According to the research report titled ‘Global Food Service Equipment Market: 2018 World Market Review and Forecast to 2023 Analysis By Product Type (Cooking, Refrigeration & Ice Machine, Storage & Handling, Ware-Washing & Sanitation, Serving, Others), By End-User, By Region, By Country (US, Canada, Mexico, UK, Germany, Japan, China, India, Brazil, South Africa)’ available with Market Study Report, the global food service equipment market is estimated to grow with a CAGR of 4.67% during the period of 2018-2023.
 

Surging need for power-efficient equipment from restaurant owners, combined with growing trends of dining out among consumers are aiding the growth of food service equipment market. Additionally, escalating preference for food and beverage products among millennials is also augmenting the market expansion.
 

As per product type, food service equipment market is segmented into refrigeration & ice machine, cooking, storage & handling, serving, ware-washing & sanitation, and other equipment. According to the report, the refrigeration & ice machine is presumed to maintain its market dominance over the forecast period. Based on end-user spectrum, the market is divided into limited service restaurants, full-service restaurants, and others.
 

Considering the geographical landscape, the global food service equipment market is fragmented on the basis of region, which includes Europe, North America, APAC and rest of the world, with primary focus on countries like Mexico, US, Canada, UK, China, Germany, India, Japan, South Africa, and Brazil.
 

The report cites that North America led the global food service equipment market in 2018, owing to high demand for technologically advanced and energy efficient equipment from well-established foodservice industry. Moreover, Asia Pacific food service equipment market is projected to grow at fastest pace over the analysis timeframe.
 

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The key players in food service equipment market are ITW Food Equipment Group, Manitowoc Foodservice, Inc., Ali Group, The Middleby Corp., Vollrath Company LLC, Standex International, Rational AG, IMI Cornelius, Hoshizaki Corp., and Dover Corp.
 

Notably, the research provides crucial statistics and data on the current size of food service equipment market, its position and prevailing growth factors. It encompasses details about the segmental revenue shares and analyzes the market dynamics.