LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global walk-in refrigerator market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Manu Gupta, a lead research analyst from Technavio, says, “Huge expansion in the retail segment to cater to the large urban population and rising disposable incomes, will lead to an increase in the number of supermarkets and hypermarkets on a global scale, which, in turn, will lead to a rise in demand for walk-in refrigerators.”
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The top three emerging market trends driving the global walk-in refrigerator market according to Technavio research analysts are:
- Increasing number of M&A
- Customized walk-in refrigerators
- New technologies for increasing energy efficiency
Increasing number of M&As
The commercial walk-in refrigerator market comprises of numerous international and regional vendors because of which major market players have started to forge strategic alliances with small, regional, and large companies to increase their market shares. M&A will help in reducing the costs and the overheads through shared marketing budgets, lowering the costs, and increasing the purchasing power of the customers. It will also help the company to access a wider customer base, thereby increasing the market share of the company as compared to the other competitors.
“M&As help companies generate cost efficiency through the implementation of economies of scale. They also lead to tax gains and revenue enhancement through increased value creation with an increase in shareholder value,” says Manu.
For example, Daikin Industries acquired Zanotti S.p.A, an Italian manufacturer of commercial refrigerators and freezers, at close to USD 108 million in April 2016. This acquisition was made to expand the cold chain storages in the European market.
Customized walk-in refrigerators
Manufacturers are providing reliable and efficient customized products that are designed to increase the convenience and ease-of-use for customers. Manufacturers of walk-in refrigerators aim at building customized walk-in refrigerators for end-users, such as supermarkets, restaurants, floral markets, convenience stores, breweries, and food warehouses.
Customers are opting for custom-sized units that are built to required specifications. For instance, companies like Master-Bilt are providing walk-in refrigerators that can be custom designed to virtually any size or shape. The company also provides a wide range of options, by providing numerous interior and exterior finish options, thereby adapting to the durability and décor requirements of customers. The direction of swinging doors too can be customized to manage the traffic flow through a kitchen or food preparation area. Few other manufacturers provide walk-in refrigerators that are with or without an insulated floor.
New technologies for increasing energy efficiency
The walk-in refrigerator market is rapidly experiencing new technological advancements in areas such as temperature and operation controls. The technology includes features such as anti-short cycling and temperature control, all of which come in one digital controller.
New commercial walk-in refrigerators are being designed with unique product features such as integration of touchscreen controllers, smart and automatic functions, and inbuilt with safety sensors, which stop the fan motor in case of disruption during the cooling cycles. These smart and automatic functions ensure optimal consumption of energy and maximize performance due to probe settings. For instance, Irinox SpA provides MultiFresh Multi-function and uses MyA touchscreen interface, which makes the machine easier to use and more intuitive. It also has a multiple pre-programed menu selections, which allows ideal chilling conditions for food items based on the type and density of food.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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