Technavio, a tech-focused market research firm, has published a new report on the global refrigerated cabinet market, which is expected to experience a slow but steady growth rate with a CAGR of more than 4% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global refrigerated cabinet market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global refrigerated cabinet market into the following key regions: APAC, Europe, North America, and ROW.
Geographical segmentation of the global refrigerated cabinet market for 2015 (market share %)
|
APAC |
35.09% |
|
Europe |
31.27% |
|
North America |
25.12% |
|
ROW |
5.95% |
Source: Technavio
APAC: Largest revenue generating region for refrigerated cabinets
The global refrigerated cabinet market in APAC was occupied around 35% of the total market share and will grow at a CAGR of over 4% by 2020. Factors like economic development and rise in disposable income will lead to the growth of this market during the forecast period. India and China will emerge as the key revenue generating countries in the APAC market. The increased consumption of wine in countries like China, Japan, Singapore, Taiwan, and South Korea has led to an increasing demand for refrigerated wine cabinet, making it the fastest growing market segment in region. Major vendors in the region are also focusing on product innovations to cater to the needs of the customers.
“Manufacturers in the market are using online platform to enhance their sales and attract more consumers. The vendors are charging a premium price for certain categories of products like refrigerated storage and wine cabinets. Moreover, with the changing lifestyles of the population in the region, the demand for frozen packaged foods has risen considerably. This will increase the demand for refrigerated storage and wine cabinet in the APAC market over the predicted period,” says Abhay Sinha, a lead analyst at Technavio.
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Refrigerated cabinet market in Europe
The refrigerated cabinet market in Europe occupied more than 31% of the total market share and will grow at a CAGR of around 4% by 2020. The increasing demand for refrigerated mortuary cabinets and product innovations is driving the market growth in the European region. Germany and the UK are the primary revenue contributing countries in the region. The market is also witnessing a growing demand for the replacement of refrigerated storage cabinets and vendors are launching innovative products to sustain themselves in the market. The advent of stringent regulations and norms is encouraging vendors to introduce products with ENERGY STAR labeling to promote energy conservation.
Refrigerated cabinet market in North America
The refrigerated cabinet market in North America occupied around 25% of the total market share and will grow at a CAGR of about 2% by 2020. The increasing demand for refrigerated wine cabinet will be the primary driver for the market growth in North America. The US attributes to the majority of the revenues in the North American market. The manufacturers in the region are focusing on developing platforms to launch innovative products. One of such innovations is the LED-enabled refrigerated cabinets. The market in this region is also witnessing a growing requirement for refrigerated mortuary cabinets.
Refrigerated cabinet market in ROW
The refrigerated cabinet market in ROW occupied almost 6% of the total market share in 2015 and will grow at a CAGR of over 5% by 2020. The growth of the organized retail sector in the Middle East is promoting the growth of the market in this region. The rise in disposable income in UAE, Kuwait, Qatar, and Saudi Arabia will fuel the development of the market during the forecast period. The increase in tourist flow in the Latin American countries has increased the demand for refrigerated storage cabinet in restaurants in the area. Moreover, growing urbanization in several North African countries will also have a positive impact on the global refrigerated cabinet market.
The top leading vendors operating in the global refrigerated cabinet market are:
- Carrier
- LEEC
- Traulsen
- Illinois Tool Works
Other prominent vendors in the market include Africhill, CEABIS, CMS, Coldline, Dalucon Refrigeration Products, Danby, Foster, Haier, Hengel, Husky International, Hussmann, Imbera Foodservice, Irinox, Liebherr, Marvel, Master-Bilt, Mopec, True Manufacturing, Viessmann, and Williams Refrigeration.
A more detailed analysis is available in the Technavio report titled, ‘Global Refrigerated Cabinet Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Biomedical Refrigerator and Freezer Market 2016-2020
- Global Inverter Technology Refrigerators Market 2016-2020
- Global Refrigerated Warehousing Market 2016-2020
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