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Rocketing Hospitality Sector to Uplift Faith in Asia Pacific Refrigerated Counter Market

Article Description

The global refrigerated counter market is foreseen to be optimistically influenced by the ever-rising tourism sector and inception of new restaurants and hotels in reciprocation. Although Europe and North America have stood for the most part of the concentrated nature of the global market, the demand for refrigerated counters is expected to be supported by the rising hospitality industry, including food and beverage, in emerging countries. At a CAGR of 7.7%, according to Transparency Market Research (TMR), the market is forecasted to take an impressive leap in revenue growth from US$4.5 bn in 2015 to US$8.7 bn in 2024. 

Presence of Umpteen Full-service Outlets Help North America to Sit at the Top 

In comparison with other giant regions, South America and the Middle East and Africa (MEA) are foretold to lag behind in terms of global market contribution. However, in the years to come, North America is anticipated to hold a lion’s share in the world refrigerated counter market, chiefly on the back of hot markets such as the U.S. One of the reasons the U.S. market could pose itself as a significant contributor is the strong establishment of full-service hotels and cafes in the country.

With quick-service food outlets on the rise, Asia Pacific is projected to give an acknowledgeable competition to the developed regions of the global refrigerated counter market. Besides this, the advancement of the hospitality sector in the emerging economies of Asia Pacific could talk for the intensified demand in the region. 

The Europe region has always been a favorite market for refrigerated counter because of its unwavering percentage share. With a CAGR of 6.6%, the Europe market is envisioned to exhibit a stately expansion during the course of the forecast period. The demand for refrigerated counters that are manufactured in adherence to the European government regulations regarding refrigerant usage and energy consumption has inflated to a fair amount. 

Strong Growth of Luxury Hotels Could Hurt the Rise of System Catering 

Among the end users of refrigerated counter, system catering is envisaged to collect a towering revenue share in the global market with quick service restaurants (QSR) as a major sub-segment at the outset. Apart from the continuous surge in their disposable income, the developing markets are analyzed to lean upon the stallion adoption of western fast-food culture to register a royal growth. This is expected to raise the bar for the QSR market to grow sanguinely against the odds. The system catering market may lose its touch in international refrigerated counter market due to the amplified prevalence of luxury hotels in developed regions. Notwithstanding, system catering could have the potential to lead the international market as the analysts had unveiled its staggering share in the recent 2016. 

Browse the full Global Refrigerated Counter Market report

Players that have been raking in a titanic share in the global refrigerated counter market are predicted to compete on the basis of technology differentiation and product innovation. Some of the top companies that have established their position in the global market are The Manitowoc Co. Inc., Turbo Air Inc., Inomak S.A., Electrolux AB, and Illinois Tool Works, Inc. The top companies have also extended the competition to widen their market presence by taking to strategic moves, including divestments and acquisitions.