While the catering appliance sector may be about to hit a bit of a speed-bump in the UK, thanks to the uncertainty the Brexit vote has brought with it, globally the picture seems far rosier.

According to research company, Future Market Insights, foodservice equipment market revenues will witness another year of stable growth for 2016, increasing by 4.4% in 2016 to reach US$28.9bn in revenues.

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Last year the market was valued at US$27.6bn and expected to expand at a CAGR of 5.2% during Future Market Insights’ forecast period of its latest report into the sector: 2016-2024.

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The market is is expected to reach a total of US$47.8bn by 2024.

North America and Europe collectively account for over half of total revenue generated from sales of foodservice equipment.

North America (US and Canada) is expected to remain the largest market and anticipated to expand at a CAGR of 4.1% over the forecast period.

This market is predicted to continue its upward momentum in 2016, driven by declining unemployment rates and prevailing low crude oil prices.

The growing popularity of quick service restaurants should also create growth opportunities in the region.