Freezers Market: IoT Enabled Consumer Electronics a Fruitful Trend, Globally
The market for freezers has been expanding leaps and bounds in the past couple of decades on the back of the prosperity of the food and beverage industry and mushrooming of restaurant and supermarkets across the world. Freezers, which primarily are devices that enable storage of products below the freezing point of water, also find extensive applications in commercial, residential, and industrial purposes. According to this business and commerce publication, the demand in the global freezers market will increment at a CAGR of 5.0% during the forecast period of 2017 to 2025. In terms of revenue, the analysts of the report have estimated that the global freezers market will be worth US$18,300.6 mn by the end of 2025, substantially more than it’s evaluated worth of US$12,350.8 mn in 2017.
Besides gaining traction from the food and beverage industry, the freezers market is expected to gain new opportunities in the near future due to the advent of energy-efficient freezers. A number of governments are emphasizing on electronic products that help in reducing energy consumption and vendors of this market are obliging with innovative products. On the other hand, substantial total cost of operation (TCO) of freezers is keeping the products out of the range of small retailers and curtailing the potential of the market for the same.
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The freezers market has been segmented on the basis of product type, application, capacity and door type. On the basis of product type, the market has segmented into chest freezers, upright freezers, and others. In 2016, the segment of chest freezers held the largest market share of approximately 37% of the total freezer market and is also expected to continue its dominance throughout the forecast period of 2017 to 2025. The expansion of the chest freezer segment is mainly driven by increasing adoption in the commercial sector as well as by the industrial sector in order to store packaged foods and beverages. Chest freezer doors seal are tighter and are more energy efficient, so food stays colder during power outages. Based on application, the market has been segmented into residential, commercial, and industrial. On the basis of capacity, the market is segmented into 200 & below, 200-300, 300-500 and 500 & above. Moreover, based on door type, the market is segmented into 1 Door, 2 Doors, 3 Doors, and 4 Doors & above.
From a geographical standpoint, North America and Europe are the lucrative regions, and the adoption of freezers across these two regions is expected to increase further in the near future. The North America freezers market is estimated to be worth US$5,481.9 mn by 2025. This is primarily due to the increasing number of consumers becoming aware of the importance of living a healthier lifestyle and increase in disposable income of urban populations.
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Asia pacific region, which is estimated to provide for a demand worth of US$6,456.7 mn by 2025, is the major adopter of freezers, specifically by the commercial and industrial sectors. Furthermore, the Middle East & Africa as well as South America are rated as emerging markets, primed to create new opportunities for the global freezer market during the forecast period. Penetration of smart and solar powered commercial refrigerators in Asia Pacific is offering new opportunities for key players operating in the global freezers market. The high wattage consumed by these devices have resulted in the development of solar-powered commercial refrigerators and freezers.
Some of the key players in the global freezers market are: Daihan Scientific, ThermoFisher Scientific, Haier Group Corporation, AB Electrolux, Hitachi Ltd., LG Electronics, Liebherr Group, Siemens Home Appliances, Beverage-Air Corporation, Brandt Electric, Hengel Industries, Whirlpool Corporation and Panasonic Corporation among others.