Refrigerated Display Cases, Beverage Refrigerators and Dispensers, and Chilled Rooms Market Analysis and Forecast Up to 2020
Albany, NY -- (SBWire) -- 09/27/2017 --The global refrigerated display cases, beverage refrigerators and dispensers, and chilled rooms market is expected to progress at a highly optimistic CAGR of 11.2% within a forecast period from 2014 to 2020. The market was evaluated at US$12.47 bn in 2016 and is expected to reach US$19.69 bn by the end of 2020.
Walk-in Coolers to Maintain Dominant Share in Market
Walk-in coolers are anticipated to be the key product segment in the chilled rooms market. By the end of 2020, walk-in coolers are expected to gain a valuation of US$11.33 bn, a forecast attributed to the immense demand for them through the need for food conservation. By 2020, plug-in refrigerated display cases are forecast to reach US$13.88 bn, allowing this segment to maintain its lead. Plug-in RDCs are consume low volumes of energy, easier to use, and are cheap to maintain when compared to remote RDCs, consequently gaining higher value for money among end users from emerging economies.
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Thriving Food Service Industry Drives Refrigerated Display Cases and Chilled Rooms Demand
"The number of avenues in the food services industry are increasing practically on a daily basis. Locations such as supermarkets, cafes, fast food restaurants, and similar places are growing in count swiftly very high rate at a global scale. A majority of the recent demand for refrigerated display cases and chilled rooms has emanated from the food services industry, and it can therefore be said that the booming growth rate of the food services industry will propel the demand for these equipment types over time," states a TMR analyst.
The demand for refrigerated display cases and chilled rooms is principally high in emerging economies, a factor attributed to increasing disposable incomes and growing awareness. Both factors are swiftly promoting the sales of multiple avenues in the food and beverages industry. The increasing rate of awareness of food storage hygiene is especially creating a surge in demand for refrigerated display cases and chilled rooms in these regions.
High Energy Consumption of Refrigerated Display Cases and Chilled Rooms Hinders Demand Growth Rate
A study conducted through the European Commission states that nearly 50% of the overall energy consumed in retail stores for food happens through their refrigeration systems. This is a massive volume of energy, which is especially high in the case of open display coolers. Their convenience of use makes them highly preferred, however, further straining the need to adopt power conservation methods. This problem can be resolved to an extent by using modern cooling technologies that can provide results similar to conventional equipment, while reducing the rate of power consumption. The use of closed RDCs is also being promoted heavily in place of walk-in variants.
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The analyst adds, "There is a high likelihood of a major revolution in this market regarding the use of greener RDCs and chilled rooms. Eco-friendly cooling equipment can therefore present players in the market with several opportunities over the coming years."
Transparency Market Research, in one of its recent reports, described a fragmented competitive landscape for the global refrigerated display cases, beverage refrigerators and dispensers, and chilled rooms market. In 2013, only 21.9% of the market value was held by its leaders: Frigo Glass, Hoshizaki International, Manitowoc Company, Inc., and United Technologies Corporation. According to TMR, the intensity of competitiveness in the market is expected to remain high and increase steadily over the coming years. The market is also expected to be defined by a large number of consolidation efforts, including mergers and acquisitions.
The newer players to show hope of entering the global refrigerated display cases, beverage refrigerators and dispensers, and chilled rooms market, as per the TMR report, are likely to face high entry barriers over the coming years. The rate of technological advancement in the market is currently moving at a very fast pace, creating a sizeable gap for new players to cross before they can establish competition with the larger players in the market. They therefore will require very high capital investments while providing a high level of design innovation and customization options, to show worth competition in the market.
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