Refrigerated Cabinet Market Size to Grow by USD 8.06 billion, Growing Demand for

NEW YORK, Aug. 31, 2022 /PRNewswire/ — The “Refrigerated Cabinet Market by Product (Storage cabinet, Wine cabinet, and Others) and Geography (APAC, Europe, North America, South America, and the Middle East and Africa) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. The potential growth difference for the refrigerated cabinet market size between 2021 and 2026 is USD 8.06 bn. To get the exact CAGR and the Y-O-Y growth rate, Request a FREE PDF Sample Report.

Key Market Dynamics

• Market Driver: The growing demand for energy-efficient models of commercial refrigeration equipment will drive the growth of the market. Vendors and working on reducing their carbon footprints due to global warming. They are introducing environment-friendly commercial refrigerator cabinets and freezers for eco-conscious industry operators. Manufacturers of refrigerated cabinets are using advanced components such as energy-efficient compressors and intelligent controllers. Such features have encouraged the adoption of new equipment and upgrades. In addition, government agencies and regulatory bodies are introducing policies to promote energy-efficient refrigerators. Such factors have increased the demand for energy-efficient refrigerated cabinets.
• Market Challenge: The high-average product life and maturity for the product category in developed markets affecting upgrade purchases will challenge the growth of the refrigerated cabinet market during the forecast period. Consumers purchase refrigerated cabinets only when required. These products generally do not require frequent replacement. The average life of a refrigerated cabinet is from 9 years to 12 years. This reduces the need for frequent purchases. In addition, end-users generally opt for the replacement of components instead of purchasing new refrigerated cabinets. These factors are hindering the growth of the market.

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Market Segmentation

The refrigerated cabinet market report is segmented by product (storage cabinet, wine cabinet, and others) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). APAC will be the leading region with 49% of the market’s growth during the forecast period. China and India is the key country for the refrigerated cabinet market in APAC.

View our FREE PDF Sample Report for additional insights into the contribution of all the segments and regional opportunities in the report.

Vendor Landscape

The refrigerated cabinet market is fragmented. Vendors are deploying growth strategies such as prioritizing product innovation by focusing on research and development (R&D) facilities and investments to compete in the market. There is intense competition among vendors, but the market is…