The size of the global refrigerated display cases market will swell by some $16 billion (£12 billion) over the next 10 years, a leading analyst firm is predicting.
Future Market Insights believes the industry will experience a compound annual growth rate of 6.2% as the expansion of retail and foodservice operators, coupled with huge demand from developing markets, drives production.
The remote operated device segment is poised to dominate the global refrigerated display cases market by product type by reflecting a higher market share and is poised to grow at a high CAGR of 6.5% between now and 2027, according to the report.
Demand in the plug-in device market, meanwhile, is also rising, especially in emerging economies. The plug-in device segment is poised to reflect a CAGR of 5.8% in terms of value.
The remote operated device segment is expected to reflect a market share of more than 55% by the end of 2027, Future Insights said.
The retail food and beverage sector segment is anticipated to grow at a higher growth rate to reflect a CAGR of 6.4% during the period of forecast. This segment dominates the global refrigerated display cases market by end user with respect to market value as it is expected to reach a value of just under US$ 13 billion (£9.8 billion) by the end of 2027.
Market value of the foodservice sector segment is less compared to that of the retail food and beverage sector segment and is poised to grow at a CAGR of 5.1% throughout the next decade.
The APEJ region will see the strongest rate of growth, surpassing North America and Western Europe in terms of demand. Rapid urbanisation and increasing income levels in India, China and South Korea are expected to be the main contributors for the growth.
Additionally, the region will benefit from the expansion of major retail and foodservice chains into this part of the world.
Future Insights also anticipates a shift in manufacturing towards APEJ as suppliers look to drive down the cost of production. Some players in the market have already established their production facilities in countries such as China, Indonesia and India, where labour costs are relatively low.