Refrigerated Counter Market to Cross US$8.7 bn by 2024 - New Report Released by TMR

Refrigerated counters have been witnessing strong demand globally majorly due to the growing presence of restaurants and food chains around the world. The refrigerated counters market is mostly concentrated in North America and Europe owing to a large number of hotels and catering service providers in these regions. The emergence of new hotels and cafes in response to the ever-growing tourism industry in developing countries is also likely to support the growth of the refrigerated counters market.

The implementation of government regulations to control energy consumption and reduce the use of harmful refrigerants is expected to boost the replacement demand for refrigerated counters among end users in the coming years. Increasing stringency of food safety and quality regulations are also anticipated to support the market.

The revenue of the global refrigerated counters market stood at US$4.5 bn in 2015; this is projected to expand at a CAGR of 7.7% during the forecast period to reach US$8.7 bn by 2024.

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Hotels End-use Segment Holds Immense Promise of Growth

System catering emerged as the top end-use segment of the global refrigerated counters market and is projected to hold a whopping 80.9% share by the end of 2016. However, the segment is expected to lose a marginal share in the market by 2024. The hotels segment, on the other hand, will exhibit a strong 9.3% CAGR in terms of revenue from 2016 to 2024. Within the system catering segment, quick service restaurants (QSR) are expected to contribute the highest revenue to the overall refrigerated counters market.

By design, counters with doors and with prep-table tops are expected to dominate the market due to increasing demand in kitchens. By product, the others segment, which includes counters without standard dimensions, is expected to lead the refrigerated counters market in the coming years.

Geographically, North America and Asia Pacific are the most promising markets for refrigerated counters. While North America is expected to account for a 36.9% share in the global market by 2024, Asia Pacific is anticipated to register an impressive CAGR of 10.1% from 2016 to 2024.

Growth of Hospitality and Tourism Industry a Major Boost

Public health and safety regulations play a vital role in the refrigerated counters market. The World Health Organization (WHO) states that the outbreak of food-borne diseases and the contamination of food are posing a major threat to public health at a global level. It has been observed that production, processing, and transportation of food are the primary causes of food contamination. “In a bid to reduce the incidences of food-borne illnesses, several food safety organizations are introducing stringent food preparation and storage regulations, which includes the use of refrigerated counters,” the author of the report states.

The ongoing expansion of fast food chains is also expected to benefit the market for refrigerated counters as these facilities require an extensive range of refrigerated equipment. This trend is particularly going to impact the demand for counters with drawers, doors, and prep-table tops. A rise in the number of hotels, restaurants, and other food service outlets catering to the needs of tourists across Europe, North America, and Asia Pacific will also support the refrigerated counters market.

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Illinois Tool Works, Inc., Hoshizaki Corp., Ali Group, Electrolux AB, and Liebherr - the top five players in the global refrigerated counters market - accounted for a share of just under 62% in 2015. Transparency Market Research notes that this fragmented market is characterized by the presence of an increasing number of players attempting to gain market share via mergers, acquisitions, and divestments. Product innovation and technology differentiation are expected to be the major competing parameters for manufacturers in the next few years. With the number of players looking to enter the refrigerated counters market expected to rise, the degree of competition is slated to increase by the end of forecast period.

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This release was published on openPR.