Display cabinet market to double by 201916th January 2014
Published by Transparency Market Research the report, which covers both plug-in and remote units, claims the market in 2012 was valued at $8,780.3m in 2012 and is expected to almost double in next six years to $16,283.4m.
The report claims an increasing number of retail outlets and a rise in consumer spending on convenience products, coupled with development of improved and technologically advanced refrigeration systems, is influencing the way refrigerated display cases are being adopted across the food and beverage and retail industry.
The biomedical sector is also seeing increased usage of sophisticated display cases with critical temperature control features, says the report.
The growth will be driven by demand for integral, plug-in units rather than remote systems, says the report. Lower initial cost, the freedom to move them as per store layout, reduced installation time, and low turn-around time for new stores, are all said to be driving a large scale adoption of plug-ins against remote display cabinets.
Vertical, open-fronted cabinets are predicted to dominate the market to 2019, accounting for 67.8% of global display cabinet market growth. The popularity of verticals is primarily driven by benefits such as low floor-space requirement and more display space per unit area of floor space. Horizontal or island refrigerated display cabinets and other types (semi-vertical/hybrid) are forecast to record comparatively slow growth.
Asia-Pacific is expected to see fastest growth with a CAGR of 11.3% during the forecast period. Expansion of the retail sector and hotel industry in the region is seen as a major driving force, with economic growth and a rise in consumer disposable income pushing demand for for convenience food products.