Published: Oct, 2016
The global glass door refrigerators market is highly fragmented in nature owing to the immense competition between regional manufacturers. The global market is currently dominated by a few leading companies including Hussman Int., Dover Corp., Carrier Corp., and Hoshizaki Int. Leading manufacturers of glass door refrigerators are focusing on targeting the untapped market in the emerging economies to bear the rising competition. Key retail chains are currently focusing on expanding their product base in developing nations to seek a large share in the global glass door refrigerators market. Transparency Market Research, in its new report, states that the global glass door refrigerators market will benefit from the changing technology, the introduction of remote-operated refrigerators, and the rising demand from consumers for new-age products.
The global glass door refrigerators market is expected to reach US$13,662.63 mn by 2023. By capacity, the others segment dominated the global glass door refrigerators market in 2014 and this trend is expected to continue by 2023. The others segment is likely to reach US$4,393.11 mn by 2023. “The explosion of cafes, restaurants, pharmacy stores, and convenience stores is responsible for the consistent growth of the global glass door refrigerators market,” says a TMR analyst.
Hypermarkets to Lead Demand for Glass Door Refrigerators
Among the many retail channels, currently, the demand for glass door refrigerators is led by hypermarkets. The Hypermarket segment is expected to reach US$4,916.96 mn by 2023. The demand for refrigerators with capacities ranging between 6.1 and 9.0 cu ft is expected to increase from hypermarkets in many regions. This is likely to help the hypermarkets segment to maintain its dominance throughout the forecast period. Key manufacturers operating in the global glass door refrigerators market are focusing on manufacturing custom-made refrigerators to match the needs and changing trends of hypermarkets and supermarkets. By region, the Asia Pacific glass door refrigerators market is expected to reach US$5,975.55 mn by 2023 and will be the largest regional segment throughout the forecast period.
Rising Hotel Industry to Propel Demand for Glass Door Refrigerators
The global hotel industry is rising at a significant pace with many startups entering the mainstream. From small-scale to luxury hotels, the global hotel industry offers many options for the people. The rising number of hotels has led to the increase in the demand for various types of refrigerators. The demand for glass door refrigerators is expected to increase from hotels and luxury restaurants, which is a driving factor for the global glass door refrigerators market. Product innovation and technological advancements in glass door refrigerators are two of the other factors expected to propel the global market.
Energy Efficiency to be Biggest Restraint for Global Market
Energy efficiency and environmental regulations are expected to restrain the use of glass door refrigerators. The introduction of alternative cooling solutions is predicted to hamper the demand for glass door refrigerators. Governments of many nations have imposed the rules to restrict the use of refrigerators that consume more energy, which is a key challenge for the manufacturers of glass door refrigerators.
Remote-monitored Glass Door Refrigerators: New Trend in Global Market
Technology has helped the development of many industries in various ways. Thanks to the technological advancements, remote-monitored glass door refrigerators are currently trending in many emerging nations. In remote-monitored glass door refrigerators, refrigerant levels, critical oil, cooling temperatures, power consumption, and equipment operations are remotely monitored. Remote-monitored glass door refrigerators require less maintenance, consume less energy, and are reduce overall operating cost. The availability of these refrigerators in most of the emerging nations is driving the growth of the global glass door refrigerators market.
This information is based on the findings of a report published by Transparency Market Research titled “Glass Door Refrigerators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015-2023.”
The global glass door refrigerators market is segmented as follows:
Glass Door Refrigerators Market Analysis, by Capacity
- 5 - 3 ft3
- 1 – 6.0 ft3
- 1 – 9.0 ft3
Glass Door Refrigerators Market Analysis, by Retail Channel
- Convenience Stores
Glass Door Refrigerators Market Analysis, by Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- South Asia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- North Africa
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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