Glass door refrigerators are units that are used for preserving, storing, and displaying items that need to be stored frozen or chilled and are temperature sensitive. The intense competition in the retail sector has made the visibility of products a necessity for ensuring sales. This has magnified the need for glass door refrigerators in the retail industry. Furthermore, the trend among retailers to transform their stores so as to offer an extended product portfolio to cater to diversified consumer base is also expected to drive the demand for glass door refrigerators.
The need for cost-effective and energy-efficient refrigerators for optimizing workflow and facilitating a quicker and more effective way of selecting products is also boosting the for global glass door refrigerators market. The rapid proliferation of hotels, supermarkets, and cafes, changing food and beverages consumption trends, strict regulations regarding food safety and quality, and product innovations are also leading to an increased demand for refrigerators with glass doors in the global market.
Browse the full Global Glass Door Refrigerators Market report at http://www.mrrse.com/glass-door-refrigerators-market
A market research report published by Transparency Market Research states that the global market for glass door refrigerators will expand at a favorable 8.6% CAGR over the period between 2015 and 2023, and rise from a valuation of US$6,538.3 mn in 2014 to US$13.66 bn by 2023.
Asia Pacific and Hypermarkets to Emerge as Leading Market Segments
Of the major retail channels where glass door refrigerators are used, hypermarkets accounted for a dominant share of over 33% in the global glass door refrigerators market in 2014. Hypermarkets also led in terms of volume of shipments of glass door refrigerators during this period. Over the next few years, the rapid proliferation of hypermarkets in developing regions such as Asia Pacific is projected to give a significant boost to the global glass door refrigerators market. This retail segment is thus expected to emerge as the leading segment in the global glass door refrigerators in the years to come.
On a geographic front, the market for glass door refrigerators in Asia Pacific is expected to grow at the fastest pace. In 2014 as well, the market in Asia Pacific held a dominant share of over 41% in the global market.
Key Market Vendors Keen on Expanding in Developing Regions
The global market for glass door refrigerators is highly fragmented due to the presence of a large number of regional as well as international players. However, only a few brands have been able to substantially expand their operations and gain vast consumer base in the market in the past years. Companies such as Carrier Corporation, Dover Corporation, Hussman International, and Hoshizaki International are among the few most influential and well established companies in the market. A large number of regional companies have well established businesses in regional pockets, but have been able to gain only limited presence in the global market.
The market is also highly unorganized in Asia Pacific, wherein several regional manufacturers of glass door refrigerators hold a major share of the market.
Thus, leading companies in the glass door refrigerator market are placing increasingly focusing on expanding their presence in developing regions such as Asia Pacific and the Rest of the World. Point in case is the 2012 deal between market leader Haier Group and the Egypt-based distribution management company International Business Systems (IBS). Daikin Industries, Ltd., another leading player in the global refrigerator market, is working towards the expansion of business in attractive markets such as Brazil, India, Indonesia, Turkey, and the Middle East.