Asia-pacific (APAC) Commercial Refrigeration Equipment Market Size, Share and Growth Drivers by 2023
The APAC commercial refrigeration equipment market is projected to reach $24.4 billion by 2023 and and is forecasted to witness a CAGR of 9.3% during 2018–2023. Growing food and beverage industry, and increasing urbanization are the key factors driving market growth.
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On the basis of end user, the APAC commercial refrigeration equipment market has been categorized into hotels/restaurants & catering, supermarkets, hypermarkets, convenience stores, e-commerce and others, wherein ‘others’ include hospitals; educational institutions; large pharmaceutical stores; and medical and life sciences.
In terms of value, China dominated the APAC commercial refrigeration equipment market, during the historical period and is expected to continue holding the largest share, during the forecast period. This is attributed to growing food and beverage industry in the country. The major factors driving the growth of food and beverage industry are increasing disposable income, and growing supermarkets in the country.
The increasing demand for food and beverage industry is one of the most important factors driving the demand for commercial refrigeration equipment in the region. Frozen foods, food preservation, cold drinks which include alcoholic and non-alcoholic drinks are the products which require refrigeration. The growth of modern food retail is fueling growth of APAC commercial refrigeration equipment market.
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Some of the other key players operating in the APAC commercial refrigeration equipment market include Daikin Industries Ltd., Illinois Tool Works Inc., Johnson Controls International Plc, Fujimak Corporation and Emerson Electric Co.
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