Worldwide heated shelving parts and accessories market is expected to be worth USD 3.38 billion in 2023. Future Market Insights reports say that the market is projected to grow at CAGR of 25.2% between 2023 and 2033, anticipated to be valued at around USD 31.99 billion by 2033. Global heated shelving parts and accessories market was estimated to be worth USD 2.7 billion in 2022.
Retailers have increased their perception and control due to improved inventory management and digital shelves. Heated shelves help businesses to track inventory levels in-store, allowing them to better management of inventory. Heated shelves technology automates the availability of stock tracking and informs retailers when food items are ready to be delivered to the customers.
Walmart’s goal was to use technology for notifying people how fast food can be managed and be ready for its customers. Staying competitive in a constantly changing market is difficult as industries are expanding their automation, efficiency, lowering costs, and saving a lot of time. Technical survey, according to a Modern Retail article, revealed where this use of technology is broadly accepted, with 75 percent of decision-makers planning to use more technology and develop heat shelves parts and accessories in the future.
Increase in the workflow by fulfilling the needs of the customers is expected to drive the heated shelves parts and accessories market over the projected period.
| Attributes | Details |
|---|---|
| Estimated Value (2022) | USD 2.7 billion |
| Projected Forecast Value (2023) | USD 3.38 billion |
| Projected Forecast Value (2033) | USD 31.99 billion |
| Growth rate | 25.2% CAGR |
| Forecast period | 2023 to 2033 |
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Heated shelving parts and accessories market grew at a CAGR of 24.7% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence.
Usage of heating shelves across the major countries has increased at a significant rate, with the South United States holding a high share of the United States market.
Rapid increase in the construction and redevelopment activities have significantly led to a rise in the sales of heated shelve parts and accessories market over the past few years in the United States. Heating shelves market in the country is primarily dominated by the South United Ststes region, owing to the demand from commercial establishments such as hotels, restaurants, etc.
Technology integration with heated shelves has also propelled market growth over the past few years.
Natural and Premium Products Promoting Market Development
Rising demand for natural and premium products promotes market development due to increased urbanization and consumer buying power. Retail automation is growing more popular, and there is a strong demand among retailers for pricing optimization and enhanced operating effectiveness with real-time product placement as these are only a few of the major factors fueling the market's global rise.
Rise in the Demand for E-Commerce
E-commerce platform sales are rapidly increasing; this development provides a chance for the researched industry to flourish by giving new items to e-commerce-related stores to manage effective inventory management. According to the US Census Bureau, commercial e-commerce in the United States was about USD 266 billion from July to September 2022, a 3% increase over the past quarter, rising retail sales is also propelling the industry.
Radio Frequency Identification acts as an Obstacle
Radio frequency identification (RFID) tracking does not stop when a customer leaves the store i.e. if customers pay with a credit or debit card or scan a loyalty discount card at checkout, retailers may link the purchases to the RFID data and use the information to map out individual customers' travels around the store, or even an entire shopping complex indicating that, it is harming the user's privacy, which acts as an obstacle to the growth of the market.
Shifting Customers to Online Retail Stores can Slow Down the Heated Shelves and Accessories Market
Consumers have spent a lot of time on e-commerce platforms. Customers present in the United States spent more than USD 860 billion in 2020 with a 44% hike when compared to 2019. Rise in the youth population and advanced development in the internet has embraced various technologies that have made changes in daily lives, which means in an increase in the usage of mobile phones 52% of the population are more interested to shop online acting as a major restraint for the customers to shift more and shop more from online retail stores.
Need for Retailers to Build Closer Connections with Customers at the Front of the Store
Industries are using more automation, increasing efficiency, reducing costs, and helping to collect data in a continuously evolving market to be competitive. Heated shelves are said to be one of the leading technologies that capture people’s attention in the world of retail and fulfillment. New opportunities for heated shelves are driving the growth of the radio frequency identification (RFID) market.
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Retail industry is going through a huge transformation, the retailers currently face a lot of challenges. Retailers find it hard to deal with these challenges, including reducing customer loyalty, management of operational efficiency, internal communication gap, ever-changing customer expectations, and employee retention, with the rising trend of e-commerce platforms, customers have various alternatives causing a massive reduction in their dependency on physical stores.
Retailers are deploying advanced technologies like heated shelves, and the internet of things (IoT) with an aim to reduce the effects of these challenges. High focus is on the deployment of IoT for asset management and operation optimization. Retailers are putting massive investments in emerging opportunities domains like heated shelves.
Growing adoption of interactive vending machines, contactless payment technologies, and smart kiosks, in retail stores, reveals that retailers aim for new growth possibilities to improve their grip on customers. The North American market for global heated shelving parts and accessories market is likely to expand by 44%.
The United States market dominated the North American Heated Shelves Small & Medium Enterprises Market by Country 2020, thereby, achieving a market value of USD 472.2 million by 2027. The Canadian market is experiencing a CAGR of 27.4% during (2021 to 2027). The Mexico market would witness a CAGR of 26.4% during (2021 to 2027).
European Market is Anticipated to Have a Robust Growth in the Market
United Kingdom is one of the most significant regions in the global smart shelf market. Major sources of demand in the region include the retail, logistics, and healthcare sectors. Heated shelf market within the region is witnessing various several significant mergers, acquisitions, and investments by the key major players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications.
European retailers, especially Germany, are some of the world’s earliest adopters of electronic shelf labels (ESLs) to reduce operations costs as a foundation for retail digitalization, for example, in May 2022, at the week’s EuroCIS 2022 trade show, the new internet of things platform All-Star was released and introduced by the digital solutions provider Hanshow, with operations in Germany, expected to drive Europe’s brick?and?mortar retail into a new era of efficiency and profitability.
Asia Pacific is Said to Have a Lucrative Market Share
Major developed countries in Asia Pacific, such as China, Japan, Australia, Singapore, and South Korea, are expected to be potential markets for the heated shelves market. Economic reform programs of various countries in the Asia Pacific are creating growth opportunities for the manufacturers of the heated shelves market.
Expansion of large-scale retailers in this region is also responsible for the expected high growth rate of the heated shelves parts and accessories market. Introduction of the internet of things to counter online retail and retailer problems and change in consumer preferences is expected to raise the heated shelves market. Asia Pacific market for global heated shelving parts and accessories market is likely to grow share of 21%
China market dominated the Asia Pacific, heated shelving parts and accessories market, thereby, achieving a market value of USD 42.1 million. Japan market is showcasing a CAGR of 20.8%. India’s market is expected to witness a CAGR of 21.9% during the forecast period.
Heated Shelves are Said to Dominate the Market
Heated shelves are said to dominate the market are the most common accessory for providing extra heat to the samples. Depending on the freezer-drying system, the temperature of the shelves can be automatically controlled and adjusted according to programmable methods. Shelves heated up to 20 °C, and 61 % of the ice is sublimated within the same amount of time where results are confirmed by the temperature profiles of the samples during the freeze-drying cycle. Heat input and output need to be carefully controlled. Such combination helps achieve fast freeze-drying rates while maintaining product quality.
Retails and Supermarkets are Said to Dominate the Market Region of the Heated Shelving Parts and Accessories Market
Customers enjoy full freedom of selection in supermarkets. Salesmen are not appointed in these markets, customers select goods of their choice on their own. Prices of all the goods at these stores are always fixed. No bargaining is allowed in prices. Supermarkets are said to maintain a large variety of goods and thus, help customers in the selection of the best goods. Margin of profit at supermarkets is kept very low, but the total amount of profit becomes very high, thus driving the need for retailers and supermarkets.
Bakeries and cafes are said to share a lucrative share of the market.
Annual revenue for the retail bakery industry is said to be over USD 3 billion, and in the small commercial bakery industry, it is around USD 7.5 billion which clearly tells that the bakery business is a very profitable one especially when you can consistently provide your customers with quality products, and engineer innovative strategies to reach them. a bakery doesn’t necessarily take up much space. Bakeries and cafes do not require ample space and the food items can be displayed ensuring that the place is clean to avoid contamination.
Some of the prominent players in the global market are-
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 25.2% from 2023 to 2033 |
| Market value in 2023 | USD 3.38 billion |
| Market value in 2033 | USD 31.99 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Country, By Product Type, By Application, By End-user |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, Rest of Asia Pacific, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Hatco Corporation; Alto-Shaam, Inc.; Duke Manufacturing Co.; Vulcan Hart Corporation; FWE/Food Warming Equipment Co., Inc.; Vollrath Company, LLC; APW Wyott; Cambro Manufacturing Company; Nemco Food Equipment; Carter-Hoffmann Corporation |
| Customisation Scope | Available on Request |
The heated shelving parts and accessories market is valued at USD 3.38 billion in 2023.
The market is rising at a 25.2% CAGR through 2033.
India market is estimated to develop at a 21.9% CAGR through 2033.
Japan market is likely to thrive at a 20.8% CAGR through 2033.
The market size is likely to reach USD 31.99 billion by 2033.
| Projected Forecast Value (2023) | USD 3.38 billion |
|---|---|
| Projected Forecast Value (2033) | USD 31.99 billion |
| CAGR (2023 to 2033) | 25.2% |
| Market Value (2023) | USD 4.5 billion |
|---|---|
| Market Projected Value (2033) | USD 7.0 billion |
| Market CAGR (2023 to 2033) | 4.4% |
| Projected Forecast Value (2023) | USD 2.23 billion |
|---|---|
| Projected Forecast Value (2033) | USD 3.27 billion |
| CAGR (2023 to 2033) | 3.9% |
| Market Value (2023) | USD 4.5 billion |
|---|---|
| Market Projected Value (2033) | USD 6.3 billion |
| Market CAGR (2023 to 2033) | 3.5% |
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Heated Shelving Parts and Accessories Market
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