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“World Commercial Refrigeration Equipment to 2016,” a new research report, has been added to the ReportsnReports.com store.
Dallas, Texas (PRWEB) January 04, 2013
Global demand for commercial refrigeration equipment is forecasted to rise 4.4 percent per year through 2016 to $32.0 billion, an acceleration from the 2006- 2011 pace. Demand will benefit from strong growth in a number of the world’s larger developing nations, particularly in Asia. China and India will continue to be the fastest growing national markets for commercial refrigeration equipment. The US Commercial Refrigeration Equipment market, which suffered during the 2007-2009 recession, will recover and post substantially stronger growth in demand for these products, although gains will slightly trail the world average.
China, India to be fastest growing markets
China was by the far the fastest growing world market for commercial refrigeration products between 2001 and 2011, posting double-digit annual growth rates and more than quadrupling in size over those ten years. As economic growth in the country slows, demand gains for commercial refrigeration products will decelerate, but will remain the fastest in the world. India, despite its massive size, remains a relatively small market for commercial refrigeration equipment, with per capita demand ranking among the smallest in the world. However, heavy investment in infrastructure and rising incomes will create strong potential for growth, and demand gains for these products in India will be the second fastest in the world. Other developing nations with strong growth prospects include Indonesia and Thailand.
US to remain largest market
Although demand gains for commercial refrigeration equipment are expected to be slower in developed countries, the outlook is still strong relative to the 2006- 2011 period. The US is the world’s largest market for these products, and will account for nearly a quarter of global sales growth through 2016. Gains will result from an improved macroeconomic outlook, as rising consumer spending encourages food industry participants to expand the number of retail outlets and restaurants. In addition, food industry participants will be more willing to make equipment upgrades that had been deferred due to a weak economy. Japan was the third largest market for commercial refrigeration equipment in 2011, but has declined in size since 2006, reflecting both poor economic conditions and the maturity of the market. Demand for commercial refrigeration products in Japan is forecast to return to positive growth through 2016, but gains will be significantly slower than the world average.
Coolers, freezers, display cases to be among fastest growing products
Sales of reach-in and walk-in coolers and freezers will benefit from gains among food retailers in restaurants, particularly in developing countries. Growth in demand for refrigerated display cases will be rapid as well, supported by rising standards of living and increasing proliferation of large food retailers. The growing number of restaurants, particularly in the fast food segment, will also spur stronger gains in demand for beverage refrigeration equipment and ice machines. Vending machine gains will be somewhat slower, reflecting the concentration of vending machine usage in developed countries.
Company Profiles for industry players globally such as Hoshizaki, Ingersoll-Rand, Manitowoc, and United Technologies
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