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 increasing food and beverage industry and rapid urbanization are the major factors leading to the high demand for commercial refrigeration equipment in the APAC market.
Rapid Urbanization to fuel the growth of the commercial refrigeration equipment market
With the rapid growth in population in this Asia, people are migrating to urban areas for a 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.
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Walk-in coolers accounted for the largest revenue share in the commercial refrigeration equipment market
Based on equipment type, the commercial refrigeration equipment market is segmented into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, display cases, parts, ice-making machinery, and others. The other equipment includes vending machines, cryogenic equipment, and liquid chillier. Of all the equipment type, the walk-in coolers category 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.
China accounted for the largest revenue share in the commercial refrigeration equipment market
China is the largest commercial refrigeration equipment market in 2018 owing to the increasing food and beverage industry. The major reason for the growth of the food and beverage industry is increasing the number of supermarkets, hypermarkets, stores, and increasing disposable income in the country.
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 the 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.
Key Takeaway from the Report:
- Walk-in coolers hold the largest share in the market
- Of all the equipment types, the highest growth in the demand for the display cases has been observed over the last five years which is anticipated to remain the highest among all commercial refrigeration equipment types during the forecast period.
- The foodservice category is expected to witness the highest demand in the market
- The hotels/restaurants and catering category are the largest end-user of refrigeration equipment in the commercial application
- The intensity of rivalry among players in the APAC commercial refrigeration equipment market is moderate
- Major players are actively focusing on products launch to meet the growing demand for the equipment
- Some of the major companies involved in a product launch in the market are United technologies corporation
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players