Commercial Electric Restaurant Ranges Market Size, Share, Growth, and Industry Analysis, By Type (208V, 240V, 480V), By Application (Quick Service Restaurants, Full-Service Restaurants, Hotels, Other Food Services), Regional Insights and Forecast to 2035

Commercial Electric Restaurant Ranges Market Overview

The global Commercial Electric Restaurant Ranges Market size estimated at USD 47682.44 million in 2026 and is projected to reach USD 77660.14 million by 2035, growing at a CAGR of 5.57% from 2026 to 2035.

The Commercial Electric Restaurant Ranges Market is experiencing strong expansion driven by the rapid modernization of commercial kitchens, increasing demand for energy-efficient cooking systems, and rising adoption of electric cooking equipment across food service establishments. The Commercial Electric Restaurant Ranges Market Overview highlights significant deployment in hotels, quick-service restaurants, institutional kitchens, and catering services. Global installations of electric restaurant ranges are estimated in the multi-million unit range, with urban commercial kitchens accounting for more than 60% utilization. The Commercial Electric Restaurant Ranges Market is also influenced by regulatory pressure to reduce gas emissions and improve kitchen safety standards. Manufacturers are focusing on stainless steel durability, modular designs, and smart temperature controls to enhance operational efficiency in the Commercial Electric Restaurant Ranges Market ecosystem.

In the USA Commercial Electric Restaurant Ranges Market, adoption is accelerating due to the high density of food service outlets exceeding 1 million establishments. Electric ranges account for a rising share in new commercial kitchen installations, especially in metropolitan regions such as New York, California, and Texas. Over 55% of newly installed commercial cooking equipment in institutional kitchens now includes electric ranges. The USA Commercial Electric Restaurant Ranges Market is further supported by strict energy efficiency codes and increasing replacement cycles of outdated gas systems, boosting Commercial Electric Restaurant Ranges Market demand across chain restaurants and hospitality facilities.

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Key Findings

• Key Market Driver: Around 68% of growth driven by energy-efficient adoption, 72% kitchen transition to electric systems, 64% gas replacement trend. Global Commercial Electric Restaurant Ranges Market size estimated in multi-million unit installations annually across food service sectors.
• Major Market Restraint: 58% cost barriers, 61% infrastructure limitations, 55% power load constraints affecting adoption. Urban commercial kitchen deployments account for over 60% share in Commercial Electric Restaurant Ranges Market demand worldwide.
• Emerging Trends: 70% smart cooking systems adoption, 66% IoT integration, 59% modular kitchen demand. USA holds more than 30% share in developed region adoption of Commercial Electric Restaurant Ranges Market.
• Competitive Landscape: 62% share held by top manufacturers, 38% mid-tier players competition. Replacement demand represents over 50% of total global Commercial Electric Restaurant Ranges Market equipment sales.
• Market Segmentation: 48% quick-service restaurants, 32% hotels, 20% institutional kitchens. Institutional kitchens contribute nearly 45% utilization rate in Commercial Electric Restaurant Ranges Market usage patterns.
• Recent Development: 67% energy-efficient launches, 54% digital upgrades, 49% capacity expansion activities. Replacement demand represents over 50% of total global Commercial Electric Restaurant Ranges Market equipment sales.

Commercial Electric Restaurant Ranges Market Latest Trends

The Commercial Electric Restaurant Ranges Market Latest Trends indicate a strong shift toward automation and energy optimization. Nearly 70% of new commercial kitchens are adopting programmable electric ranges with advanced temperature control systems. Around 65% of installations now include induction-based or hybrid cooking technologies. Cloud kitchens contribute more than 40% of new demand in urban markets, significantly influencing Commercial Electric Restaurant Ranges Market Growth and Commercial Electric Restaurant Ranges Market Demand.

Additionally, over 58% of manufacturers are integrating IoT-enabled monitoring systems into electric ranges, enabling remote diagnostics and predictive maintenance. Digital control adoption has reached 62%, improving cooking precision and reducing energy waste. Modular kitchen configurations account for 55% of new installations, while more than 50% of hospitality chains are standardizing electric equipment across global operations, strengthening Commercial Electric Restaurant Ranges Market Forecast and Commercial Electric Restaurant Ranges Market Outlook.

Commercial Electric Restaurant Ranges Market Dynamics

DRIVER

"Energy-efficient commercial kitchen transformation"

The Commercial Electric Restaurant Ranges Market is driven by rising demand for energy-efficient cooking systems, with 72% of commercial kitchens transitioning to electric ranges. Around 65% of regulatory policies encourage reduced emissions, while 60% of new restaurants install electric cooking systems from inception. These factors significantly boost Commercial Electric Restaurant Ranges Market Growth, Commercial Electric Restaurant Ranges Market Share, and long-term Commercial Electric Restaurant Ranges Market Opportunities across global food service industries.

RESTRAINTS

"High installation and infrastructure limitations"

The Commercial Electric Restaurant Ranges Market faces restraints due to high installation costs impacting 58% of small businesses. Around 62% report infrastructure upgrade requirements, while 55% face electrical load constraints. These issues slow adoption in emerging economies and restrict Commercial Electric Restaurant Ranges Market Expansion despite increasing Commercial Electric Restaurant Ranges Market Demand globally.

OPPORTUNITY

"Expansion of smart and modular kitchen systems"

The Commercial Electric Restaurant Ranges Market offers strong opportunities with 70% growth potential in smart kitchen technologies. Around 64% of global chains are investing in digital upgrades, while 59% of cloud kitchens prefer modular electric systems. Increasing IoT integration and automation strengthen Commercial Electric Restaurant Ranges Market Insights, Commercial Electric Restaurant Ranges Market Opportunities, and Commercial Electric Restaurant Ranges Market Forecast potential worldwide.

CHALLENGE

"Energy dependency and operational cost pressure"

The Commercial Electric Restaurant Ranges Market faces challenges due to reliance on stable electricity supply, affecting 63% of operators in unstable grid regions. Around 57% report rising electricity costs, while 52% experience downtime risks. These factors limit scalability and impact Commercial Electric Restaurant Ranges Market Outlook and overall Commercial Electric Restaurant Ranges Market Performance in developing regions.

Commercial Electric Restaurant Ranges Market Segmentation

The Commercial Electric Restaurant Ranges Market Segmentation is primarily divided by type and application, reflecting voltage-based performance capabilities and end-user operational requirements. By type, commercial electric ranges are classified into 208V, 240V, and 480V systems, each designed for specific kitchen capacities and load conditions. By application, the Commercial Electric Restaurant Ranges Market is segmented into quick service restaurants, full-service restaurants, hotels, and other food service facilities, where usage intensity, cooking volume, and kitchen size determine equipment selection patterns and adoption levels.

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BY TYPE

Type name: 208V Commercial Electric Restaurant Ranges: The 208V segment dominates small and medium-scale food service operations in the Commercial Electric Restaurant Ranges Market due to its compatibility with standard commercial building electrical systems. Nearly 62% of urban restaurants and compact kitchens rely on 208V units because they require lower installation complexity and reduced infrastructure modification. These ranges are widely used in quick-service restaurants, cafés, food trucks, and institutional kitchens with limited cooking demand. Approximately 58% of small restaurants prefer 208V systems due to their cost efficiency and ease of integration. The Commercial Electric Restaurant Ranges Market shows strong penetration of 208V units in densely populated cities where kitchen space is limited. Around 65% of compact food outlets utilize multi-burner 208V ranges for simultaneous cooking processes such as grilling, boiling, and frying. Energy consumption optimization is a key factor, with nearly 60% of operators reporting improved efficiency compared to gas systems.

Type name: 240V Commercial Electric Restaurant Ranges: The 240V segment represents a balanced category in the Commercial Electric Restaurant Ranges Market, widely used in medium-sized restaurants, hotel kitchens, and catering services. Around 67% of full-service restaurants prefer 240V systems due to their higher heating efficiency and multi-functional cooking capabilities. These ranges support heavier workloads compared to 208V systems, with nearly 63% of users reporting faster cooking cycles and improved temperature consistency. The Commercial Electric Restaurant Ranges Market Trends indicate that 240V units are increasingly deployed in suburban and semi-urban regions where electrical infrastructure supports moderate-to-high load appliances. Approximately 60% of mid-sized hospitality kitchens use 240V systems for continuous cooking operations involving multiple dishes simultaneously. 

Type name: 480V Commercial Electric Restaurant Ranges: The 480V segment is the high-capacity category in the Commercial Electric Restaurant Ranges Market, primarily used in large-scale food processing units, industrial kitchens, and institutional catering facilities. Around 69% of large hotel chains and central kitchens deploy 480V systems due to their ability to handle heavy-duty cooking loads and continuous operation. These systems provide significantly higher heating output, with nearly 66% of users reporting improved batch cooking efficiency for large food volumes. The Commercial Electric Restaurant Ranges Market Analysis shows that 480V ranges are essential in airline catering units, hospital kitchens, and military food preparation facilities where high-volume production is required. 

BY APPLICATION

Application name: Quick Service Restaurants: Quick Service Restaurants represent a dominant application segment in the Commercial Electric Restaurant Ranges Market due to high customer turnover and fast cooking requirements. Nearly 71% of QSR outlets rely on electric ranges for consistent frying, grilling, and boiling operations. These systems support rapid cooking cycles, with around 68% of operators reporting reduced service time per order. The Commercial Electric Restaurant Ranges Market Demand in QSRs is driven by standardized menus and high-volume output requirements. Approximately 66% of franchise-based fast-food chains utilize electric ranges to maintain uniform food quality across multiple locations. Energy-efficient operation is also critical, with nearly 60% of QSRs adopting electric systems to reduce operational inconsistencies. 

Application name: Full-Service Restaurants: Full-Service Restaurants form a significant application in the Commercial Electric Restaurant Ranges Market, accounting for diverse cooking requirements and extended menu preparation. Around 69% of full-service establishments prefer electric ranges for their versatility in handling multi-cuisine cooking processes. These systems support continuous operation, with nearly 65% of restaurants reporting improved kitchen workflow efficiency. The Commercial Electric Restaurant Ranges Market Analysis indicates that full-service restaurants require multi-burner configurations to manage simultaneous dish preparation. Approximately 62% of operators prioritize temperature control precision for gourmet and specialty dishes. Energy optimization is also a key factor, with nearly 60% of restaurants shifting from gas-based systems to electric ranges. 

Application name: Hotels: Hotels represent a high-capacity application segment in the Commercial Electric Restaurant Ranges Market, driven by large-scale food production for guests, banquets, and events. Nearly 73% of hotel kitchens use electric ranges for multi-meal preparation and buffet services. These systems support continuous cooking cycles, with around 70% of hotel chefs prioritizing thermal stability and energy efficiency. The Commercial Electric Restaurant Ranges Market Insights show that hotels require heavy-duty cooking infrastructure capable of handling peak demand during events and conferences. Approximately 66% of luxury hotels utilize advanced electric ranges with programmable settings for diverse cuisines. Banquet kitchens contribute significantly to equipment usage, with nearly 64% of installations designed for bulk cooking operations. 

Application name: Other Food Services: Other Food Services include institutional kitchens, catering services, hospitals, schools, and corporate cafeterias within the Commercial Electric Restaurant Ranges Market. This segment is driven by large-scale meal preparation requirements, with nearly 68% of institutional kitchens relying on electric ranges for bulk cooking. These systems ensure consistency and hygiene compliance, with around 65% of users reporting improved food safety outcomes. The Commercial Electric Restaurant Ranges Market Demand in this segment is influenced by regulatory standards and cost control measures. Approximately 62% of hospitals and educational institutions use electric ranges to support standardized meal programs. 

Commercial Electric Restaurant Ranges Market Regional Outlook

The Commercial Electric Restaurant Ranges Market Regional Outlook shows a globally diversified structure where North America holds 34% share, Europe accounts for 28%, Asia-Pacific captures 27%, and Middle East & Africa contributes 11% of total market distribution. Regional performance is influenced by infrastructure readiness, electrification of commercial kitchens, and adoption of energy-efficient cooking systems. Developed economies lead in technology adoption, while emerging regions are expanding through rapid urbanization and hospitality growth. The Commercial Electric Restaurant Ranges Market continues to show strong penetration in institutional and quick-service food segments across all major regions.

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NORTH AMERICA

North America holds a dominant position in the Commercial Electric Restaurant Ranges Market with approximately 34% global share, driven by advanced food service infrastructure and high adoption of electric cooking systems. The region has more than 1.1 million food service establishments, with nearly 68% integrating electric ranges into their commercial kitchens. The United States leads regional demand with over 80% contribution within North America, supported by strict energy efficiency regulations and modernization of restaurant equipment. Canada accounts for nearly 12% share, driven by increasing adoption in institutional kitchens and hotel chains, while Mexico contributes around 8% through growing quick-service restaurant expansion. The Commercial Electric Restaurant Ranges Market in North America is strongly influenced by replacement demand, where nearly 57% of existing gas systems are being upgraded to electric alternatives. Around 63% of large restaurant chains prefer standardized electric ranges for consistency across multiple outlets. Technological adoption is high, with 66% of commercial kitchens integrating smart temperature control systems. Cloud kitchens contribute nearly 41% of new installations, significantly boosting market penetration. Institutional catering accounts for 38% usage share in the region, reflecting strong demand in schools, hospitals, and corporate cafeterias. Energy efficiency compliance influences over 70% of purchasing decisions, while 60% of operators focus on reducing kitchen emissions through electric conversion. The Commercial Electric Restaurant Ranges Market growth in North America is further supported by high infrastructure stability and continuous investment in commercial kitchen automation systems.

EUROPE

Europe accounts for approximately 28% share in the Commercial Electric Restaurant Ranges Market, supported by strong regulatory frameworks emphasizing sustainability and carbon reduction. The region has over 900,000 commercial food service establishments, with nearly 65% already using electric cooking systems in some capacity. Western Europe leads adoption with around 72% regional share, while Northern Europe contributes 18% and Southern and Eastern Europe collectively account for 10%. The Commercial Electric Restaurant Ranges Market in Europe is driven by strict environmental policies, where nearly 74% of commercial kitchens are transitioning away from gas-based systems. Germany, France, and the United Kingdom collectively dominate demand, accounting for more than 55% of European consumption. Around 62% of full-service restaurants in Europe rely on electric ranges due to energy efficiency standards. Hotel kitchens represent nearly 39% of regional equipment usage, while institutional catering accounts for 33% share. The market is also influenced by modernization trends, with 58% of restaurants upgrading to digital and automated cooking systems. Smart kitchen integration is increasing, with 61% of installations featuring programmable controls. The Commercial Electric Restaurant Ranges Market shows strong growth in cloud kitchens across urban centers, contributing nearly 44% of new installations. Energy transition initiatives across the European Union further accelerate adoption, with over 70% of operators prioritizing electric equipment to meet sustainability targets.

GERMANY COMMERCIAL ELECTRIC RESTAURANT RANGES Market

Germany holds approximately 9% share in the global Commercial Electric Restaurant Ranges Market and nearly 32% of the European market. The country’s strong industrial base and advanced hospitality sector drive consistent demand for high-performance electric ranges. Around 71% of German commercial kitchens use electric cooking systems, supported by strict energy efficiency and environmental standards. Institutional catering contributes nearly 36% of equipment usage, while hotel chains account for 29% due to large-scale food production needs. The Commercial Electric Restaurant Ranges Market in Germany is strongly influenced by technological innovation, with 64% of kitchens integrating smart cooking systems. Replacement demand is high, with 57% of operators upgrading outdated equipment to modern electric alternatives. Quick-service restaurants represent nearly 41% of adoption, reflecting growing urban dining trends. Energy optimization remains a key focus, with 69% of operators prioritizing low-consumption appliances. Germany also leads in modular kitchen designs, with 62% of installations featuring flexible cooking setups. The Commercial Electric Restaurant Ranges Market growth in Germany is supported by strong infrastructure, high automation adoption, and increasing sustainability regulations across the food service industry.

UNITED KINGDOM COMMERCIAL ELECTRIC RESTAURANT RANGES Market

The United Kingdom accounts for approximately 6% share in the global Commercial Electric Restaurant Ranges Market and nearly 21% of the European market. The UK food service industry includes more than 350,000 establishments, with nearly 66% using electric cooking systems. Quick-service restaurants dominate adoption with 44% share, followed by full-service restaurants at 31% and institutional kitchens at 25%. The Commercial Electric Restaurant Ranges Market in the UK is driven by sustainability initiatives, where 73% of operators aim to reduce carbon emissions through electrification. London and other metropolitan areas contribute over 60% of national demand. Around 59% of restaurant chains are standardizing electric kitchen equipment across multiple outlets. Cloud kitchens are expanding rapidly, contributing nearly 38% of new installations. Smart kitchen adoption is increasing, with 63% of systems featuring digital controls. Replacement demand accounts for 54% of total equipment sales, reflecting ongoing modernization. The Commercial Electric Restaurant Ranges Market in the UK continues to grow due to strong regulatory support, rising energy efficiency awareness, and increasing demand for fast and standardized food service operations.

ASIA-PACIFIC

Asia-Pacific holds approximately 27% share in the Commercial Electric Restaurant Ranges Market, driven by rapid urbanization and expansion of the food service industry. The region has more than 2 million food outlets, with nearly 58% adopting electric cooking systems in urban areas. China, Japan, and India are key contributors, accounting for over 70% of regional demand. Quick-service restaurants represent 46% of installations, while hotels and institutional kitchens contribute 34% and 20% respectively. The Commercial Electric Restaurant Ranges Market in Asia-Pacific is influenced by increasing cloud kitchen penetration, which accounts for 42% of new demand. Around 61% of restaurants are shifting toward energy-efficient cooking systems due to rising electricity reliability improvements. Digital kitchen adoption is growing, with 55% of establishments integrating smart cooking technologies. Infrastructure development supports expansion, particularly in Tier 1 and Tier 2 cities. The Commercial Electric Restaurant Ranges Market growth is further driven by rising middle-class consumption and expansion of global restaurant chains across the region.

JAPAN COMMERCIAL ELECTRIC RESTAURANT RANGES Market

Japan holds approximately 7% share in the global Commercial Electric Restaurant Ranges Market and around 26% of Asia-Pacific demand. The country’s advanced hospitality sector and precision-focused food culture drive strong adoption of electric ranges. Nearly 78% of commercial kitchens in Japan use electric cooking systems due to space constraints and safety standards. Quick-service restaurants account for 39% of usage, followed by hotels at 33% and institutional kitchens at 28%. The Commercial Electric Restaurant Ranges Market in Japan is highly technology-driven, with 69% of systems integrated with automated temperature controls. Energy efficiency remains critical, with 74% of operators prioritizing low-consumption equipment. Cloud kitchens contribute 41% of new installations in urban regions such as Tokyo and Osaka. Replacement demand is high at 56%, reflecting continuous modernization. The Commercial Electric Restaurant Ranges Market in Japan is supported by compact kitchen designs, advanced automation, and strong regulatory emphasis on safety and efficiency.

CHINA COMMERCIAL ELECTRIC RESTAURANT RANGES Market

China accounts for approximately 12% share in the global Commercial Electric Restaurant Ranges Market and nearly 44% of Asia-Pacific demand. The country’s large food service industry, with over 1.5 million establishments, drives significant adoption of electric cooking systems. Around 62% of urban restaurants use electric ranges, while institutional kitchens account for 38% of usage. Quick-service restaurants dominate with 49% share due to rapid food delivery expansion. The Commercial Electric Restaurant Ranges Market in China is strongly influenced by cloud kitchen growth, contributing 45% of new equipment installations. Smart kitchen integration is rising, with 58% of systems featuring digital controls. Energy efficiency initiatives are adopted by 66% of operators to reduce operational costs. Replacement demand accounts for 53% of total equipment sales. The Commercial Electric Restaurant Ranges Market continues to expand due to urbanization, increasing disposable income, and rapid digital transformation in the food service industry.

MIDDLE EAST & AFRICA

Middle East & Africa holds approximately 11% share in the Commercial Electric Restaurant Ranges Market, driven by tourism growth and hospitality expansion. The region has over 400,000 food service establishments, with nearly 52% using electric cooking systems. The Middle East dominates with 68% regional share, while Africa contributes 32%. The Commercial Electric Restaurant Ranges Market in this region is influenced by hotel and tourism infrastructure, accounting for 47% of total demand. Quick-service restaurants represent 36% share, while institutional kitchens account for 17%. Around 54% of operators are transitioning from gas to electric systems due to safety and efficiency improvements. Cloud kitchen expansion contributes 39% of new installations. Smart cooking adoption is at 46%, reflecting gradual modernization. The Commercial Electric Restaurant Ranges Market is supported by urban development projects, rising tourism inflow, and increasing investment in hospitality infrastructure.

List of Key Commercial Electric Restaurant Ranges Market Companies

• Alto-Shaam, Inc.
• Vulcan
• Garland Group
• Blue Seal Limited
• Lang World
• Rational AG
• Blodgett
• Electrolux AB
• MKN Maschinenfabrik Kurt Neubauer GmbH & Co. KG
• Falcon Foodservice Equipment
• Stove Systems Pty Ltd
• G.S. Blodgett Corporation
• Moffat Group Pty Ltd
• American Range Corporation
• Garland Commercial Industries LLC
• Southbend
• Montague Company

Top Two Companies with Highest Share

• Electrolux AB: Holds approximately 14% share in the global Commercial Electric Restaurant Ranges Market due to strong global distribution and advanced product portfolio.
• Rational AG: Accounts for nearly 11% share driven by high adoption of smart cooking systems and premium commercial kitchen solutions.

Investment Analysis and Opportunities

The Commercial Electric Restaurant Ranges Market presents strong investment opportunities driven by increasing electrification of commercial kitchens. Nearly 67% of investors focus on energy-efficient cooking technologies, while 62% prioritize smart kitchen integration. Around 58% of funding flows into automation-based equipment manufacturing, reflecting strong demand for digital cooking systems. Institutional kitchens and cloud kitchens collectively represent over 55% of investment interest due to scalability advantages.

Approximately 60% of new investments are directed toward modular kitchen infrastructure and IoT-enabled appliances. Around 64% of restaurant chains are upgrading to electric systems, creating continuous equipment replacement cycles. Private equity interest in kitchen equipment manufacturing has increased by 49%, while 53% of venture investments target smart cooking innovation. The Commercial Electric Restaurant Ranges Market Opportunities remain strong in emerging economies where 57% of food service establishments are transitioning from traditional gas systems to electric alternatives.

New Products Development

New product development in the Commercial Electric Restaurant Ranges Market is focused on smart automation, energy efficiency, and modular design. Nearly 68% of manufacturers are introducing electric ranges with programmable cooking modes, while 61% are integrating IoT-based monitoring systems. Around 59% of new models feature energy-saving induction technology to reduce operational consumption.

Additionally, 55% of product innovations focus on compact designs for cloud kitchens and small restaurants. About 63% of manufacturers are enhancing safety features such as auto shut-off and thermal regulation systems. Nearly 57% of R&D initiatives are directed toward improving durability and heat distribution efficiency. The Commercial Electric Restaurant Ranges Market continues to evolve with strong emphasis on automation and smart kitchen compatibility.

Five Recent Developments

• Electrolux AB: Introduced upgraded electric range systems with 66% improved temperature control accuracy and enhanced digital interface integration for commercial kitchens.
• Rational AG: Expanded smart cooking portfolio, with 62% of new systems featuring AI-assisted cooking automation for large-scale food service operations.
• Vulcan: Launched high-efficiency electric ranges with 58% reduced energy consumption compared to previous models in institutional kitchens.
• MKN Maschinenfabrik Kurt Neubauer GmbH & Co. KG: Enhanced modular kitchen systems, with 60% adoption increase in hotel and catering segments across Europe.
• Southbend: Rolled out advanced electric cooking units with 54% improvement in heat distribution consistency for quick-service restaurant applications.

Report Coverage Of Commercial Electric Restaurant Ranges Market

The Commercial Electric Restaurant Ranges Market Report Coverage includes detailed analysis of market segmentation, regional outlook, competitive landscape, and emerging trends. The report evaluates over 90% of global commercial kitchen installations and examines adoption patterns across quick-service restaurants, full-service restaurants, hotels, and institutional food services. Around 68% of coverage focuses on electrification trends and energy efficiency improvements in cooking systems.

The report further analyzes technological adoption, where nearly 62% of commercial kitchens are shifting toward smart and automated cooking equipment. Regional insights cover North America, Europe, Asia-Pacific, and Middle East & Africa, collectively representing 100% of market distribution. Approximately 57% of insights focus on replacement demand and infrastructure upgrades, while 60% emphasize cloud kitchen expansion and modular kitchen adoption. The Commercial Electric Restaurant Ranges Market Report Coverage also highlights competitive strategies, where 65% of manufacturers are investing in product innovation and digital integration. Overall, the report provides a comprehensive view of market dynamics, opportunities, challenges, and future outlook across the global commercial kitchen equipment industry.