Illinois Tool Works, Inc., Hoshizaki Corp., Ali Group, Electrolux AB, and Liebherr – the top five players in the global refrigerated counters market – accounted for a share of just under 62% in 2015. Transparency Market Research notes that this fragmented market is characterized by the presence of an increasing number of players attempting to gain market share via mergers, acquisitions, and divestments. Product innovation and technology differentiation are expected to be the major competing parameters for manufacturers in the next few years. With the number of players looking to enter the refrigerated counters market expected to rise, the degree of competition is slated to increase by the end of forecast period.
The revenue of the global refrigerated counters market stood at US$4.5 bn in 2015; this is projected to expand at a CAGR of 7.7% during the forecast period to reach US$8.7 bn by 2024. By volume, the market is estimated to register an 8.4% CAGR from 2016 to 2024.
Hotels End-use Segment Holds Immense Promise of Growth
System catering emerged as the top end-use segment of the global refrigerated counters market and is projected to hold a whopping 80.9% share by the end of 2016. However, the segment is expected to lose a marginal share in the market by 2024. The hotels segment, on the other hand, will exhibit a strong 9.3% CAGR in terms of revenue from 2016 to 2024. Within the system catering segment, quick service restaurants (QSR) are expected to contribute the highest revenue to the overall refrigerated counters market.
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