World News: 14:00 GMT Thursday 8th August 2019. [Allied Market Research via Globe Newswire via SPi World News]
Portland, OR, Aug. 08, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global was pegged at $31.09 billion in 2017 and is projected to reach $50.04 billion by 2025, registering a CAGR of 6.4% from 2018 and 2026. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Growth in urbanization, along with growth in hospitality industry, and rise in preference for quick-service restaurants are the major drivers for the growth of the global food service equipment market. Furthermore, advancements in refrigeration technology and increase in concerns of food safety are also fueling the market growth. However, high capital requirement is expected to impede the food service equipment market growth. On the other hand, regulatory benefits and surge in demand for energy-efficient and cost-effective products are expected to provide major opportunities for the market growth in upcoming years.
The global food service equipment market is divided on the basis of product, end use, and geography. Based on product, the market is segmented into cooking equipment, storage & handling equipment, ware washing equipment, food & beverage preparation equipment, and serving equipment. The cooking equipment segment held the largest share in 2017, contributing to nearly one-third of the market. However, the ware washing equipment segment is expected to register the fastest CAGR of 7.1% during the forecast period.
On the basis of end use, the market is bifurcated into full-service restaurants & hotels, quick-service restaurants & pubs, and caterings. The full-service restaurants & hotels segment held the lion’s share in 2017, accounting for nearly three-fourths of the market share. However, the quick-service restaurants & pubs segment is projected to manifest the fastest CAGR of 8.5% during the forecast period.
The global food service equipment market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The North America region dominated the market, contributing to more than one-third of the market in 2017. However, the Asia-Pacific region is estimated to register the fastest CAGR of 8.4% during the study period. The global food service equipment market report includes an in-depth analysis of the major market players such as Welbilt, Inc. Alto-Shaam, Inc., Ali S.p.A, Middleby Corporation, Cambro Manufacturing Co. Inc., Dover Corporation, Electrolux, Illinois Tool Works Inc., Castle Stove, and Duke Manufacturing Co. Inc. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Globe Newswire: 14:00 GMT Thursday 8th August 2019
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