Status : Published | Published On : Jan, 2024 | Report Code : VRSME9059 | Industry : Semiconductor & Electronics | Available Format : | Page : 161 |
The Commercial Refrigeration Equipment Market In The Asia-Pacific (APAC) region is poised for significant growth in the forecast period, with a projected compound annual growth rate (CAGR) of 9.6%. By 2030, the market size is expected to soar to USD 30.3 billion. This expansion can be attributed to several key factors, including the thriving food and beverages industry, a growing demand for ready-to-eat food, and the continuous trend of urbanization in the region.
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.
Market Segmentation
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 2022. 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.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. X.XX Billion |
Revenue Forecast in 2030 |
U.S.D. 30.3 Billion |
Growth Rate |
9.6% |
Segments Covered in the Report |
By Equipment Type, By Application and By End user |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
China, Japan, India, South Korea, Australia, Rest of APAC |
Industry Dynamics
Industry Trends
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.
Growth Drivers
The growth of the commercial refrigeration equipment market is driven by two key factors: the expansion of the food and beverage industry and rapid urbanization.
In the 21st century, Asian countries experienced significant industrial growth and a rise in disposable income, leading to a rapid increase in urbanization. As the population in Asia continues to grow, more people are migrating to urban areas in search of better living standards and job opportunities. This demographic shift has resulted in a surge in the number of supermarkets, hypermarkets, hotels, restaurants, and other commercial establishments. Consequently, there is a growing demand for commercial refrigeration equipment to cater to the needs of these businesses.
According to the United States Economic and Social Commission for Asia and the Pacific, the Asia-Pacific region has traditionally been predominantly rural. However, starting from 2018, there has been a notable shift with more people now residing in urban areas than in rural areas. The region currently houses over 2.1 billion urban residents, accounting for approximately 60 percent of the world's urban population. From 1980 to 2010, the number of cities in the region grew by more than 1 billion, and it is projected that another billion will be added by 2040. This continuous urbanization trend further contributes to the increasing demand for commercial refrigeration equipment.
Overall, the growth of the commercial refrigeration equipment market can be attributed to the expansion of the food and beverage industry and the ongoing process of rapid urbanization in Asian countries.
Competitive Insight
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 2022 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.
The Asia-Pacific (APAC) Commercial Refrigeration Equipment Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN
APAC Commercial Refrigeration Equipment Market