(EnergyIndustry.Net, April 16, 2018 ) According to the market research analysts at Publisher, the refrigerated cabinet market will witness steady growth and will post a CAGR of more than 4% over the forecast period. The number of patents for refrigerated cabinets is growing around the world, which is one of the primary factors driving this marketís growth. Patent applications and approvals indicate constant product innovation in the market, which is a major factor contributing to the growth of this market. The majority of leading players in the market understand the value of product innovation and are increasing their R&D activities as a strategy to increase their market shares globally.
One of the recent trends spurring the growth prospects of this market is the rising use of natural refrigerants like ammonia. As synthetic refrigerants contribute heavily to ozone layer depletion and global warming, several governments around the world have imposed stringent regulations on their use, which will boost the adoption of natural refrigerants like ammonia over the forecast period. Moreover, the use of ammonia as an alternative to synthetic refrigerants has been widely supported by the retail sectors across the globe, which will also contribute to this marketís growth over the next four years.
The global refrigerated cabinet market is highly fragmented owing to the presence of well-established vendors operating across the globe. Although there is intense competition among the vendors, the market is dominated by established vendors like Carrier, Traulsen, and Illinois Tool Works. The market leaders prioritize product innovation by focussing on R&D facilities and investments. While major players have larger resources and diversified distribution networks across the world, smaller companies are entering the market mostly in developed regions. Smaller vendors lack broad retail presence, which limits them mostly to online selling.
Key vendors in this market are -
Illinois Tool Works
Other prominent vendors in the market include Africhill, CEABIS, CMS, Coldline, Dalucon Refrigeration Products, Danby, Foster, Haier, Hengel, Husky International, Hussmann, Imbera Foodservice, Irinox, Liebherr, Marvel, Master-Bilt, Mopec, True Manufacturing, Viessmann, and Williams Refrigeration.
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