Commercial Refrigeration Equipment Market Overview
In Asia-Pacific, commercial refrigeration equipment market is expected to grow at a CAGR 9.0% during the forecast period to reach $6,346.3 million by 2023.Commercial refrigeration equipment refers to equipment that are used to preserve perishable food items by maintaining the temperature in a way that keeps food fresh till consumption. They are getting widely used in commercial retail and storage for supermarkets, hypermarkets, and convenience stores. The market for commercial refrigeration equipment is also gaining traction on account of rising inclination towards unique retail concept which requires low refrigeration cost. High adoption of commercial refrigeration equipment during transportation process is anticipated to play significant role in the growth of commercial refrigeration equipment market.
On the basis of product type, transportation refrigeration is expected to witness the fastest growth in demand. The rising need to improve cold chain for preserving the harvested food till it reaches consumers is leading to the adoption of transportation refrigeration. Geographically, China is expected to witness the fastest growth during the forecast period as the large geographical area of country requires a well-developed commercial refrigeration infrastructure for food processing and food retail industries.
China is one of the largest producers of fruits and vegetables in the world. However, about 130 million tons of vegetables and 12 million tons of fruits are spoiled every year, due to lack of proper refrigeration infrastructure. On the basis of application, food & beverages retail is expected to witness the fastest growth t during the forecast period.
Commercial Refrigeration Equipment Market Dynamics
The surging urbanization in Asia-Pacific is leading to the development organized restaurants & food outlets, supermarkets, and hypermarkets, which is one of the prime growth factors of commercial refrigeration equipment industry. Stringent environmental regulations by government of different countries to overcome the use of fluorocarbon for cooling purpose is another major factor that is anticipated to drive the growth of commercial refrigeration equipment market.
In developing countries such as India, China, and Brazil, urban consumers have higher purchasing power than those living in the rural parts. In recent years, the state budgets of these countries have earmarked funds for the development of smart urban areas. The increasing level of urbanization is expected to boost the demand of refrigeration equipment in food processing industries, tier II and tier I restaurants, hypermarkets, and medium sized grocery stores, during the forecast period.
Stringent environmental regulations to overcome the usage of fluorocarbon as a refrigerant is anticipated to drive the demand of commercial refrigeration equipment industry. Due to the ozone depletion potential of fluorocarbons, the governments in the countries of Asia-Pacific are aiming to curb down their usage by making their refilling scarcely available or too expensive.
Growing concern towards environment is mandating the refrigerant manufacturers and suppliers to provide refrigerants that are environment friendly. HFC and CFC are getting replaced by ammonia, CO2, and hydrocarbon as a refrigerant (halogen free refrigerant) as they have zero-depletion potential of Ozone layer. Adoption of these refrigerant makes the commercial refrigeration equipment highly energy efficient and cost-effective. This factor is expected to drive the demand for commercial refrigeration equipment.
Commercial Refrigeration Equipment Market Competitive Landscape
Asia-Pacific commercial refrigeration equipment market is fragmented owing to the presence of a large number of local and regional players, which intensifies the degree of rivalry. The market is showing a robust growth, which leads to high intensity of rivalry. Some of the key players in the market are Daikin Industries Ltd, Whirlpool Corporation, Panasonic Corporation and Hitachi, Ltd., Hoshizaki Electric Co., Ltd, LG Corporation, Samsung Electronics, Qingdao Haier Co. Ltd, Ingersoll Rand Plc, Johnson Control Inc., Fujimak Corporation, and Dover Corporation.
Key competitors are specifically focusing on China and India for the expansion of their commercial refrigeration solutions, as these countries show a strong tendency to adopt commercial refrigeration equipment in the coming years.
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