ALBANY, N.Y. — The global food service equipment/commercial refrigeration market was valued at $31.54 billion in 2013, and is forecast to grow at a compound annual growth rate (CAGR) of 4.8 percent from 2014 to 2020, representing a value of $44.33 billion in 2020, according to a new market report published by Transparency Market Research.
The food service equipment/commercial refrigeration market is primarily being driven due to extensive growth in the hospitality industry. Another factor is the growth in retail outlets and supermarkets. Moreover, changing food habits are contributing 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 turn is fueling the growth of the commercial refrigeration market.
The market has been segmented in two parts: by types and regions. By types, walk-in coolers and freezers held the highest market revenue accounting for $5.29 billion in 2013. By volume, walk-ins registered 990,790 unit sales in 2014. The demand for walk-ins is attributed to the growth of hotels and restaurants in the hospitality industry. In addition, walk-ins are also used to store vaccines in the health care industry. This factor is also leading to growth in the market.
By region, North America led the food service equipment/commercial refrigeration market in 2014, accounting for $8.93 billion. The dominance of this region is based on the fact that North American countries are early adopters of technologies. In addition, the rise of the hospitality industry in this region is also attributing to the growth in North America. The region grew by 5.6 percent in 2014 as compared to the previous year. China has been determined to be the fastest growing region by revenue and volume. The region is expected to grow at a CAGR of 5.3 percent by revenue and 7.5 percent by volume during the forecast period.
The full market report is available here.
Publication date: 7/28/2015