The global minibars market is projected to grow from $5.2 billion in 2021 to $7.6 billion by 2028, at a CAGR of 4.1% during the forecast period (2020-2028). The growth of this market can be attributed not only due to the increasing demand for convenience but also to changing lifestyles and working culture with more people on the move today than ever before necessitating portability and availability of essential supplies such as food and drink anywhere anytime.
Minibars are small refrigerators that can be found in many hotels and restaurants. They provide the convenience of accessible food and drink 24/seven, without having to visit a fridge or vending machine. Some minibars come with compartments for storing various types of alcohol such as beer, wine, champagne, rum, etc. Minibar offerings include sandwiches, chips, water bottles (with room temperature), yogurt cups (also at room temp) among other items.
The main advantage is availability: guests don't have to walk down from their rooms when they feel hungry--they just take out whatever they need from the refrigerator which may also contain soda cans like coke and Pepsi products on hand-basis for immediate consumption. The minibar is typically located in the guest's room but also can be found outside of it. Minibars are a necessity for many hotels as they provide convenience and comfort to their guests.
On the basis of type, the global minibars market is segmented into absorption, compression, and thermoelectric.
Absorption minibars are popularly used for refrigeration in buses, trains, and cars. They work by the use of gas like ammonia or hydrogen that is absorbed into the water to make it cold. Absorption also has the advantage of being able to keep food fresh without using any electricity. The biggest disadvantage with absorption models is their capacity as they can only hold a limited amount of items when compared with other types which have unlimited storage space.
Compression minibars typically use heat (via hot water) created via steam injection to compress air inside a sealed chamber containing coolant fluid where both actions result in increased pressure on the fluids' particles, thus creating a cooling effect similar to that of a refrigerator. They are usually used in commercial and residential buildings because they have the capacity to store more items than other types, which makes them perfect for offices or public areas where food is served.
Thermoelectric minibars are a most popular type of product in this industry as it offers good performance at affordable prices. Thermoelectric minibars use heat from electricity to make cold airflow through tubes filled with fluid containing tiny ice crystals (a process called Peltier cooling) while simultaneously blowing hot air out on the opposite side. These devices can be integrated into any type of building’s system and work well when you want cooled space without using much energy as they consume less power than absorption models.
On the basis of application, the global minibars market is segmented into transportation, commercial & residential buildings.
Transportation has been identified as one of the key applications for minibars. Minibar refrigeration systems are used in buses, trains to cool beverages and food items. It is also useful in reducing carbon emissions by eliminating the use of cans or bottles with lids that produce 12 grams (0.04 pounds) per can/bottle equivalent weight when recycled. Absorption-based minibars are used in transportation, as they are ideal for cooling the interiors of buses and trains. They consume less power than compression models (hence reducing electricity consumption costs) while also being more efficient at removing heat from the environment. Absorption-based units can be integrated into any type of building’s system and work well when you want cooled space without using much energy as they consume less power than absorption models.
Another application for minibars is in commercial and residential buildings, where they are often used to cool spaces. Minibars can be integrated into any type of building’s system and work well when you want cooled space without using much energy as they consume less power than absorption models.
In the commercial & residential buildings segment, application areas comprise restaurants: both at home and away from home. In addition, they are increasingly being installed into homes where children’s bedrooms offer a low-cost option for parents who want to keep their kids' drinks cold without using an expensive freezer space which may not be available due to lack of space or other priorities.
On the basis of region, the global minibars market is segmented into North America leads due to high demand from the US for refrigerated foods for consumption on the go. The North American region is expected to be the largest contributor in terms of the revenue share by 2028 as it accounted for a significant share, about 47% in 2017. Europe also exhibits significant growth with regard to its increasing penetration rate by new entrants such as Bosch Hausgeräte GmbH and Siemens Home Appliances Group AG who have entered into a joint venture agreement to manufacture small appliances like kitchen utensils and dishwashers.
-Increasing awareness about the usage of minibars has contributed to growth in this market.
-The growing number of commercial and residential buildings is also a driving factor for this market, as it will lead to an increase in demand for minibars.
-Increasing urbanization is creating a need for minibars in public spaces like clubs, malls, restaurants, airports, etc.
growth factor for a global market is increasing urbanization which creates demand for minibars in such places as clubs, malls, restaurant airports, etc.
-The rise in disposable income levels has also been observed to be one of the major drivers propelling this market's growth globally.
Up Market Research published a new report titled “Minibars Market research report which is segmented by Types (Absorption, Compression, Thermoelectric), By Applications (Transportation, Commercial & Residential buildings), By Players/Companies Bartech, Dometic Group, Indel B, Vitrifrigo, Minibar Systems, Royal Minibars, JennAir, iTEC, TECHNOMAX”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Minibars Market Research Report|
|By Type||Absorption, Compression, Thermoelectric|
|By Application||Transportation, Commercial & Residential buildings|
|By Companies||Bartech, Dometic Group, Indel B, Vitrifrigo, Minibar Systems, Royal Minibars, JennAir, iTEC, TECHNOMAX|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||236|
|Number of Tables & Figures||166|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Absorption, Compression, Thermoelectric and By Application Transportation, Commercial & Residential buildings.
Some of the companies that are profiled in this report are:
Minibars Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Minibars Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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