A fresh business intelligence study by Transparency Market Research (TMR) notifies that the vendors connected to the value chain of the global freezers market are finding vast new opportunities on the back of expanding urban population across the world. However, the competitive landscape is largely conserved within a small pool of well-established players who dominate via their brand name and technological expertise. The report identifies ThermoFisher Scientific, Whirlpool Corporation, Daihan Scientific, Liebherr Group, AB Electrolux, Haier Group Corporation, Hitachi Ltd., LG Electronics, Siemens Home Appliances, Brandt Electric, Beverage-Air Corporation, Hengel Industries, and Panasonic Corporation as some of the prominent players currently ahead of the curve in the global freezers market.
Global Freezers Market to be worth US$18,300.6 mn in 2025
The TMR report has projected the demand in the global freezers market to increment at a CAGR of 5.0% during the forecast period of 2017 to 2025. Revenue-wise, the analysts of the report have estimated that the opportunities in the freezers market, across the world, will translate into US$18,300.6 mn by 2025, considerably more than its evaluated valuation of US$12,350.8 mn in 2017. In terms of volume, the demand for freezers across the globe is projected to expand at a CAGR of 6.5% during the aforementioned forecast period. Going forward, the vendors of this market are expected to transform their products in a way to utilize solar energy as well as devise products that are IoT enabled, which is currently a trend across all consumer electronics.
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Based on product type, the report segments the freezers market into chest freezer, upright freezer, and others, whereas on the basis of door type, the market has been bifurcated into 1 door, 2 door, 3 door, and 4 door. Capacity classification of the market has been done into 200 and below, 200 to 300, 300 to 500, and 500 and above. The 200 and below category has been further sub-divided into less than 50, 50 to 100, and 100 to 200. Application-wise, the report gauges the potential of demand for freezers coming from the sectors of commercial, residential, and industrial. Geographically, Asia Pacific has been highlighted as the most profitable region, promising to provide for a demand worth of US$6,456.7 mn by 2025.
Prosperity of Food and Beverage Industry Reflecting Positively
Increasing consumption of processed food and beverages globally has been stoking the demand for freezers. Moreover, the increasing number of restaurants and supermarkets has contributed considerably to the growth of the freezers market. In the years to come, rising awareness and stringent emission regulation norms about the harms of greenhouse gases emitted from conventional refrigeration systems is expected to increase the demand for new and energy-efficient freezers. The freezers market is also fueled by strict government regulations combined with government initiatives aimed at raising awareness across different countries globally. These reforms and improving awareness of energy-efficient electronic products is anticipated to escalate the adoption of technologically advanced products. On the other hand, the requirement of high total cost of operation (TCO) of freezers is restricting it from proliferate among small retailers. Small retailers also find the deployment of these appliances challenging owing to long returns on investment.
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A key trend boosting freezers market is the growing popularity of self-cleaning technologies based freezers. The IoT enabled connected freezer is likely to be the next logical step in the evolution of automation technology. Thus, with increasing technological advancements, the appliances are witnessing equal amount of change in intention of catering varying consumer demands. The industry participants are also investing in R&D to develop smart appliances.
- Demand in the global freezers market will increment at a CAGR of 5.0% until 2025
- IoT enables devices gaining adoption on the back of energy-efficiency trend