Food Service Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2029
Global Food Services Equipment Market – Overview
Increasing popularity of Internet of Things (IoT) is driving the requirement for devices with improved internet connectivity. Customer-driven technology is now gaining the attention in the restaurant business as apps and mobile ordering systems are present to ease their work. Advanced instruments offer various features, such as sensors and controls, efficiency, pre-programmable features, and interactive cooking, which is responsible for the growth of the global food service equipment market. In addition to various developments in the food service equipment market, there has been an increase in the number of hotels, nursing homes, hospitals, fast food joints, and restaurants. This is expected to boost the product demand over the forecast period.
Global Food Services Equipment Market – Notable Developments
Some of the notable developments in the global food services equipment market are given below:
Some of the key companies in the global food services equipment market are AB Electrolux; Ali Group; ITW; Middleby Corporation; Dover Corporation; and Manitowoc Company Inc. These players are involving in R&D activities to develop products compliant with new energy standards and regulations mandated by the government authorities.
Global Food Services Equipment Market – Drivers and Restraints
There are multiple factors that are projected to drive the overall development of the global food services equipment market. Factors such as changing lifestyle, increased demand for refrigerated products, increased import and export activity in food and beverage sector, and evolving food consumption trends are contributing to the growth. The need for technologically advanced products, Wi-Fi and Internet-enabled devices, and multi-function appliances is increasing amongst people. High traction for smart kitchen and connected equipment is expected to boost the demand.
Various government regulations and standards have made it mandatory for manufacturers to meet the Environmental Protection Agency (EPA) standards. The enhanced digitization and accelerated adoption of technologically advanced products are creating a shift in consumer lifestyle. This transition is creating requirements for kitchen equipment, which is encouraging several manufacturers to discover novel ways to meet the customer demand.
Global Food Services Equipment Market – Geographical Outlook
Based on the regional segmentation, the global food services equipment market is divided into five main regions. These regions are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, currently, the global market has been dominated by the regional segment of North America. The region is projected to remain dominant over the course of the forecast period ranging from 2019 to 2027. The growth of the regional market is primarily attributed to the high product penetration and increasing requirement to adopt new age technologies. Increasing working population and demand for the fast food are also helping to drive the development of the regional market. In recent years the overall number of hotels and restaurants has risen considerably because of the changing and evolving lifestyles of people and their requirement for ready to eat or on the go food products. The region accounted for over a quarter of the global food services equipment market in recent years.
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