Global Refrigerated Cabinet Market 2016-2020
Refrigeration is used to preserve perishable food items and ensure food safety. Products offered in the global refrigeration market find application in the commercial, industrial, and residential sectors. The market for refrigeration equipment is driven by regulatory standards on parameters such as labeling, energy performance, and refrigerants. The commercial refrigeration market includes various types of commercial refrigerators such as refrigerated storage cabinets or display cases, ice-making machinery, and walk-in coolers.
Technavio’s analysts forecast the global refrigerated cabinet market to grow at a CAGR of 4.41% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global refrigerated cabinet market for 2016-2020. To arrive at the market size, the study considers the revenue generated from the worldwide retail sales of storage cabinets, wine cabinets, and other types of refrigerated cabinets for commercial purposes.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refrigerated Cabinet Market 2016-2020
Technavio recognizes the following companies as the key players in the global refrigerated cabinet market: Carrier, Traulsen, LEEC, and Illinois Tool Works.
Other Prominent Vendors in the market are: Africhill, CEABIS, CMS, Coldline, Dalucon Refrigeration Products, Danby, Foster, Haier, Hengel, Husky International, Hussmann, Imbera Foodservice, Irinox, Liebherr, Marvel, Master-Bilt, Mopec, True Manufacturing, Viessmann, and Williams Refrigeration.
Commenting on the report, an analyst from Technavio’s team said: “that rising burial costs is one of the trends spurring growth for the market. The cost of burial to rise further in the future, resulting in higher demand for refrigerated mortuary cabinets. Given the growth in demand, the burial costs are expected to reach over $8,350 by 2020. This average cost of burial includes coffin charges, electricity consumption during the preparation for the funeral, and travel expenses. Mortuary cabinets are widely used in the UK and the US. The rising burial costs and the unavailability of the land increase the demand for refrigerated mortuary cabinets, as families find it difficult to bury the bodies. The rising death rates, rising burial prices, and the increased number of corpses in mortuaries will drive the demand for refrigerated mortuary cabinets during the forecast period.”
According to the report, rising number of patents for refrigerated cabinets is a key driver aiding to the growth of this market. The number of patents for refrigerated cabinets is growing worldwide. The rise in the number of patent applications and granted patents shows a positive outlook for the market for refrigerated cabinets worldwide. Patent applications and approvals indicate the constant product innovation in the market. Product innovation is vital for the market and lack of innovation leads to market stagnation and decline in market revenue. Leading players in the market understand the value of product innovation and are increasing their R&D activities as a strategy to increase their market share worldwide. So, constant innovation is driving the market growth and demand for refrigerated cabinets, especially in developed countries.
Further, the report states that increasing popularity of cremation is a major challenge the market is facing. Cremation is gaining popularity due to changes in traditional beliefs, religious expectations, and demographic shifts across regions. Also, the environmental impacts of the traditional burial and technological advancements in cremation have propelled the rates of cremation. The growth in the demand for cremation across the globe is expected to pose a challenge for the global refrigerated cabinet market. The demand for cremation is rising due to the rising cost of and lack of space available for burials. The cost of burial is higher compared to the cremation charges.
Carrier, Traulsen, LEEC, Illinois Tool Works, Africhill, CEABIS, CMS, Coldline, Dalucon Refrigeration Products, Danby, Foster, Haier, Hengel, Husky International, Hussmann, Imbera Foodservice, Irinox, Liebherr, Marvel, Master-Bilt, Mopec, True Manufacturing, Viessmann, Williams Refrigeration.
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