World demand for commercial refrigeration equipment is projected to rise 5.3 percent per year (including price increases) through 2008 to U.S. $25.8 billion, with developing nations expected to register the strongest gains, according to research from The Freedonia Group, Inc.
The data represents a substantial improvement over the 1998-2003 period, reflecting accelerating economic growth in developing regions and Eastern Europe, the Cleveland, OH, U.S.-based market research firm reports. Improving economic fundamentals -- especially income levels -- will bolster most refrigeration consuming sectors in these regions.
The firm says the most promising opportunities are in Latin America and the Asia/Pacific region, where faster population growth and improved standards of living will stimulate demand for commercial refrigeration equipment in markets such as food and beverage distribution, retailing, and restaurants. China will record some of the strongest increases, with demand rising nearly ten percent annually through 2008. India will also post strong gains, as the nation invests in improving the efficiency of its food distribution network. Latin America -- in particular Mexico and Argentina -- will benefit from economic recovery after the early recession of the 2000s.
The developed nations of North America, Western Europe, and Asia/Pacific (i.e., Australia, Hong Kong, Japan, New Zealand, Singapore, South Korea) comprise mature markets for commercial refrigeration equipment, Freedonia reports. However, it says the U.S. will make a dramatic recovery from a recessionary period, and although the markets in Japan, and Western Europe will register below average gains through 2008, they will also see improvements over their performances of the 1998-2003 period.
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