Food Service Equipment Market – Need for Energy Efficient Food Service Equipment Is Fueling Market Growth
Global food service equipment (commercial refrigeration) market was valued at USD 33,370 million in 2014, growing at a CAGR of 4.8% from 2014 to 2020. Food service equipment (commercial refrigeration) plays an important role in serving and storing in restaurants, hotels, fast food joints, educational institutes and hospitals among others. Increasing number of hotels and restaurants globally is directly influencing the growth of food service equipment (commercial refrigeration) market.
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The global food service equipment (commercial refrigeration) market is segmented by regions into North America, Latin America, East (Europe), South West (Europe), North West (Europe), Central (Europe), Asia Pacific, Russia, China, India and Turkey & MEA. The growth of food service equipment (commercial refrigeration) market is primarily driven by the growing hospitality industry. In addition, increasing demand for hygienic food products is further driving the growth of food service equipment (commercial refrigeration) market. Furthermore, need for energy efficient food service equipment is fueling the growth of this market.
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In 2014, North America held the largest market share in terms of revenue among other region and it is expected to maintain its dominance throughout the forecast period. Already established hospitality industry in North America is considered as the major factor leading to the dominance of this region. In addition, technological advancement in the food service equipment is further driving the growth of North America food service equipment (commercial refrigeration) market. However, China is analyzed as the fastest growing region during the forecast period. The growth of food service equipment (commercial refrigeration) market in this region is attributed to the growing economy of China.
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The global food service equipment (commercial refrigeration) market by type is categorized into ice machines, refrigerated vending machines, beverage dispensers, glass door merchandisers (GDMs), commercial fridges/freezers, blast freezers, ice cream machines, ice cream cabinets, walk ins and others. The walk ins had the highest market revenue share in 2014 and are expected to continue its dominance during the forecast period. However, beverage dispensers have the highest growth potential during the forecast period.
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