International. The global market for refrigerated display cases and refrigerated rooms is projected to increase at a compound annual growth rate (CAGR) of 10.5% between 2014 and 2020, according to a report by Research and Markets. The market was valued at $21.9 billion and is expected to cross $43.2 billion in 2020.
The growing food cold chain industry around the world, changing food consumption trends, and the need to replace conventional refrigeration systems with smart technologies are creating new opportunities for manufacturers and suppliers of refrigerated display cases and cold rooms. Customers are also focusing on reducing electricity consumption and improving food safety and quality, which is also driving demand. All these factors present a positive outlook.
Asia-Pacific represents the largest, as well as the fastest growing, regional market for both sectors. North America and Europe are comparatively mature markets and slower growth is expected through the forecast period. Significant demand is expected in the Latin American and Middle Eastern regions with growth in the retail industry, followed by the hotel industry.
With the large number of regional and global players operating in the market, the global refrigerated display cases and cold rooms market is saturated and witnessing a high level of competition. As a result, market players are investing in product expansion to gain a competitive advantage.
