Refrigerated Display Cases and Chilled Rooms Market to Grow at CAGR of 10.5% to 2020
Asia Pacific represents the largest as well as the fastest growing regional market
DUBLIN — The global market for refrigerated display cases and chilled rooms is forecast to grow at a compound annual growth rate (CAGR) of 10.5 percent from 2014 to 2020, according to a report available from Research and Markets. The market was valued at $21.9 billion and is expected to cross $43.2 billion by 2020.
The growing cold chain and food retail industry across the world, changing food consumption trends, and the need to replace conventional refrigeration systems with smart technologies are creating new opportunities for refrigerated display case and chilled room manufacturers and suppliers. Customers are also focusing on reducing electricity consumption and improving food safety and quality, which is also driving demand. All these factors present a positive outlook for refrigerated display case and chilled room manufacturers and suppliers.
Asia Pacific represents the largest as well as the fastest growing regional market for both refrigerated display cases and chilled rooms. North America and Europe are comparatively mature markets and are expected to see slower growth through the forecast period. Significant demand is expected from the Latin America and Middle East regions with a growing retail industry, followed by the hotel industry.
With the large number of regional and global players active in the market, the global refrigerated display cases and chilled rooms market is saturated and is witnessing a high level of competition. As a result, the market players are investing in product expansion to gain a competitive advantage.
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Publication date: 9/7/2015