Albany, NY, May 29, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Food Service Equipment - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" global food service equipment (commercial refrigeration) market was valued at USD 31,544 million in 2013, growing at a CAGR of 4.8% from 2014 to 2020 to account for USD 44,326 million in 2020.
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The food service equipment (commercial refrigeration) market is primarily being driven due to extensive growth in the hospitality industry. Moreover, the changing food habits is also attributing to the growth of the market. The busy lifestyle of the working population is creating the need for ready to cook food that can be stored in refrigerators. This in return is fuelling the growth of commercial refrigeration market. In addition, the continuous advancement in the cooling technologies is ensuring the need for energy efficient refrigeration in the hospitality sector. Furthermore, the growth in retail outlets and supermarkets is also attributed to the growth in the market.
The market has been segmented in two parts: by types and regions. By types, the walk ins coolers and freezers held the highest market revenue accounting for USD 5,287.7 million in 2013. By volume, walk ins registered 990,790 units sales in 2014. The demand for walk ins are attributed to growth of hotels and restaurants in the hospitality industry. In addition, walk ins are also used to store vaccines in healthcare industry. This factor is also leading to the growth in the market and North America is expected to dominate the market during the forecast period.
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By region, North America led the food service equipment (commercial equipment) market in 2014, accounting for 8,928.9 million. The dominance of this region is based on the fact that North American countries are early adapters of technologies. In addition, the rise of hospitality industry in this region is also attributing to the growth in this region. The region has grown by 5.6% in 2014 as compared to the previous year. China has been analyzed to be the fastest growing region by revenue and volume. The region is expected to grow at a CAGR of 5.3% by revenue and 7.5% by volume during the forecast period. The growth in the region is attributed to the presence of major manufacturers of refrigeration equipment.
Other Reports Published by Transparency Market Research :
- Food Preservatives Market: http://www.transparencymarketresearch.com/food-preservatives-market.html
- Frozen Food Market: http://www.transparencymarketresearch.com/global-frozen-foods-market.html
Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of commercial refrigeration equipment. Major market participants profiled in this report include Ali Group, Meiko, Hobart Corporation, Fujimak Corporation, Hoshizaki Electric Co., Ltd., Rational AG, and Dover Corporation among others.
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The report studies the global food service equipment (commercial refrigeration) market, and provides estimates in terms of revenue (USD Million) from 2014 to 2020. Market estimates on the basis of types and end user industry for each region.
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
- Russia
- China
- India
- 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
- Others
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America Latin America (LAM)
- East (Europe)
- South West (Europe)
- North West (Europe)
- Central Europe
- Asia Pacific
- Russia
- China
- India
- Turkey & MEA (Middle East and Africa)
Browse Article of Food Service Equipment: http://www.transparencymarketresearch.com/article/food-service-equipment.htm
About Us:
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.