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World demand to rise 4.4% annually through 2016
Global demand for commercial refrigeration equipment is forecast to rise 4.4 percent per year through 2016 to
$32.0 billion, an acceleration from the 2006- 2011 pace. Demand will benefit from strong growth in a number of the world's larger developing nations, particularly in
India will continue to be the fastest growing national markets for commercial refrigeration equipment. The US market, which suffered during the 2007-2009 recession, will recover and post substantially stronger growth in demand for these products, although gains will slightly trail the world average.
China, India to be fastest growing marketsChina was by the far the fastest growing world market for commercial refrigeration products between 2001 and 2011, posting double-digit annual growth rates and more than quadrupling in size over those ten years. As economic growth in the country slows, demand gains for commercial refrigeration products will decelerate, but will remain the fastest in the world.
India, despite its massive size, remains a relatively small market for commercial refrigeration equipment, with per capita demand ranking among the smallest in the world. However, heavy investment in infrastructure and rising incomes will create strong potential for growth, and demand gains for these products in
India will be the second fastest in the world. Other developing nations with strong growth prospects include
US to remain largest market
Although demand gains for commercial refrigeration equipment are expected to be slower in developed countries, the outlook is still strong relative to the 2006- 2011 period. The US is the world's largest market for these products, and will account for nearly a quarter of global sales growth through 2016. Gains will result from an improved macroeconomic outlook, as rising consumer spending encourages food industry participants to expand the number of retail outlets and restaurants.