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The refrigerated cabinet market size is forecast to increase by USD 6.71 billion at a CAGR of 3.34% between 2023 and 2028. The market is witnessing significant growth, driven by the increasing demand for energy-efficient models of commercial refrigeration equipment. This trend is being fueled by rising energy costs and growing concerns over sustainability. Additionally, there is a growing preference for customized refrigerated cabinets to meet specific business needs, particularly in the foodservice industry. Another factor contributing to market growth is the high-average product life and maturity of the market in developed markets, leading to increased upgrade purchases. Despite these growth opportunities, challenges persist, including increasing raw material costs, intense competition, and the need for continuous innovation to meet evolving customer demands. Overall, the market is expected to continue its growth trajectory, driven by these trends and challenges.
The market encompasses a wide range of refrigerated display solutions designed for various settings, including retail and commercial environments. These solutions cater to the specific needs of Convenience stores, food service establishments, and Grocery stores, among others. Perishable products, such as Dairy, Beverages, Meat, and fresh produce, are commonly stored and presented using these cabinets. Specialized appliances, including transparent glass doors and specialized storage units, ensure product visibility while maintaining a controlled refrigeration environment. Refrigeration systems are essential for retail settings and commercial needs, including Industrial needs and residential needs. They provide a controlled refrigeration environment for temperature-sensitive perishable goods, including dairy products, deli items, and pharmaceuticals. Regulated temperatures are crucial for maintaining the quality and freshness of these goods. Food safety laws mandate the use of such systems to ensure the safety and health of consumers. In summary, the market caters to the storage and presentation needs of various industries and consumers, offering solutions for perishable goods, dairy products, beverages, meat, and other temperature-sensitive medications in retail settings, commercial settings, and even residential settings. These solutions provide product visibility, specialized storage units, and regulated temperatures to meet the demands of various commercial needs and Industrial needs.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The storage cabinet segment is estimated to witness significant growth during the forecast period. Refrigerated storage cabinets are essential commercial equipment used for storing perishable products such as dairy, meat, beverages, and fresh produce in various industries including retail settings, food service establishments, and commercial kitchens. These cabinets come in low and medium temperature options and can be customized to meet specific end-user requirements.
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The storage cabinet segment was the largest segment and valued at USD 28.55 billion in 2018. The retail sector, particularly in emerging economies, is experiencing significant growth, leading to an increased demand for refrigerated storage solutions. In the foodservice industry, refrigerated storage cabinets are crucial for maintaining the quality and freshness of high-value perishable goods. Supermarkets and hypermarkets, convenience stores, and e-commerce businesses are major consumers of these cabinets due to their extensive applications in fresh food sections and online grocery shopping. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Refrigerated display solutions play a crucial role in retail and commercial settings, particularly in convenience stores, food service establishments, and supermarkets and hypermarkets. These solutions ensure the proper storage and presentation of perishable products such as dairy, beverages, meat, and fresh food items. High quality food is maintained through energy efficient refrigeration systems, which are not only cost-effective but also environmentally friendly, aligning with sustainability goals. Hence, such factors are driving the market in APAC during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for energy-efficient models of commercial refrigeration equipment is notably driving market growth. In response to growing concerns regarding energy consumption and carbon emissions, refrigerated cabinet vendors are prioritizing product innovations that promote energy efficiency and eco-friendliness.
Moreover, these advancements include the integration of smart technologies such as IoT sensors, digital displays, and real-time monitoring systems, which optimize energy usage and ensure regulated temperatures for various sectors, including food, medicine, retail, and industrial applications. Thus, such factors are driving the growth of the market during the forecast period.
Growing preference for customized refrigerated cabinets is the key trend in the market. Refrigerated cabinets are essential for maintaining product visibility, food safety, and shelf life in various sectors, including retail, foodservice, and industrial applications. Customization plays a crucial role in meeting the unique requirements of these industries. Customized refrigerated cabinets offer energy efficiency, eco-friendly refrigerants, and advanced technologies such as IoT sensors, digital displays, and real-time monitoring.
Moreover, these features enable remote temperature control, ensuring regulatory compliance with food safety laws and maintaining ideal temperatures for temperature-sensitive medications and food items. Smart temperature sensors and digital technology enable innovative energy regulations and high-efficiency compressors. Insulation materials and smart refrigerated cabinets offer data analytics and cloud-based software for optimized energy usage and food quality management. Thus, such trends will shape the growth of the market during the forecast period.
High-average product life and maturity for product categories in developed markets affecting upgrade purchase is the major challenge that affects the growth of the market. Refrigerated cabinets play a crucial role in ensuring product visibility, food safety, and shelf life for various sectors including retail, foodservice, medicine, and residential applications.
Moreover, with increasing focus on energy efficiency and sustainability, these cabinets are being equipped with smart technologies such as IoT sensors, digital displays, and real-time monitoring systems. Energy efficient solutions, eco-friendly refrigerants, and temperature control systems are becoming essential features in refrigerated cabinets to comply with energy regulations and food safety laws. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ali Group S.r.l: The company offers refrigerated cabinets under the brands such as Friulinox, and Polaris.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Refrigerated display solutions play a crucial role in various settings, including retail and commercial environments, such as convenience stores, food service establishments, and supermarkets and hypermarkets. These solutions are essential for storing and presenting perishable products like dairy, beverages, meat, and fresh food products in high quality condition. Energy efficiency and sustainability are key considerations in the market for refrigerated display solutions. Environmentally friendly refrigerants, energy efficient compressors, and the Internet of Things are driving innovation in this space. E-commerce and online grocery shopping have also increased the demand for refrigerated display solutions in fresh food sections. Retailers and foodservice industry players are focusing on energy optimization and smart retail solutions to reduce food spoilage and address environmental concerns. Natural refrigerants like CO2 and hydrocarbons are gaining popularity due to their lower global warming potential. Specialized appliances, such as those with transparent glass doors, are also in demand for storage and presentation of perishable goods. Budget conscious businesses are seeking innovative refrigeration solutions to meet their sustainability goals.
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Market Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.34% |
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Market growth 2024-2028 |
USD 6.71 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.09 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Africhill, Ali Group S.r.l., Carrier Global Corp., Coldline Srl, Daikin Industries Ltd., Dalucon Refrigeration Products CC, Dover Corp., Frigo DebtCo plc, Haier Smart Home Co. Ltd., Hengel Industrie, HOSHIZAKI Corp., Husky Corp., Illinois Tool Works Inc., Imbera, ISA Spa, LEEC Ltd., Liebherr International AG, Panasonic Holdings Corp., SCHOTT AG, and Viessmann Werke GmbH and Co. KG |
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Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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