ALBANY, New York, December 2, 2015 /PRNewswire/ --
In a recent market study offering, Transparency Market Research (TMR) states that the global food service equipment market will reach a valuation of US$44,326 million in 2020, increasing from US$31,544 million in 2013. If the figures hold true, the market will display a 4.8% CAGR from 2014 to 2020.The report, titled "Food Service Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", is available for sale on the company website. According to the report, massive growth of the hospitality industry is one of the primary factors driving the food service equipment market. Moreover, busy lifestyles in the modern world, with a large female workforce, has led to changing eating habits. This has led to high demand for ready-to-eat food, which in turn has fuelled the demand for commercial refrigeration systems.
Full Research Report on Global Food Service Equipment Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/food-service-equipment.html
In addition, continually advancing cooling technologies are fostering the need for energy-efficient refrigeration systems in the hospitality industry. Furthermore, the rising number of supermarkets, hypermarkets, and specialty food stores has spurred demand for commercial food service equipment. The report segments the food service equipment market on the basis of product and region. By product type, in 2013, walk in coolers and freezers contributed the largest market revenue, worth US$5,287.7 million. In terms of volume, in 2014, walk ins registered a total sales figure of 990,790 units. Owing to the cropping up of a large number of hotels and restaurants differentiated by luxury and size, the walk ins product segment of the market has witnessed substantial growth.
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Additionally, walk ins are also utilized to store vaccines and perishable drugs in the healthcare sector. This factor is also contributing to the growth of this product segmentation. However, beverage dispensers will emerge as the fastest growing product segment during the forecast period, adds the report. North America led the regional market for food service equipment in 2014, accounting for US$8,928.9 million. This is mainly due to the fact that North America is an early adapter of all novel technology. Additionally, growth of the hospitality sector in the region is contributing to the food service equipment market in the region. The region registered a growth of 5.6% in the food service equipment market in 2014 in comparison to the previous year.
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China is expected to emerge as the fastest growing regional market for food service equipment in the forecast period. The region is expected to exhibit growth at a 5.3% and 7.5% CAGR in terms of revenue and volume, respectively. This is attributed to the presence of major refrigeration equipment manufacturers in the region. On the competitive landscape, the report profiles major participants in the global food service equipment market. The key players operating in the food service equipment market are profiled on the basis of company overview, business strategies, financial overview, product portfolio, and recent developments.Ali Group, Hobart Corporation, Hoshizaki Electric Co. Ltd., Dover Corporation, Meiko, Manitowoc Company Inc., and Cambro Manufacturing Company Inc. are the major companies operating in the global food service equipment market.
The market has been segmented as follows:
Food Service Equipment (Commercial Refrigeration) Market: By Geography
- North America
- Latin America (LAM)
- East Europe
- South West Europe
- North West Europe
- Central Europe
- Asia Pacific
- Turkey & MEA (Middle East and Africa)
Food Service Equipment (Commercial Refrigeration) Market: By Type
- Ice machines
- Refrigerated vending machines
- Beverage dispensers
- Glass Door Merchandisers (GDMs)
- Commercial fridges/freezers
- Blast freezers
- Ice cream machines
- Ice cream cabinets
- Walk ins
Other Research Reports by Transparency Market Research:
- Flow Meters Market: http://www.transparencymarketresearch.com/magnetic-flow-meters-market.html
- Commercial Refrigeration Equipment Market: http://www.transparencymarketresearch.com/commercial-refrigeration-equipment-market.html
- Industrial Control For Process Manufacturing Market: http://www.transparencymarketresearch.com/industrial-control-process-manufacturing-market.html
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 insight for thousands of 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, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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SOURCE Transparency Market Research