MEA Commercial Refrigeration Equipment Market to Grow at a Stable Rate During the Forecast Period
The Middle East and Africa commercial refrigeration equipment market is expected to reach $4.8 billion by 2023. The growth in the market can be attributed to the development of organized retail in terms of restaurant chain, hypermarkets and supermarkets, and growing demand for ready-to-eat food and beverage.
On the basis of application, MEA commercial refrigeration equipment market has been categorized into food service, food & beverage retail and food & beverage distribution. Among these, food & beverage retail category accounted for nearly 24% market share in 2017. countries.
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As the food and beverage industry grows, the demand for commercial refrigeration equipment would also post a similar growth pattern in the forecast period. In terms of value, the food and beverage retail category projected to advance at a CAGR of over 6%, during the forecast period.
Product and services launches were one of the key developments observed in the Middle East and Africa commercial refrigeration equipment market. United technologies corporation, dover corporation, and Frigoglass S.A.I.C are the major companies involved in product and services launch in the market.
Development of organized retail pertaining to restaurants, supermarkets, and hypermarkets in developing countries such as Morocco, Algeria, Egypt and South Africa is one of the key growth drivers for MEA commercial refrigeration equipment market. The growth of organized retail can be attributed to increasing urbanization and government support in development of urban areas.
The key competitive factors for players in the industry include customer service, product quality, price and innovation with prime focus on price for small-scale end-users; and quality for large-scale end-users. Awareness regarding environment-friendly refrigerants, and green products, are resulting focus of players toward hydrocarbon coolers, energy labeling, and minimum efficiency standards.
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Some of the key players operating in the MEA commercial refrigeration equipment market are Daikin Industries Ltd., AB Electrolux, Frigoglass S.A.I.C., Dover Corporation, United Technologies Corporation, Johnson Controls International PLC, AHT Cooling Systems GmbH, Ali Group S.r.l. a Socio Unico, and Illinois Tool Works Inc.
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