Middle East and Africa (MEA) $4.8 Bn Commercial Refrigeration Equipment Market to 2023

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Jun 24, 2019, 13:30 ET

DUBLIN, June 24, 2019 /PRNewswire/ -- The "Middle East and Africa (MEA) Commercial Refrigeration Equipment Market (2013-2023)" report has been added to ResearchAndMarkets.com's offering.

The Middle East and Africa commercial refrigeration equipment market is projected to grow to $4.8 billion

The market progress can be credited to the development of restaurant chains and organized retail (hypermarkets and supermarkets), and growing requirement for ready-to-eat products.

The MEA commercial refrigeration equipment market, on the basis of application, has been divided into food and beverage distribution, food service, and food and beverage retail. Among these, in 2017, the food and beverage retail category held almost 24.0% market share. Upcoming events, such as FIFA World Cup 2022 in Qatar and World Expo 2020 in the U.A.E., will accelerate the food and beverage retail sector growth in the Gulf Cooperation Council (GCC) countries.

In addition, the GCC countries are estimated to witness nearly 74 million tourists by 2020, offering numerous opportunities to the food and beverage sector to thrive. As the food and beverage industry expands, the demand for commercial refrigeration equipment would also project a similar pattern during the forecast period. In terms of value, the food and beverage retail category is predicted to advance at a CAGR of over 6.0%.

The development of organized retail with respect to restaurants, supermarkets, and hypermarkets, in countries, such as Algeria, Morocco, South Africa, and Egypt, is one of the key drivers of the MEA commercial refrigeration equipment market growth. This is due to government support for the development of urban pockets, and increasing urbanization.

Furthermore, in developing countries, consumers living in urban areas have a higher disposable income than those in rural areas. In recent years, the governments of several of these nations have come up with new development projects for smart urban areas. Hence, with an increase in the level of urbanization, the demand for refrigeration equipment during the forecast period is expected to be fueled in the food retail industry, medium-size grocery stores, hypermarkets, and Tier I and Tier II restaurants.

The retail market in the Middle East is projected to develop at a rapid pace in in near future. The region is witnessing heavy investments in infrastructural development, building of strong digital platforms, and acquiring of new brands, resulting in the transformation of the retail landscape here. The organized retail sector is projected to expand considerably in the U.A.E., Saudi Arabia, and the U.A.E. The CAGR of the organized retail space is expected to be about 17.0% in Qatar, 9.0% in Saudi Arabia, 9.5% in U.A.E., 18.0% in Oman, and 8.5% in Kuwait during the forecast period.

Market Dynamics

Trends

Increasing use of display refrigerators
Shift toward eco-friendly refrigerants

Drivers

Development of organized retail
Growing demand for ready-to-eat products and beverages

Restraints

Changing government regulations for energy efficient commercial refrigeration systems

Opportunities

Technological advancements
Growing demand for commercial refrigeration equipment by QSRs

Scope of the Report

Market Segmentation by Equipment Type

Beverage Refrigeration
Walk-in Coolers
Transportation Refrigeration Equipment
Parts
Display Cases
Ice Making Machineries
Other Equipment (vending machines, cryogenic equipment, and liquid chiller)

Market Segmentation by Application

Food Service
Food and Beverage Distribution
Food and Beverage Retail
Others (pharmacy refrigeration, genetic preservation, medical diagnostic applications)

Market Segmentation by End-User

Supermarkets
Hotels/ Restaurants & Catering
Hypermarkets
Convenience Stores
E-commerce
Others (hospitals; educational institutions; large pharmaceutical stores; and medical and life sciences)

Companies Mentioned

United Technologies Corporation
AB Electrolux
Frigoglass S.A.I.C.
Dover Corporation
Daikin Industries Ltd.
AHT Cooling Systems GmbH
Ali Group S.r.l. a Socio Unico
Illinois Tool Works Inc.
Johnson Controls International PLC

For more information about this report visit https://www.researchandmarkets.com/r/2tsoqw

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SOURCE Research and Markets