The global market for foodservice galley equipment in the marine and aviation sectors is set to reach $2.6 billion (£1.7 billion) in the next five years, new data suggests.
Research firm said MarketsAndMarkets said rising aircraft orders, an increase in demand for the light-weight galley equipment and a preference for galley customisation would drive business for foodservice suppliers.
If the company’s forecasts are correct, the market will see a compound annual growth rate of 4.1% between now and 2020.
The marine galley equipment market is typically categorized into non-electric galley inserts such as hoods and canopies, buffet and bar counters, stainless steel panel systems and trash compactors, and electric galley inserts such as cooking equipment, food processing equipment, warewashing machines and refrigeration system.
Likewise, the aviation galley equipment market is divided into non-electric galley inserts such as racks and trays, serving pots, trolleys and trash compactors, and electric galley inserts such as beverage chillers, beverage makers, coffee makers, water boilers, bun warmers, air chillers, inbuilt-bars, dishwashers and refrigeration systems.
The research does warn that the growth of the galley equipment market could be hindered by several factors. It said demand for low-cost carriers and delays in shipment deliveries as part of new programmes could potentially restrict the growth of the market.
However, increasing investments in emerging economies such as India and China offer new growth opportunities for market players.
APAC and North America currently hold the largest share of the gallery equipment market.