Glass Door Refrigerators Market: Retail Channel - Hypermarket, Super Market, Convenience Stores, Restaurants, and Others.
The need for energy-efficient and cost-effective refrigeration systems to optimize workflow and to facilitate an effective and faster way to select a product is driving the growth of the glass door refrigerator market. The market for glass door refrigerators is anticipated to expand at a CAGR of 8.6% during the forecast period from 2015 to 2023. The global glass door refrigerators market was valued at US$ 6,538.3 Mn in 2014. Some of the key factors driving the growth of the glass <a href="
http://infraca.ru/" target="_blank">door refrigerators </a>market include the proliferation of supermarkets, hotels, and cafes, product innovation, and replacement of conventional refrigeration equipment, changing food consumption trends and increasing food safety and quality regulations. Glass door refrigerators are widely deployed across various retail channels such as hypermarkets, supermarkets, convenience stores, and restaurants.
Glass door refrigerators are used to preserve, store, and display items that are temperature sensitive, or need to be stored frozen or chilled. With intense competition existing in the retail sector, the visibility of products has become an important factor in order to ensure sales. This has magnified the need for glass door refrigerators in the retail sector. Furthermore, retailers are transforming their stores in order to offer an extended product portfolio as part of their strategy to cater to a diversified consumer base. All these factors are expected to help drive the demand for glass door refrigerators, thereby helping the market grow during the forecast period.
On the basis of capacity, the global glass door refrigerator market is segmented into – 0.5 - 3 ft3, 3.1 – 6.0 ft3, and 6.1 – 9.0 ft3. In 2014, among these, glass door refrigerators with capacities of 3.1 – 6.0 ft3 were the most preferred, and accounted for around 30% of the revenue of the overall glass door refrigerators market. Moreover, these refrigerators are expected to expand at a CAGR of 9.4% from 2015 to 2023. The most significant factor driving the market for glass door refrigerators with capacities of 3.1 – 6.0 ft3 is the high demand for them in hotels, bars, and restaurants due to their high efficiency and small size.
In terms of retail channels, the glass door refrigerators market is segmented into hypermarkets, supermarkets, convenience stores, restaurants, and others. In 2014, hypermarkets held the largest revenue share of around 33% of the overall glass door refrigerators market. Moreover, based on the volume of shipments, hypermarkets accounted for the maximum share of around 32% of the overall glass door refrigerator market in 2014. Glass door refrigerators deployed in hypermarkets are expected to grow at the fastest CAGR in terms of revenue as well as volume during the forecast period from 2015 to 2023.
Geographically, Asia Pacific is the largest market for glass door refrigerators, globally. In 2014, Asia Pacific accounted for around 41% of the overall glass door refrigerators market revenue share. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for glass door refrigerators in this region.
The glass door refrigerator market is highly fragmented and a few brands have established themselves in the market: Dover Corporation, Hoshizaki International, Carrier Corporation, and Hussman International. A large number of other regional manufacturers are located across different geographies. These players are well established in regional markets but have a limited global presence. These regional players offer glass door refrigerators for use in regional hypermarkets and restaurants. Similarly, the market is highly unorganized within Asia Pacific (APAC), wherein a number of local/regional manufacturers dominate. Moreover, the changing consumer behavior in this region has fueled the food and beverage industry and created greater opportunities. Therefore all the leading players are focusing on increasing their presence in the emerging regions. For instance, Haier Group is keen to boost the sales of its consumer and commercial electronic products in the Middle East. To achieve this, the company is planning on expanding its distribution network in the region. For instance, in May 2012, Haier Group entered into a distribution partnership with International Business Systems (IBS), an Egypt-based company. Daikin Industries, Ltd. is also focusing on the attractive markets such as India and Brazil and is working rapidly to expand operations to hold strong command in these markets. Daikin is also keen on targeting emerging markets such as Russia, Turkey, Indonesia, and the Middle East. The company has plans to increase its sales revenue in emerging markets to US$ 3.6 Bn by 2016. Emerging regions are expected to experience a boom in the commercial refrigeration equipment market.
The global glass door refrigerators market shows the presence of key players including Hussmann International, Inc., Hoshizaki International, Carrier, Epta Refrigeration, Standex, Manitowoc Company, Inc., Dalian, Sanyo Cold-chain Co., Ltd, Dover Corporation, Beverage-Air Corporation, and Lennox International.
Source: <a href="
http://www.transparencymarketresearch.com/glass-door-refrigerators-market.html#tab-6" target="_blank">Transparency Market Research</a>