Big Events in Commercial Refrigeration:
● Fine Food Australia 2024: To be held from the 2nd to the 5th of September in Melbourne, Australia, showcasing the latest food and beverage products and technologies, with the commercial refrigeration industry gaining attention.
● FHA-HoReCa: Scheduled for the 22nd to the 25th of October at the Singapore Expo, covering multiple sectors of the hospitality and catering industries.
● The 136th Canton Fair: Kicking off on the 15th of October, it covers various industries including electronics and home appliances, providing a platform for the commercial refrigeration industry to display and exchange ideas.
Global Market Dynamics:
●European market: The demand for energy-efficient and eco-friendly refrigeration in the European market continues to grow, particularly in Germany and France.
● North American Market: Steady growth, driven by the recovery of the catering industry and technological innovation, with a preference for smart energy-saving equipment.
● Central and South America: Rapid expansion in the Brazilian and Argentine markets, thanks to economic reforms and increased consumer spending.
● Southeast Asia: Rising demand as the tourism and catering industries recover, with a preference for environmentally friendly and energy-saving products.
● Australia: A stable market with a focus on high-end energy-saving refrigeration units.
● Africa: Significant growth in demand in South Africa and Nigeria, alongside economic development and the expansion of the retail sector.
Global Market Trends:
● The global refrigerator market size in 2023 is $71.55 billion and is projected to grow from $74.74 billion in 2024 to $120.01 billion by 2032, with a compound annual growth rate (CAGR) of 6.10% during the forecast period. Asia Pacific dominated the refrigerator market with a market share of 36.18% in 2023.
International Market Forecast:
● In the short term, the two months leading up to the holiday season will see a surge in demand from large retailers and the catering industry in North America and Europe, ushering in a peak sales period.
● In the long term, the devaluation of the US dollar may attract international capital to emerging markets, reducing financing costs and stimulating the expansion of the commercial refrigeration industry.
The commercial refrigeration industry, while facing market fluctuations, is also presented with new opportunities brought about by policy and technological innovation. The devaluation of the US dollar and international trade shows provide new momentum and direction for growth in the industry.
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