Additionally, food service providers are increasing their capital expenditure on refrigeration systems in order to cater to strong consumer demand for frozen food and chilled products. Also, the number of licensed and franchised stores of limited service restaurants such as McDonald’s and Subway is growing, leading to an increase in demand for refrigeration systems. These aforementioned are expected to drive the overall expansion of the refrigerated glass door market size, at a healthy CAGR of almost 7% through 2030.
Key Factors Driving Refrigerated Glass Door Market
Rapidly Growing Retail Sector: Over the last decade, there has been a significant increase in the number of retail stores across the globe. Major players in the retail sector are expanding their footprints in emerging markets of Asia Pacific, especially in India and China, in order to capitalize on growing consumer spending power in these countries. The retail market in developing regions is substantially fragmented. However, favorable government policies regarding investments in the retail sector in developing regions such as India and China has led to significant growth of the organized retail sector. Organized retail stores account for 10–11% of the overall retail sector in India. However, the number of large format retail stores in the country is expected to increase at a healthy rate over the forecast period. All this bodes well for the growth of the global refrigerated glass door market over the coming years.
Rapid Growth of F&B Industry Coupled with Expanding Warehouse & Logistics/ Cold Supply Chain Facilities: Increase in food & beverages production along with the expansion of cold chain capacities in order to ensure efficient storage and minimize wastage of food is expected to boost the growth of the refrigerated glass door market across the globe over the forecast period. According to the Food and Agricultural Organization of the United Nations (FAO), in 2015, food and beverages worth US$ 750 Bn were wasted across the globe. Countries across the globe are strengthening their cold supply chain infrastructure in order to minimize waste of food and beverages
According to Global Cold Chain Alliance, refrigerated warehouse capacity in India increased at a CAGR of 43% during 2008–2014, while that in China increased at a CAGR of 35% during the same period. For the same period, Mexico, Brazil, and U.S. cold warehouse capacities increased at CAGRs of 27%, 26%, and 9%, respectively. Thus, such rapid expansion of cold warehouse capacities is expected to drive the growth of the refrigerated glass door market across the globe.
Key Factors Restraining Refrigerated Glass Door Market
Stringent Government Regulations - Major Challenge for Medium and Small OEM and Part Suppliers: Stringent government regulations regarding the use of natural refrigerants over fluorochemical-based refrigerants that are widely used in refrigerated glass doors, especially in developed economies, is a major challenge for small and medium players. The EU recently published f-gas regulations regarding the use of natural refrigerants such as CO2, hydrocarbons instead of fluorochemical-based refrigerants. This factor is a challenge for the progress of the refrigerated glass door market space.
Refrigerated Glass Door Market: Structure Analysis
Manufacturers in the refrigerated glass door market focus on the expansion of their business through establishing new distribution centers and sales offices. Along with this, prominent players are focused on acquisitions and mergers with local players or end-use industries such as cold chain, food production, and food retail industry. Small-scale companies need to make a significant investments in R&D to enhance their presence in the global refrigerated glass door market. Low-cost production could substantially help these players to raise their revenue share in the refrigerated glass door market landscape.
Several prominent suppliers are involved in the global refrigerated glass door market, such as Panasonic Corporation, Hoshizaki Corporation, Schott AG, Johnson Controls International PLC, Lennox International Inc., and others.
COVID-19 Impact on Refrigerated Glass Door Market
The COVID-19 pandemic has thrown the economies of most countries out of gear, and almost all sectors are suffering as a result. The same holds true for the refrigerated glass door market too. As a result of lockdowns, trade restrictions, and slowdown of manufacturing, the supply chain of the refrigerated glass door market has suffered, resulting in both, reduced manufacturing and demand. The market is expected to make a V-shape recovery as time goes by.
Europe possesses highly developed food preservation infrastructure, and hence, future growth in the refrigerated glass door market is expected to be moderate to low as compared to other regions. Europe implements some of the most stringent regulations on walk-in cooler & freezer production for GHG emissions and energy consumption, as a part of several global warming and climate control initiatives, as over 30% of total energy consumption in Europe is attributed to refrigeration. Overall, the global refrigerated glass door market is slated to expand at a CAGR of nearly 7% through 2030.
Refrigerated Glass Door Market – Report Scope
Persistence Market Research (PMR) recently published a study report on the global refrigerated glass door market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the refrigerated glass door market structure. This market research report presents exclusive facts and figures about how the refrigerated glass door market will grow over the forecast period of 2020 to 2030.
Key indicators of market growth, such as value chain analysis, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the refrigerated glass door market over the forecast period.
The study is relevant for stakeholders in the refrigerated glass door market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand the applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the refrigerated glass door market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro- as well as micro-economic factors that are impacting the growth of the refrigerated glass door market. The study also offers actionable insights based on the future trends in the refrigerated glass door market. Furthermore, regional players and new entrants in the refrigerated glass door market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of Refrigerated Glass Door Market
PMR’s study on the refrigerated glass door market is divided into three significant segments – door type, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Refrigerated Glass Door Market Report
Refrigerated Glass Door Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the refrigerated glass door market, and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure the precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the refrigerated glass door market study, which comprises facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the market, to make PMR’s projections on the growth prospects of the refrigerated glass door market more accurate and reliable.