A market research firm has predicted that the global foodservice equipment sector will be worth $138.5 billion by 2026.
Polaris Market Research said a significant increase in food establishments across the planet and the growth of the tourism industry as economies recover from Covid would drive demand for new kit.
North America is expected to be the leading contributor to global revenue during the next five years, but Asia-Pacific is also tipped to grow at a “significant” rate due to an increasing population and improving living standards.
Refrigeration is likely to generate the highest share of spend based on previous results.
Polaris said operators will favour technologically-advanced appliances that simplify kitchen activities and don’t take up much space.
“The market is also driven by increasing need to use kitchen appliances that consume less energy and provide faster kitchen services,” the company stated.
“Growing concerns regarding environment and increasing adoption of energy efficient kitchen appliances are expected to offer numerous growth opportunities in the future.”
Polaris suggested the main barriers to growth would be high costs associated with purchasing and installation, and strict regulations on the production of some equipment.