|Status : Published||Published On : Jun, 2019||Report Code : VRSME9059||Industry : Semiconductor & Electronics||Available Format :||Page : 161|
The Asia-Pacific (APAC) commercial refrigeration equipment market is expected to grow at a CAGR of 9.5% during the forecast period with its market size predicted to reach USD 28.3 billion by 2024. The APAC commercial refrigeration market is anticipated to be driven by factors such as the increasing food and beverages industry, rising demand for ready-to-eat food, and increasing urbanization.
Commercial refrigeration equipments are the freezers and refrigerators used in supermarkets, restaurants, restaurants, commercial kitchens and convenience stores. This refrigeration equipment is of two types, firstly those which can be self-contained, wherein the whole system that includes the refrigeration case and the refrigeration system are combined.
Insight by Product
On the basis of product, commercial refrigeration equipment market is segmented into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, display cases, parts, ice making machineries, and others. The other equipment types include vending machines, cryogenic equipment and liquid chillier.
Of all, walk-in coolers hold the largest share in the market due to the increasing purchasing power of the consumers, which leads to increase in the consumption of ready-to-eat food, which in turn, drives the growth of this segment. In addition, increasing number of supermarkets and hypermarkets in the region is also increasing the demand for walk-in coolers. However, the ice making machineries is expected to grow at the fastest rate during the forecast period due to the increasing number of cafes, bars, and stores in the region.
Insight by Application
On the basis of application, the commercial refrigeration equipment market is segmented into food and beverage distribution, food service, food and beverage retail and others. Among all these segments, food service category accounted for the largest share in the market in 2018. The growth of the market for this application is attributed towards increasing utilization of foodservice refrigeration equipment in ensuring the quality of food from the supplier to the consumer.
Insight by End User
On the basis of end-user, the commercial refrigeration equipment market is segmented into hotels/restaurants & catering, convenience stores, supermarkets, hypermarkets, e-commerce, and others. The other category includes hospitals, educational institutions, large pharmaceutical stores, medical and life sciences. Among these segments, the hotels/restaurants and catering category is the largest end-user of refrigeration equipment in commercial application.
One of the major trends witnessed in the APAC commercial refrigeration market is a shift from fluorinated refrigerants to natural refrigerants owing to the increasing concern towards global warming.
The key factors pertaining towards the growth of the commercial refrigeration equipment market are the growth in food and beverage industry and rapid urbanization.
With the start of 21st century, the industrial boom and increasing disposable income resulted in rapid urbanization in the Asian countries. With the rapid growth in population in this Asia, people are migrating to urban areas for higher standard of living and job opportunities, together with the drift in demography the factor is leading to increase in the number of supermarkets, hypermarket, hotels, restaurants, and others, which in turn creates demand for the commercial refrigeration equipment. As per the United States Economic and Social Commission for Asia and the Pacific, the Asia-Pacific region has until recently been predominantly rural, but from 2018 there will be more people living in urban areas than rural areas. The region is home to more than 2.1 billion urban residents or 60 percent of the world’s urban population. Between 1980 and 2010, the region’s cities grew by more than 1 billion, and 1 billion further will be added again by 2040.
Key players in the commercial refrigeration equipment market are focusing more on product and services launch to meet the growing demand for refrigeration equipment, leads to strengthening their position in the market. The top three companies accounted for the majority of the revenue share in 2018 in the APAC commercial refrigeration equipment market. United Technologies Corporation was the largest player in 2018, accounting for highest market revenue share in the market.
Some of the major players operating in the APAC commercial refrigeration equipment market are United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Frigoglass S.A.I.C., Hussmann Corporation, Emerson Electric Co., and Fujimak Corporation.
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