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According to The Freedonia Group, Inc., world demand for commercial refrigeration equipment is projected to rise 4.8 percent per year through 2010, approaching U.S. $27 Billion. Demand in developing Asia will outpace the global average, rising 8.5 percent 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.
The Freedonia Group, Inc. also reports that strong growth will occur in India due to solid gains in the number of households with refrigerators, which will boost demand for refrigerated food items. Proposals 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 U.S. commercial refrigeration equipment market will lag global gains, due to the relatively high rate of penetration of food retailers and restaurants.
Also, according to The Freedonia Group, Inc., 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. These appliances are used by food processors, restaurants and food retailer, and are expected to post solid gains in developing regions. Display cases will benefit from the rising number of supermarkets that offer a wide variety of refrigerated and frozen foods. Vending machines will exhibit solid growth as well, benefiting not only from rising use in the developed world, but also from technological advancements.
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