Refrigerated Counters Market: Snapshot
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.
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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.
Growing Fast-food Culture in Developing Countries Contributing to Growth of QSR Segment
System catering emerged as the leading end-use segment of the global refrigerated counters market and is estimated to account for a massive 80.9% share by the end of 2016. However, the segment is expected to lose a marginal share in the market by 2024 owing to the rising demand for luxury hotels across Europe and Asia Pacific. The hotels segment, as a result, will exhibit a 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. The QSR market is expected to grow significantly in the coming years owing to the growing fast-food culture in developing countries and the rising disposable incomes of the consumers.
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Promising Growth in Store for APAC Refrigerated Counters Market
North America was the leading regional market in terms of revenue in 2015 and the demand for refrigerated counters is expected to increase in hotels and full-service restaurants in the coming years. The U.S. is expected to be a significant contributor to the refrigerated counters market in North America.
Europe is anticipated to account for a consistent share in the global market during the forecast period owing to the rising implementation of government regulations in order to curb the consumption of energy and the usage of refrigerants in refrigerated counters. The Europe refrigerated counters market is projected to expand at a CAGR of 6.6% from 2016 to 2024. Asia Pacific is expected to exhibit increased demand for refrigerated counters in the coming years due to the growth of the organized hospitality sector. Countries such as China and India are expected to witness a significant adoption of refrigerated counters in hotels and quick-service restaurants.
The Middle East and Africa (MEA) and South America markets, on the other hand, are expected to contribute less to the global refrigerated counter market in the coming years as compared to other regions.
Some of the major players in the global refrigerated counters market are Illinois Tool Works, Inc., Electrolux AB, Inomak S.A., Turbo Air Inc., The Manitowoc Co. Inc., Standex International Corp., Dover Corp., Continental Refrigerator, True Manufacturing Co, Inc., Avantco Refrigeration, Angelo Po Grandi Cucine s.p.a., Ali S.p.A., Afinox srl, Coldline srl, The Middleby Corp., Inoksan Group, and Infrico S.L.
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