Beverage refrigeration equipment are commercial refrigeration equipment used at food & beverage retail outlets, such as dairy stores, wine shops, convenience stores, supermarkets and food service providers, such as hotels, restaurants and cafes. A new research report by Persistence Market Research highlights the scenario of global beverage refrigeration equipment market during the forecast period, 2017-2025. This comprehensive research report is titled ‘Beverage Refrigeration Equipment Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)’ and covers key insights on the market drivers, restraints, opportunities prevailing in the industry.
According to this market analysis and forecasts, global demand for beverage refrigeration equipment is expected to grow with increase in the number of retail stores and also growing preference of people towards quick service restaurants. The global beverage refrigeration equipment market is expected to reach a market value of over US$ 5,500 Mn by the end of 2025, growing at a value CAGR of 3.9% during the forecast period. The growth of the market is largely fuelled by the increase in demand, especially from emerging countries in Asia Pacific region.
Beverage Refrigeration Equipment Market: Trends and Opportunities
With growing advancements in beverage refrigeration equipment, the preferences of consumers are changing. Moreover, along with rising environmental awareness across the globe, people are also looking for eco-friendly refrigerants. In addition, targeting developing countries with high per-capita consumption of pre packed beverages will continue to be the core focus for providers. Other than that, the companies are also going to focus on product innovations to compete with other players in the market efficiently and increase their market reach and strengthen their hold.
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Beverage Refrigeration Equipment Market: Segmental Analysis
Based on product type, soda fountain segment holds the maximum market share as compared to other product type segments. However, beer dispensing equipment is expected to grow at a relatively high value CAGR of 4.7% during the forecast period.
Based on end-use, food service is expected to lead with a market value of over US$ 3,300 Mn by the end of 2025. However, food and beverage retail segment is expected to register a higher CAGR throughout the period of forecast.
With respect to region, North America has the highest market share of over US$ 1,800 Mn by the end of 2025. Moreover, the beverage refrigeration equipment is expected to witness high demand from Asia Pacific. The beverage refrigeration equipment market in Asia Pacific region is projected to grow at a higher pace throughout the forecast period.
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Beverage Refrigeration Equipment Market: Competitive Landscape
This comprehensive research report includes a brief profile of all the key players in the industry. Some of these key players, mentioned in the report are Wolseley Plc, Qingdao Haier Co., Ltd., Gree Electric Appliances, Inc. of Zhuhai, Daikin Industries, Ltd, Watsco, Inc., Hisense Kelon Electrical Holdings Co., Ltd., Lennox International, Inc., Rinnai Corp., Takasago Thermal Engineering Co., Ltd., NIBE Industrier AB etc.