Selbyville, Delaware, Dec. 13, 2022 (GLOBE NEWSWIRE) --
The refrigerator market valuation is projected to reach USD 200 billion by 2023, as reported in a research study by Global Market Insights Inc.
Growing demand for smart home products will escalate business growth. The preference for connected home appliances, including smart fridges, is increasing among consumers, as these products possess enhanced features and capabilities. The rising penetration of the internet and smartphones, coupled with the ever-expanding consumer electronics sector will also support the adoption of smart refrigerators.
The proliferation of the food & beverage industry, grocery stores, and retail food shops is fueling the deployment of commercial refrigerators across the globe. The requirement for cold storage in the medical & healthcare sector has also increased the reliance on medical-grade fridges, which will further boost the refrigerator market growth.
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Growing network of residential complexes promotes sheet door refrigerator installation
The sheet door segment is slated to witness 8% growth rate through 2032. This type of refrigerator has a greater capacity than its counterparts to store food items for a longer time. Sheet door fridges also have a robust insulation design, which can keep users safe from accidents caused by uneven electricity supply.
These features make these refrigerators suitable for use in residential applications. Companies such as LG, Samsung, HiSense, and Hitachi are also focusing on providing a wide range of sheet door refrigerators to keep up with the market demand.
Space limitations in modern kitchens support installation of refrigerators with built-in handles
The refrigerator market size in built-in handle segment is poised to be worth over USD 150 billion by 2032. Several companies such as Midea, Frigidaire, RCA, and Kenmore are designing fridges with built-in handles for use in kitchens with limited space, to elevate the overall look of the kitchen. Additionally, while refrigerators with a handle require frequent cleaning to avoid germs and fingerprints, fridges with built-in handles need less cleaning and maintenance, which may further encourage users to opt for these systems.
No frost refrigerators gain traction due to energy-efficiency
The no-frost refrigerator market is estimated to record a 5% growth rate during the forecast timeframe. No-frost refrigeration units are used extensively in commercial and residential settings due to their benefits, such as low energy consumption, automatic defrost systems, and 360-degree cooling. These fridges also have lower maintenance requirements as compared to conventional systems and do not overwork the compressor, which increases their lifespan.
Widespread availability of non-inverter refrigerators to spur product installation
Non-inverter refrigerator market shipments segment is anticipated to cross 120 million units by 2032. These refrigerators are economical and have wider availability, which is a major factor propelling the industry expansion, cites the report. Top companies, such as Godrej, Videocon, Kenmore, Frigidaire, and Samsung are providing a diverse range of non-inverter fridges. However, the inability to adjust temperature levels and high noise operation are affecting product sales to some extent.
Development of commercial establishments to bolster MEA market forecast
The Middle East & Africa (MEA) refrigerator market will exceed USD 5 billion by 2032. Governments are increasing their investments in the expansion of hypermarkets, supermarkets, and restaurant chains to keep up with customers’ evolving shopping needs. The demand for ready-to-eat foods is also witnessing a robust rise every year, which is expected to enhance the usage of commercial refrigerators in the region. A growing focus on the consumption of fresh foods to reduce wastage is also influencing regional sales of refrigerators for residential use.
Prominent participants operating across the refrigerator market are Haier Smart Home Co., Ltd, BSH Hausgerate GmbH (BOSCH), Hitachi, Ltd, LG Electronics, Inc., Panasonic Corporation, Samsung Electronics, and Whirlpool Corporation. These firms are employing various strategies to establish a strong presence in the market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Refrigerator industry 3600 snapshots, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Door type trends
2.5 Door handle type trends
2.6 Door opening type trends
2.7 Product trends
2.8 Refrigerant trends
2.9 Technology trends
2.10 Volume trends
2.11 Display type trends
2.12 Control type trends
2.13 Application trends
Chapter 3 Refrigerator Market Insights
3.1 Introduction
3.2 Industry landscape, 2018-2032
3.3 COVID-19 impact
3.4 Russia-Ukraine war impact
3.5 China- U.S.trade war impact
3.6 Refrigerator industry ecosystem analysis
3.7 Profit margin analysis,2022
3.8 Technology & innovation landscape
3.9 Compressor COP Level
3.10 Freezer compartmnet (FC) volume to provision compartment (PC) volume ratio analysis
3.11 Refregirator sheet color analysis
3.12 Refrigerator dimensional benchmarking
3.13 Patent landscape
3.14 Key initiative & news
3.15 Regulatory landscape
3.16 Industry impact forces
3.16.1 Growth drivers
3.16.2 Industry pitfalls & challenges
3.17 Investment portfolio
3.18 Growth potential analysis
3.19 Porter’s analysis
3.20 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
