Refrigerated Display Cases Market Revenue Will Reach $25.4 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Refrigerated Display Cases Market by Type (Plug-in RDC, Remote RDC), by Product Design (Vertical, Horizontal, Hybrid & semi-hybrid), Industry trends, Estimation & Forecast, 2016 – 2024,” the global refrigerated display cases market was valued at $12.10 billion in 2016, and is projected to reach $25.4 billion by 2024, growing at a CAGR of 9.8 % from 2017 to 2024.
In 2016, the Plug-in RDC segment generated the highest revenue share in the global refrigerated display cases market. Among major regions, Europe market was the highest revenue generating market in 2016.
“Factors such as the expansion of retail industry including supermarkets and hypermarkets, rapidly changing food preferences of people, developing lifestyles and increasing disposable incomes are propelling the demand of RDCs globally. In addition to this, an overabundance of new developments in small-scale food and retail sector combined with the inclination towards food safety concerns, are expected to boost the demand for RDCs in the near future.”
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Plug-in RDCs dominated the market by holding nearly 70% of the overall market share in 2016 and are expected to maintain their dominance throughout the forecast period of 2017-2024. Plug-in RDCs are more space and energy efficient, compared to remote RDCs. In addition to this, the initial capital investment required for the installation of these products is considerably lower than remote RDCs. A rapid demand of in-plug RDCs from small and medium-sized stores, which often have limited investment power and floor space, is supposed to push the market growth of these products. According to U.S. Department of Energy, refrigerated cases with transparent display doors can reduce heat loads on the refrigeration system by 50-80%, resulting in notable electricity savings by reducing the amount of cold air that escapes into the store.
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Vertical RDCs are expected to witness higher demand as against horizontal or hybrid RDCs
On the basis of design, the vertical RDC segment held nearly 3/5th of the overall RDC market share. The market is expected to witness the fastest growth rate having a CAGR of 10.2% throughout the forecast period. Features such as more display space per unit area of floor make vertical RDCs favored by store operators. On the other hand, horizontal RDCs are also expected to exhibit a notable growth trend during the forecast period, as a result of their rising demand in organized large size retail food stores. Hybrid and semi-hybrid RDCs, have a dual temperature control system. This is getting gradually adopted by the store owners, especially due to increasing demand from cafes and quick service restaurants.
An upsurge in the growth of retail stores and supermarkets will lead Asia-Pacific to grow at a substantial rate.
The Asia-Pacific RDC market is expected to witness the fastest growth having a CAGR of 11.7% during the forecast period of 2017-2024. A stimulated economic growth and increasing population in the emerging economies such as India and China will create opportunities for the retail and grocery market to grow in the very region. Europe is the current dominating market for refrigerated display cases market, holding nearly 32.36% of the global market.
However, Europe is the current dominating market for refrigerated display cases, holding nearly 32.36% of the global market. This is a result of high adoption of refrigeration solutions in the food and beverages retail market in the region.
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REFRIGERATED DISPLAY CASE MARKET KEY FINDINGS
• Plug-in RDCs dominated the market by holding nearly 70% of the overall market.
• The vertical RDC segment held nearly 3/5th of the overall RDC market share.
• The Asia-Pacific RDC market is expected to witness the fastest growth having a CAGR of 11.7% during the forecast period of 2017-2024.
• Europe is the current dominating market for refrigerated display cases, holding nearly 32.36% of the global market.
• The global refrigerated display cases market was valued at $12.10 billion in 2016
The major strategies adopted by the top companies are product launch and acquisition. Some key market players are AHT Cooling Systems Gmbh, Verco Limited, Frigoglass, Epta S.p.A. refrigeration, Hoshizaki Corporation, Lennox International, Inc., Metalfrio solutions S.A., Hussmann international, Inc., Dover Corporation, Illinois Tool Works, Inc. Hoshizaki Corporation, a major RDC manufacturing company launched a new Worktop Freezer with Drawers, Model CRMF48-WD4, which would be beneficial for the commercial line.