upright freezers. In 2022, the upright freezer segment held a larger market share, and the same segment is expected to record a higher CAGR during 2022–2030. The projected market growth for the upright freezer segment is attributed to advantages such as compact design, ease of organization, and availability of various safety features. Moreover, increasing adoption rate due to technological advancements leading to better supervision of operations and ease would augment the ultra-low temperature freezer market growth for the upright segment during the forecast period.

Regional Analysis:

Based on geography, the ultra-low temperature freezer market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is the largest contributor to the global ultra-low temperature freezer market growth. Asia Pacific is expected to register the highest CAGR in the ultra-low temperature freezer market during 2022–2030. The ultra-low temperature freezer market growth in the US is mainly driven by the increasing lung cancer prevalence, product launches, and government initiatives. The increasing demand for biobanks brings transformative potential to the healthcare and economic systems of the US. However, the immediate focus of rapidly developing biobanks in the country is increased by the need for disease understanding, drug discovery, and development. Besides, biobank research provides new insights into the genetic component of human disease, which focuses on developing an automated and more personalized approach to healthcare. Moreover, several market players in the US focus on offering a diversified, cutting-edge portfolio of biobanking products and services designed to accelerate lifesaving discoveries. The increasing number of business activities amongst market players is dynamically contributing to the market growth. In November 2020, hospitals in the US states and cities were struggling to buy ultra-cold freezers that can safely store PFE.N COVID-19 vaccine by Pfizer Inc, ignoring advice from the US Centers for Disease Control and Prevention (CDC) to hold off. 

Ultra-Low Temperature Freezer Market Regional Insights

The regional trends and factors influencing the Ultra-Low Temperature Freezer Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Ultra-Low Temperature Freezer Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Ultra-Low Temperature Freezer Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Ultra-Low Temperature Freezer Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Ultra-Low Temperature Freezer Market are:

1. Thermo Fisher Scientific Inc
2. Godrej Group
3. Haier Group Corporation
4. Blue Star Limited
5. Helmer Scientific Inc

Disclaimer: The companies listed above are not ranked in any particular order.

Industry Developments and Future Opportunities: 

Various initiatives by key players operating in the ultra-low temperature freezer market are listed below:

1. In May 2023, PHC Corporation of North America (PHCNA) announced that the PHCbi brand VIP ECO SMART ultra-low temperature freezer has been awarded the prestigious Outstanding New Product Award for 2023 by the International Society for Biological and Environmental Repositories (ISBER). The product is designed for use in a range of facilities such as universities, medical institutions, and pharmaceutical companies.
2. In February 2023, PHC Corporation of North America (PHCNA) launched PHCbi brand VIP ECO SMART ultra-low temperature freezer series. This new series is built upon innovative and reliable ultra-low temperature freezers to offer enhanced energy-saving performance while improving security and usability.

Competitive Landscape and Key Companies:

Thermo Fisher Scientific Inc, Godrej Group, Haier Group Corporation, Blue Star Limited, Helmer Scientific Inc, PHC Holdings, BioLife Solutions Inc, Eppendorf SE, Meling Biomedical, and Arctiko are among the prominent players operating in the ultra-low temperature freezer market. These companies focus on new product launches and geographic expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large base of customers, subsequently facilitating market expansion.