ShareGrowth of the global refrigerated display cabinets market
The refrigerated display cases market has been growing steadily for the past few years. Various market research analysts suggest that this growth will continue due to increasing demand from the food and beverage retail sector.
Estimated global stock of refrigerated display cabinets [1]
There is a paucity of data on the global stock of commercial refrigeration equipment. A report by the European Commission estimated that there were 2.5m remote refrigerated display cabinets and 1.2m of plug-in refrigerated display cabinets in the EU28 in 2012 and projections suggest a total of over 4 million display cabinets in 2020.
The impact of COVID-19 on the global refrigerated display cabinets market [2]
According to a market research report, refrigerated display cabinets sales grew at a compound annual growth rate (CAGR) of 1.5% between 2016 and 2020. In 2020, the COVID-19 crisis led to several project and order cancellations in Europe, East Asia and South Asia-Pacific. Nevertheless, there are several drivers of growth globally. Increasing urbanisation has significantly increased the need for cold storage and transportation of food and beverages. In India and China, the fast-food industry is thriving. In the US, there is an increasing demand for ready-to-eat meals and Japan has been identified as the third largest market for packaged foods, after the US and China.
Forecasts for the global refrigerated display cases market [3]
According to a market research report, the global market for refrigerated display cabinets is projected to grow at a compound annual growth rate (CAGR) of 5.6%, from USD 7.6bn in 2020 to USD 10.4bn by 2026. In the US, the refrigerated display cabinets market is estimated to reach USD 1.7bn by 2021. In China, the market is projected to reach USD 1.2bn by 2026, growing at a CAGR of 8.4% between 2020 and 2026. Other noteworthy markets include Japan with a forecast growth of 3.5%, Canada with a forecast growth of 4.4% and Germany with a forecast growth of 4.4%.
Plug-in refrigerated display cabinets are the fastest growing category as they require lower capital expenditure. Remote refrigerated display cabinets are also in high demand since they allow for optimised use of available space and low energy consumption. Projected growth rates are 6% for plug-in refrigerated display cabinets and 4.9% for remote-operated display cabinets.
Energy efficiency in the global refrigerated display cabinets market [2, 4]
The world’s leading manufacturers are investing heavily in research and development activities to manufacture more advanced and energy-efficient products. For instance, remote based refrigerated display cabinets consume relatively little energy while offering a large useful volume. Indeed, with remotely located condensers, there is no heat dissipation inside the store and more storage space is available. New advanced features such as the implementation of IOT solutions allow remote monitoring and controlling of refrigerated display cabinets. [2]
At the end of 2020, IIR corporate member Danfoss launched a store-level software that should enable food retailers to prevent unplanned cooling system downtime and inefficiencies in energy consumption. According to Danfoss executives, "the solution goes beyond the traditional monitoring systems that are primarily providing alarms and data overviews. It identifies operating issues, such as compressor failure or coil icing, and provides hands-on guidance to fix them." [4]
Sources
[1] Moons H, Villanueva Krzyzaniak A, Calero Pastor M, Ardente F, Mathieux F, Labanca N, Bertoldi P, Wolf O. Ecodesign for Commercial Refrigeration: preparatory study update. Luxembourg: Publications Office of the European Union; 2014. JRC91168. https://op.europa.eu/s/pIkD
[2] Future Market Insights. Refrigerated Display Cases Market. 2021 Analysis and Review. https://www.futuremarketinsights.com/reports/refrigerated-display-cases-industry-market
[3] Frozen Food Europe. https://www.frozenfoodeurope.com/global-refrigerated-display-cases-market-to-reach-usd10-4bn/