LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial bar refrigeration equipment market to grow at a CAGR of above 6% during the period 2018-2022, according to their latest report.
This market research report segments the global commercial bar refrigeration equipment market into the following products, including commercial beer and cocktail dispensers, commercial bottle and wine coolers, and commercial glass chillers and frosters and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the rising need for end-users to adopt ENERGY STAR-certified commercial bar refrigeration equipment as a key factor contributing to the growth of the global commercial bar refrigeration equipment market:
Rising need for end-users to adopt ENERGY STAR-certified commercial bar refrigeration equipment
The Federal Energy Management Program (FEMP) provides guidance for commercial bar refrigeration equipment manufacturers concerning the ENERGY STAR-efficiency requirements. Manufacturers must meet these guidelines to display the ENERGY STAR label on their commercial bar refrigeration equipment.
Commercial bar refrigeration equipment that comes with the ENERGY STAR certification is around 40% more energy-efficient than other models. Manufacturers are using high-quality components and are employing innovative designs to achieve ENERGY STAR certification. ENERGY STAR-certified commercial bar refrigeration equipment comes with uniform cabinet temperature and extended product lifetime. Commercial bar refrigeration equipment with ENERGY STAR certification utilizes high-efficiency compressors to ensure reduced heat output.
According to a senior analyst at Technavio for food service, “Energy-efficient models of commercial bar refrigeration equipment reduces the maintenance and utility costs for end-users. The benefits offered by ENERGY STAR-certified models can result in an augmented demand for such equipment, which will further drive the market growth.”
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Global commercial bar refrigeration equipment market – segmentation analysis
Of the three major products, the commercial beer and cocktail dispensers segment held the largest market share in 2017. The increasing demand for self-service beer and cocktail dispensers enable consumers to opt for self-service dispensers, and it also provides cost benefits to the end-users. End-users are expected to make investments in this equipment due to the cost benefits it offers and propel the growth of the global commercial beer and cocktail dispensers market during the forecast period.
The Americas was the leading region for the global commercial bar refrigeration equipment market in 2017, accounting for a market share of nearly 41%. By 2022, the Americas is expected to continue dominating the market owing to the increasing consumption of alcoholic beverages combined with the expansion of end-user establishments such as hotels and bars.
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