Walk-in and Cabinet Cooler Manufacturing in the US Industry Market Research Report from IBISWorld Has Been Updated
New York, NY (PRWEB) October 06, 2014 -- The performance of the Walk-in and Cabinet Cooler Manufacturing industry is largely dependent on the performance of its markets. Commercial coolers, or refrigerators, are used in food service establishments, grocery stores and supermarkets and storage and warehouse facilities. “During the recession, consumer demand for restaurant meals declined as incomes shrunk and budgets tightened,” according to IBISWorld Industry Analyst Edward Rivera. With the resurgence of the nonresidential commercial industry in later years and improved performance of downstream markets, industry revenue has grown over the past five years. IBISWorld estimates industry revenue is growing at an annualized rate of 3.8% to $3.6 billion over the five years to 2014. In 2014, a boost from the construction and food services and drinking places markets is expected to result in a 1.7% increase over the year.
Credit conditions also tightened during the recession, limiting restaurants', grocers' and warehouses' ability to borrow money to invest in new capital, contributing to poor industry performance. “Although credit conditions remain unfavorable relative to their state prerecession, increased demand for industry products has resulted in improved profitability,” says Rivera. With improved profitability, the number of industry enterprises is also expected to increase over the five years to 2014.
With construction activity continuing to pick up steam over the next five years and demand from downstream industries returning, the Walk-in and Cabinet Cooler Manufacturing industry is set to rebound steadily. The value of nonresidential construction is forecast to grow between 2014 and 2019, creating opportunities for industry participants, as a significant portion of demand is generated through new building construction.
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IBISWorld industry Report Key Topics
This industry manufactures walk-in cabinet coolers and freezers, which are defined as an enclosed storage space held at a temperature at or below 55 degrees Fahrenheit using a system that can be walked into and has a total chilled storage area of less than 3,000 square feet. These products are primarily used in the restaurant and retail sectors, but exclude products designed and marketed exclusively for medical, scientific, or research purposes.
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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith, IBISWorld Inc., http://www.ibisworld.com, +1 (310) 866-5042, [email protected]
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