Published on : Jun 01, 2016
In response to the rapid expansion of the retail sector, the demand from the global glass door refrigerators segment is also surging at a significant rate. According to a report published by Transparency Market Research, the global glass door refrigerators market, which stood at US$6.53 bn in 2014, is expected to reach US$13.66 bn by 2023. If the figures hold true, the global market for glass door refrigerator will exhibit a CAGR of 8.6% between 2015 and 2023.
Demand for Energy-efficient Storage in Retail Outlets Boosts Market
A glass door refrigerator like any other commercial food grade refrigerators performs regular tasks of storing frozen or perishable food as well allowing display of the same. However, unlike its conventional counterparts, all outer doors or at least one of the units of outer doors in a glass door refrigerators is made from glass. These doors operate in either hinged or sliding system. Glass door refrigerators are specially designed to allow display and storage alike. The increasing demand for cost-effective and energy-efficient storage solutions across the retail industry is the prime driver of the global glass door refrigerators market.
Market to Gain Significantly from Expansion of Retail Sector and Changing Consumption Patterns
These refrigerators are mostly used in grocery stores, hotels and restaurants, catering businesses, hypermarkets and supermarkets, and non-conventional outlets such as gas stations, kiosks, or local groceries. Besides the widespread deployment across the retail sector, the application of glass door refrigerators is also picking up in the biomedical sector where it is used for the purpose of storing drugs specimens. Owing to demand from such diverse sectors, glass door refrigerators are now manufactured with advanced temperature control features. The global market for glass door refrigerators is also gaining from the rapid proliferation of food chains and cafes and the changing consumption patterns.
Asia Pacific Dominates Global Glass Door Refrigerators Market
Regionally, the global market for glass door refrigerators was dominated by Asia Pacific. The region accounted for a share of 41% in the market. The increasing demand from India, Japan, Australia, China, and South Korea is boosting the glass door refrigerators market in Asia Pacific.