“Worldwide demand for commercial refrigeration equipment is projected to rise 4.6 percent per year (including price increases) through 2012 to $29.3 billion.”
Among other findings:
- “A growing number of food retailers and restaurants will contribute to growth.”
- “The ongoing expansion of fast chains will be especially beneficial, since these outlets utilize a wide range of commercial refrigeration equipment.”
- “The strongest opportunities are in Latin America and Asia.”
- “The developed nations of North America, Western Europe, and the Asia/Pacific region comprise mature markets for commercial refrigeration equipment.”
- “The U.S. will remain the largest market in the world, as replacement demand continues to create opportunities.”
- “Reach-in and walk-in coolers and freezers are expected to be the fastest growing product group.”
The research was published in October 2008 and more than likely reflects feedback garnered within the current recession the was said to have started in 2007. It also shows growth continuing through at least 2012, which falls beyond the range of the current recession cycle, if this is a typical cycle.
The message is pretty simple: There are opportunities (translation: jobs) in HVACR especially the ‘R’.