Food service equipment plays a vital role in storing and serving in hotels, restaurants, fast food joints, educational institutes, and hospitals. Rising number of restaurants and hotels worldwide is directly influencing the development of the market for food service equipment. The food service equipment market is considered to be volatile as a result of the inconsistency in the trends of numerous application and equipment markets around the globe.The
global food service equipment market was estimated at US$31,544 million in 2014. It is predicted to expand at a CAGR of 4.8% from 2014 to 2020, eventually attaining an overall market value of US$44,326 million in 2020.
Walk Ins Represented the Biggest Share in terms of revenue in 2014
On the basis of product type, the global food service equipment market is segmented into refrigerated vending machines, ice machines, beverage dispensers, commercial fridges/freezers, glass door merchandisers (GDMs), walk ins, ice cream machines, blast freezers, ice cream cabinets, and others. Among these, walk ins had the biggest market share in 2014 in terms of revenue and are predicted to maintain this dominance in the forecast horizon. In terms of volume, walk ins totaled 990,790 units in 2014. Additionally, walk ins are also utilized in the healthcare industry for the purpose of storing vaccines, further augmenting demand for the segment. However, beverage dispensers are considered to have the biggest growth potential during the forecast horizon.
Global Food Service Equipment Market: Major Drivers
The changing lifestyle of the growing urban and working population around the world is establishing strong demand for food that is ready to cook. This is leading to an increase in the number of supermarkets and retail outlets around the world, which is further fuelling demand for food service equipment.Endorsement of sophisticated technologies by the healthcare sector and the augmentation of the hospitality industry across numerous regions is creating new opportunities for the manufacturers in the food service equipment market, globally. Nonetheless, the high cost of initial investment has become a restraint for the global food service equipment market.
North America Food Service Equipment Market Surfaces as Dominant Regional Market
In terms of geography, the market for food service equipment has been segmented into North America, Latin America, East Europe, Southwest Europe, Northwest Europe, Central Europe, the Asia Pacific, Russia, China, India, Turkey, and MEA (the Middle East and Africa). In 2014, North America held the biggest market share, on the basis of revenue, as compared to other regions and is projected to uphold its dominance through the forecast period. Strong establishment of the hospitality industry is contemplated as the key factor leading to the dominance of North America. However, China is estimated to be the most swiftly developing region during the forecast horizon. The development of the food service equipment market in China is credited to the expanding economy of China.
Key participants across the four regions in the global food service equipment market include Meiko, Ali Group, Hobart Corporation, Hoshizaki Electric Co., Ltd., Fujimak Corporation, Dover Corporation, and Rational AG.
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Contact
Mr. Nachiket Ghumare
90 State Street Suite 700
Albany NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
