Retail Industry is Expanding Worldwide thus demand for Market of Glass Door Refrigerators Increases
Glass door refrigerators are utilized in the storage and preservation of perishable items in a manner that makes it easy to display them to the consumer without having to be removed from their protective environment. Thus, glass door refrigerators are an optimal way of displaying and storing products at the same time. 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.
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Expanding Retail Industry Boosts Global Glass Door Refrigeration Market
The key driving factor for the global glass door refrigeration market is the rapid growth of retail stores in developing economies. In the past, retail stores stuck to conventional refrigerators due to lack of awareness and high costs associated with glass door refrigerators. As technology progressed, glass door refrigerators became increasingly affordable, efficient, and functional.
While the existing retail networks in developed nations are also expanding, the creation of new channels in emerging economies has caught the interest of major players in the global glass door refrigeration market. Government regulations are steadily changing in favor of the use of glass door facilities due to increased safety and utility over time. Along with supermarkets and hypermarkets, even hotels, cafes, and bakeries are beginning to make large-scale utilization of glass door refrigeration, causing the market for the same to grow faster over time.
The global glass door refrigeration market is dominated by the 3.1 to 6.0 feet segment, which generated 30% of the revenue in the global glass door refrigeration market in 2014. It is also expected to be the fastest growing segment, displaying a CAGR of 9.40% between 2015 and 2023. This is due to their large base of smaller clients across the world. Smaller glass door refrigerators are being increasingly preferred in hotels, restaurants, and bars due to their high efficiency and small size.
Nearly 41% of the global glass door refrigeration market in 2014 was held by Asia Pacific, owing to rapid rates of development and the high rate of growth of the retail industry. This can be attributed mainly to the emerging economies of China, India, Japan, South Korea, and Australia, which are considered to be the largest national markets in the global glass door refrigeration market today.
The key market participants profiled in this study include Hussmann International, Inc., Hoshizaki International, Carrier, Epta Refrigeration, Standex, Manitowoc Company, Inc., Dalian, Sanyo Cold-chain Co., Ltd, Dover Corporation
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