According to a new report from The Freedonia Group
, "Demand for commercial refrigeration equipment in the US is forecast to rebound through 2014, growing 7.2 percent per year (including price increases) to $9.4 billion." Due to the economic recession, food industry participants were forced to suspend capital expansions and improvements, which radically impacted US demand in 2009.
Advances in this market will be driven by the recovering economy and an improving capital investment outlook. As the economic landscape starts to look more optimistic, end users will regain confidence to expand or renovate existing facilities. Additionally, as companies throughout the entire food industry seek to reduce operation expenditures, rising demand for energy efficient equipment will become the characteristic market trend.Key findings in this report:
Transportation refrigeration equipment will post double-digit gains and exhibit the strongest growth.
Demand for ice machines and beverage refrigeration equipment will benefit from the rising number of drinking and eating facilities.
Energy efficient equipment for food related product categories will be remarkably strong.
The average amount of floor space at food retail outlets will increase, which creates potential for more refrigeration equipment per store.
Reflecting recovery in fixed investment levels of fleet operators, the distribution market will post strongest gains versus other segments through 2014.
For more information on this report:
COMMERCIAL REFRIGERATION EQUIPMENT (US industry forecasts for 2014 & 2019)
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