Lewes, DE -- (SBWire) -- 10/24/2016 --Report forecast the global refrigerated cabinet market to grow at a CAGR of 4.41% during the period 2016-2020.
Refrigeration is used to preserve perishable food items and ensure food safety. Products offered in the global refrigeration market find application in the commercial, industrial, and residential sectors. The market for refrigeration equipment is driven by regulatory standards on parameters such as labeling, energy performance, and refrigerants. The commercial refrigeration market includes various types of commercial refrigerators such as refrigerated storage cabinets or display cases, ice-making machinery, and walk-in coolers.
The report covers the present scenario and the growth prospects of the global refrigerated cabinet market for 2016-2020. To arrive at the market size, the study considers the revenue generated from the worldwide retail sales of storage cabinets, wine cabinets, and other types of refrigerated cabinets for commercial purposes.
The market is divided into the following segments based on geography:
- APAC
- Europe
- North America
- ROW
According to the report, rising number of patents for refrigerated cabinets is a key driver aiding to the growth of this market. The number of patents for refrigerated cabinets is growing worldwide. The rise in the number of patent applications and granted patents shows a positive outlook for the market for refrigerated cabinets worldwide. Patent applications and approvals indicate the constant product innovation in the market. Product innovation is vital for the market and lack of innovation leads to market stagnation and decline in market revenue. Leading players in the market understand the value of product innovation and are increasing their R&D activities as a strategy to increase their market share worldwide. So, constant innovation is driving the market growth and demand for refrigerated cabinets, especially in developed countries.
Further, the report states that increasing popularity of cremation is a major challenge the market is facing. Cremation is gaining popularity due to changes in traditional beliefs, religious expectations, and demographic shifts across regions. Also, the environmental impacts of the traditional burial and technological advancements in cremation have propelled the rates of cremation. The growth in the demand for cremation across the globe is expected to pose a challenge for the global refrigerated cabinet market. The demand for cremation is rising due to the rising cost of and lack of space available for burials. The cost of burial is higher compared to the cremation charges.
Global Refrigerated Cabinet Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the global refrigerated cabinet market: Carrier, Traulsen, LEEC, and Illinois Tool Works.
Other Prominent Vendors in the market are: 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.
Market driver
- Growing demand for commercial refrigerators
- For a full, detailed list, view our report
Market challenge
- Phase down of F-gases
- For a full, detailed list, view our report
Market trend
- Growing wine market in APAC
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 69 pages and 52 Exhibits "Global Refrigerated Cabinet Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Product life cycle analysis, Market segmentation by product, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
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