Expanding Hospitality Industry to Benefit Global Food Service Equipment Market

Refrigeration is the process of transferring the heat from one location to another. In this case the heat is taken from the foods and other edible items and transferred out from the refrigeration units. The commercial refrigeration equipments are primarily used in the hospitality industry.

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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. Moreover, commercial refrigeration equipments help in increasing shelf life of the products.

The global food service equipment (commercial refrigeration) market is expected to expand at a4.80% CAGR during the period between 2014 and 2020.

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.

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 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.

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