Global Food Service Equipment Market would surpass an overall valuation of $62 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The growing number of food establishments and the expansion of the hospitality industry is creating favorable market conditions that are promoting food service equipment market growth, cites the study.
On account of rising disposable income and changing lifestyles people are increasingly eating out at restaurants and other dining establishments. This is also fueling the expansion of tourism sector; driving instances of people living at resorts and hotels. This trend is expected to bring substantial revenue growth for the food service equipment market during the forecast timeframe.
As these establishments face more customer traffic, the demand for energy-efficient and affordable food equipment is poised to surge, further supporting industry growth.
In fact, in an effort to service customers better, restaurants and hotels are increasingly acquiring technologically advanced and efficient food-service equipment that can effectively perform kitchen activities, fostering industry expansion.
Restaurant prefer space-efficient and compact food handling equipment, encouraging industry players to launch novel products in the market, hence encouraging industry growth.
Growing tourism activities and increasing revenues of the hospitality sector also provide an impetus to restaurant owners to enhance the infrastructure and offer improved services, thereby positively impacting
Additionally, the food equipment market is also being driven by demands for energy efficient food equipment that can operate at a faster rate with environmental concerns making an additional case for their adoption, providing numerous growth opportunities to the market in the coming future.
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However, the high cost that is associated with food-service equipment along with the high installation prices they require would restrict industry expansion to some degree over the forecast time period.
From a regional perspective, North America was the biggest revenue generator for the global food service equipment industry in 2017 and is anticipated to lead industry revenue in the coming years. North America’s high living standards and disposable income levels are the key growth facilitators.
In addition, the ongoing expansion of the tourism sector, growing awareness surrounding energy-efficient equipment and increasing adoption of smart technologies are some other factors fostering industry expansion in the region.
Meanwhile, the Asia Pacific food service equipment industry is slated to witness substantial growth during the forecast period. The region’s growth is further attributed to its improving living standards and increasing population.
Based on the end-user landscape, the industry is segmented into clubs, hotels, quick service restaurants, full service restaurants, and others. Back in 2017, clubs and hotels segment accounted for the largest industry share, primarily due to the hospitality industry’s customer-centric nature wherein they strive to provide enhanced services to customers.
Clubs and hotels are also increasingly adopting state-of-the-art food service equipment to suffice high storage demands and provide high-quality and fresh food, propelling market growth.
The leading industry players profiled in the report include Haier Electronics Group Co., Ltd., Dover Corporation, Illinois Tool Works (ITW) Inc., Duke Manufacturing Co. Inc., Duke Manufacturing Co. Inc., Fujimak Corporation, Hoshizaki Corporation, Ali Group, AB Electrolux, Middleby Corporation, and Manitowoc Company Inc among others.