Glass Door Refrigerators Market - An Insight On The Important Factors And Trends Influencing The Market.

With the expansion of leading retail supermarkets, the demand for glass door refrigerators has witnessed a new high. The proliferation of restaurants, cafes, pharmacies, and convenience stores are also adding significantly to the growing demand for these refrigerators. As per TMR’s estimations, the opportunity in glass door refrigerators is projected to expand at a CAGR of 8.60% between 2015 and 2023 and rise from a value of US$6.5 bn in 2014 to a value of US$13.7 bn the end of the forecast period.

The rising food and beverage industry in Asia Pacific is expected to increase the application of these refrigerators considerably in the coming years. Technical developments are also projected to boost the demand for them in the near future.

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Glass Door Refrigerators with Capacity of 3.1 - 6.0 cu ft. Leads in Revenue Generation

Mostly, glass door refrigerators with a capacity ranging from 0.5 to 3.0 cu ft., 3.1 to 6.0 cu ft., and 6.1 to 9.0 cu ft. are available in the global market. Refrigerators with capacities of 6.1 to 9.0 cu ft. find high demand in hypermarkets, supermarkets, and convenience stores, owing to which, they have acquired the leading position among all glass door refrigerators in terms of consumption. However, the refrigerators with a capacity ranging from 3.1 to 6.0 cu ft. are the key contributors to the overall revenue generated in the market.

Meanwhile, the key manufacturers of glass door refrigerators have started to focus on enhancing the efficacy of refrigerators with capacities ranging 0.5 to 3.0 cu ft. and 3.1 to 6.0 cu ft., which is expected to influence the demand for these refrigerators in the coming years considerably.

Glass Door Refrigerators Reports Key Demand in Asia Pacific

Regionally, the global market for glass door refrigerators is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Asia Pacific has been leading the consumption of glass door refrigerators across the world for the last few years. In 2014, it accounted for a share of more than 40% in the overall demand for these refrigerators.

In terms of opportunity, glass door refrigerators are likely to find the fastest growth in Asia Pacific at a CAGR of 9.50% during the period from 2015 to 2023, rising from US$2.6 bn in 2014 to US$6 bn by the end of the forecast period. Australia, Japan, China, India, and South Korea are the leading consumers of glass door refrigerators in this region. The rapid increase in the food and beverage industry in these nations is expected to keep the demand for these refrigerators high in Asia Pacific over the forthcoming years. Other regional markets are also anticipated to report healthy growth in the demand for these refrigerators.

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At the front of the worldwide glass door refrigerators market are Beverage-Air Corp., Hussmann International Inc., Carrier Technologies, and Dover Corp. Other prominent manufacturers of glass door refrigerators are Epta Refrigeration, Standex, Innovative DisplayWorks Inc., Beverage-Air Corp., Haier Inc., Lennox Int., and Manitowoc Co. Inc.

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This release was published on openPR.