Constant developments in refrigeration technologies and increasing availability of large refrigerators has helped the growth of the global food service equipment (commercial refrigeration) market in the recent past. Rapid growth of the hospitality industry is expected to be the major driver of the global food service equipment (commercial refrigeration) market till 2020. Busy lifestyles have led to changes in the eating habits of the majority of the global population. Changes in eating habits have led to increasing demand for ready-to-eat-food products, thus fuelling the demand for refrigeration systems. Increase in the number of food outlets, restaurants, and hotels is expected to generate more opportunities for the global food service equipment (commercial refrigeration) market during the forecast period.
The major driver for the global food service equipment (commercial refrigeration) market is the increasing presence of the hospitality industry. With the growing availability of urban infrastructure in developed regions and the rising disposable income of consumers, the hospitality industry is experiencing steady growth all over the world. The increasingly hectic lifestyle of urban consumers is also forcing them to eat out regularly, which is another factor driving the demand for commercial refrigeration services.
“The advancement in refrigeration technologies over the last few years has also helped the global commercial refrigeration market immensely,” according to TMR’s lead analyst. The cost-effectiveness of food service equipment has become increasingly important for the hospitality industry due to its direct impact on the company’s profit margins, driving the demand for advanced commercial refrigeration products.
High Capital Requirement Deters Small Players from Installing Advanced Food Service Equipment
The prohibitively high capital investment required to install top-notch food service equipment has restrained the growth of the global market. While large international players can afford to install advanced commercial refrigeration services, new players have to make do with older technology. This is a key restraint on the global food service equipment market, but is likely to be ameliorated over the forecast period.
Walk Ins to Remain Dominant Product Type
By product type, walk ins held the largest share in the revenue of the global food service equipment market in 2014. Walk ins are preferred by vendors due to the higher convenience they provide to customers and accounted for close to one million commercial refrigeration units in 2013. Even though walk ins are expected to remain the leading segment of the global commercial refrigeration equipment market till 2020, the beverage dispensers segment is likely to exhibit the highest growth rate of all product segments. Other major product types in the global commercial refrigeration market include ice machines, glass door merchandisers, refrigerated vending machines, commercial fridges/freezers. Ice cream cabinets, and blast freezers.
Advanced Technological Scenario Drives Demand for Food Service Equipment in North America
Regionally, North America was the largest market for food service equipment in 2013. The early establishment of the market in North America is a major driver for the regional market. North America’s position as the premier technological hub has also helped keep the regional commercial refrigeration industry at the cutting edge of technological innovation.
According to Transparency Market Research, the global food service equipment market was valued at US$31.5 bn in 2013. Exhibiting a steady 4.80% CAGR between 2014 and 2020, the valuation of the market is likely to rise to US$44.3 bn. This information is taken from a market study titled ‘Food Service Equipment (Commercial Refrigeration) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.’
The major players in the global food service equipment market, according to Transparency Market Research, are Meiko, Ali Group, Fujimak Corporation, Hobart Corporation, Hoshizaki Electric Co. Ltd., Manitowoc Company Inc., Rational AG, Dover Corporation, Libbey Inc., Electrolux AB, Vollrath Co., Tupperware Brands Corporation, Duke Manufacturing Co. Inc., Cambro Manufacturing Company, Inc., Middleby Corporation, Alto Shaam Inc.,
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