Dublin-headquartered ResearchAndMarkets.com has released the ninth edition of its ‘Beverage Refrigeration Equipment – Global Market Trajectory & Analytics’ report.
The research suggests that amid the Covid-19 crisis, the global market for beverage refrigeration equipment is valued at US$4.2bn this year. The firm projected the sector will reach a revised size of US$5bn by 2027, growing at a CAGR of 2.5% over the analysis period of 2020-2027.
Geographically, the beverage refrigeration equipment market in the US is estimated to be worth US$1.1bn in 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$994.3m by 2027, trailing a CAGR of 4.6% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.1% CAGR.
Another of the segments studied was global beverage dispensing. ResearchAndMarkets.com estimated that USA, Canada, Japan, China and Europe will drive the 2.5% CAGR for this segment.
These regional markets are said to account for a combined market size of US$478.2m in 2020, which will reach a projected size of US$567.4m by the close of the analysis period. The report suggests China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$685.3m by the year 2027, while Latin America is predicted to expand at a 3.7% CAGR through the analysis period.
Within the drinking fountain segment, growth of 1.8% CAGR is projected, reaching US$425.7m by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, ResearchAndMarkets.com readjusted predicted growth in the soda fountain segment to a revised 2.3% CAGR for the next 7-year period.
The research firm identified the major competitors in the overall beverage refrigeration and equipment market to be: AHT Cooling Systems, Beverage-Air Corporation, Cornelius Beverage Technologies, Dover Corporation, Frigoglass, Hoshizaki Lancer, Lindr, Metalfrio Solutions, MF Refrigeration, Panasonic Corporation, Perlick Corporation, Powers Equipment Company, QBD Modular Systems, Skope Industries and True Manufacturing.