World demand for commercial refrigeration equipment is projected to rise 4.8% per year through 2010, approaching $27 billion. Demand in Asia will outpace the global average, rising 8.5% annually through 2010. China will be the fastest growing national market, benefiting from above-average urban population growth and healthy gains in fixed investment, as well as rising income levels.
These and other trends are presented in “World Commercial Refrigeration Equipment, a new study from The Freedonia Group, a Cleveland-based industry research firm. Strong growth will also occur in India due to solid gains in the number of households with refrigerators, which will boost demand for refrigerated food items.
Prospects for growth are also favorable in Eastern Europe, as economic transition programs in place in these countries continue to filter down to the consumer sector in the form of rising living standards. Above-average growth is also expected in Latin America, where healthy gains in the hotel industry will create opportunities. The US commercial refrigeration equipment market will lag global gains, due to the relatively high rate of penetration of food retailers and restaurants.
Reach-in and walk-in coolers and freezers will be the fastest growing product groups, due to their widespread use in all of the major markets. Vending machines will exhibit solid growth as well, benefiting not only from rising use in the developed world, but also from technological advancements.
“World Commercial Refrigeration Equipment” (published January 2007, 352 pages) is available for $5,400 from The Freedonia Group. For further details, please contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail [email protected].