New York
City, 24 January 2019: The Global Food Service Equipment Market is
anticipated to reach USD 62 billion by 2026 according to a new research
published by Polaris Market Research. In 2017, the cooking and food &
beverage preparation equipment segments dominated the global market, in terms
of revenue. North America is expected to be the leading contributor to the
global market revenue during the forecast period.
The significant increase in food
establishments, and the growing hospitality industry are the major factors
driving the growth of the Food Service Equipment market. The changing
lifestyles and increasing disposable incomes are leading to higher instances of
dining at restaurants and living at hotels and resorts. The growing demand for
affordable and energy efficient equipment supports the growth of the market.
 |
Hotels and restaurants are increasingly
adopting technologically advanced food service equipment for performing kitchen
activities efficiently and offering enhanced services to consumers. Restaurant
businesses prefer compact and space efficient equipment, which encourages
market players to launch new products in the global market. Increasing spending
on the hospitality sector, and tourism activities encourage restaurant owners
to improve their infrastructure and offer enhanced services. Moreover, the Food
Service Equipment market is also driven by increasing need to use food service
equipment that consume less energy and provide faster kitchen services. Growing
concerns regarding environment and increasing adoption of energy efficient food
service equipment are expected to offer numerous growth opportunities in the
future. However, high costs associated with food service equipment, and high
installation prices restrict the growth of the Food Service Equipment market.
The different end-users of food
service equipment include hotels and clubs, full service restaurants, quick
service restaurants, and others. In 2017, hotels and clubs accounted for the
highest market share owing to increasing need to offer enhanced services to consumers.
Hotels and clubs are increasingly adopting technologically advanced food
service equipment to meet high storage demands and to offer fresh & high
quality food. Food establishments are also inclined towards using energy
efficient service equipment owing to growing environmental concerns.
Competitive Landscape and Key Vendors:
The North America Food
Service Equipment market generated the highest revenue in the market in 2017,
and is expected to lead the global market during the forecast period. The high
living standards along with high disposable income in the region drive the
market growth. Other factors supporting market growth in North America include
growth in tourism industry, increasing awareness regarding energy efficient
equipment, and growing adoption of smart technologies. The Asia-Pacific Food
Service Equipment market is expected to grow at a significant rate during the
forecast period owing to the increasing population and improving living
standards.
The leading companies
profiled in the Food Service Equipment market report include Dover Corporation, Haier
Electronics Group Co., Ltd., Duke Manufacturing Co. Inc., Illinois Tool Works
(ITW) Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Ali Group,
Hoshizaki Corporation, Middleby Corporation, Manitowoc Company Inc, and AB
Electrolux among others. These companies launch new products and collaborate
with other market leaders to innovate and launch new products to meet the
increasing needs and requirements of consumers.
No comments:
Post a Comment