-- 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.
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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 Global Food Service Equipment Market is anticipated to reach USD 62 billion by 2026 according to a new 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.
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.
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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.
Table of Content:
1. Overview and Scope
1.1. Research goal & scope
1.2. Research assumptions
2. Executive Summary
3. Food Service Equipment Market Insights
4. Food Service Equipment Market Size and Forecast, 2017-2026 by Type
5. Food Service Equipment Market Size and Forecast, 2017-2026 by End-Users
6. Food Service Equipment Market Size and Forecast by Regions
7. Company Profiles
More Details on this Report At: https://www.marketstudyreport.com/reports/food-service-equipment-market-by-type-cooking-equipment-serving-equipment-refrigeration-equipment-storage-equipment-warewashing-equipment-food-beverage-preparation-equipment-others-by-end-user-hotels-and-clubs-full-service-restaurants-quick-service-restaurants-others-by-region-market-size-forecast-2018-2026
Related Report: -
Global Food Service Equipment Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
The worldwide market for Food Service Equipment is expected to grow at a CAGR of roughly 23.1% over the next five years, will reach 44200 million US$ in 2024, from 12700 million US$ in 2019, according to a new study. Food service equipment is a series of equipment used in Restaurants, Hotels, Pubs, Homes and other places for food service, such as food and drink preparation, cooking, heating and holding, and dishwashers, storage & handing equipment are also covered in this report.
https://www.marketstudyreport.com/reports/global-food-service-equipment-market-2019-by-manufacturers-regions-type-and-application-forecast-to-2024
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