Albany, NY -- (SBWIRE) -- 04/13/2017 -- The global market for refrigerated counters is expected to witness a significant growth in the next few years. The rising number of food chains and hotels across the globe is considered as one of the major reasons boosting the demand for refrigerated counters. In addition, the untapped growth opportunities in diverse emerging economies are estimated to contribute extensively towards the growth of the global market in the coming years. The growing tourism industry is another key factor projected to accelerate the growth of the global refrigerated counter market in the near future.

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According to a research study by Transparency Market Research (TMR), in 2015, the global market for refrigerated counters was worth US$4.5 bn. The market is estimated to register a value of US$8.7 bn by the end of 2024, registering a healthy 7.70% CAGR between 2016 and 2024.

Increasing Prevalence of Food-borne Diseases to Bolster Global Refrigerated Counter Market

The global market for refrigerated counter market is expected to register a healthy growth in the next few years. The public safety and health regulations are anticipated to contribute significantly towards the growth of the overall market in the next few years. In addition, the rising awareness among consumers regarding the rising prevalence of food-borne illnesses and the strict regulations regarding the storage and food preparation are some of the other factors predicted to accelerate the growth of the global refrigerated counter market in the near future. However, the high cost of operation of refrigerated counters is likely to hamper the growth of the market in the coming years.

The global market for refrigerated counters has been categorized on the basis of end use into system catering and hotels. In 2016, the system catering segment held a share of 80.9% of the global refrigerated counter market; however, this segment is expected to witness a downward trend in the next few years. The increasing popularity and demand for luxury hotels across Asia Pacific and Europe are estimated to restrict the growth of the system catering segment in the near future. On the other hand, the hotel segment is predicted to register a progressive 9.30% CAGR between 2016 and 2024.

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North America to Maintain Dominant Position in Coming Years

In 2015, North America held a massive share of the global refrigerated counter market and is anticipated to maintain its position throughout the forecast period. Th robust growth of this region can be attributed to the substantial contribution from the U.S. and the increasing demand for refrigerated counters from full-service restaurants and hotels. Furthermore, Europe if projected to witness a healthy growth, thanks to the growing implementation of government regulations for reducing the consumption of energy. The Europe market for refrigerated counters is likely to register a progressive 6.60% CAGR between 2016 and 2024. On the other hand, Asia Pacific is projected to grow substantially in the next few years.

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Some of the key players operating in the refrigerated counter market across the globe are Illinois Tool Works, Inc., Dover Corp., Continental Refrigerator, Electrolux AB, Afinox srl, Avantco Refrigeration, Inoksan Group, Inomak S.A., The Middleby Corp., Turbo Air Inc., Infrico S.L., Ali S.p.A., Angelo Po Grandi Cucine s.p.a., True Manufacturing Co, Inc., Coldline srl, Standex International Corp., and The Manitowoc Co. Inc.

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