US-based research firm Reportlinker is estimating that the global refrigerated display cases market will grow by a projected US$4.1bn in the period to 2027.
Amid the Covid-19 crisis and the looming economic recession, the research company has revised the sector’s compounded annual growth rate (CAGR) to 5.1%.
Plug-in devices, one of the segments analysed and sized in the study, is forecast to grow at over 5.5% and reach a market size of US$8.1bn by the end of the analysis period.
According to Reportlinker, this sub-section will be reset to a new normal which, going forwards in a post Covid-19 era, will be continuously redefined and redesigned.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 4% CAGR. Within Europe, the region worst hit by the pandemic, Germany is predicted to add over US$121.5m to the region’s size over the next 7 to 8 years. In addition, over US$120m worth of projected demand in the region is forecast to come from the rest of Europe market.
In Japan, the plug-in device segment is predicted to reach a market size of US$396.8m by the close of the analysis period.
Blamed for the pandemic, significant political and economic challenges confront China, analysed Reportlinker. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the refrigerated display cases market, according to the research company. Against this backdrop and the changing geopolitical, business and consumer sentiments, it is predicted that the world’s second largest economy will grow at 8.6% over the next couple of years and add approximately US$1.1bn in terms of addressable market opportunity.