Commercial Refrigerators Market: Introduction of Smart and Solar Powered Commercial Refrigerators to Bring Lucrative Opportunities

The prime players in the Asia Pacific commercial refrigerators market are taking steps to raise their product portfolio for keeping pace with the competition prevalent in the market, as per Transparency Market Research (TMR). The names of some of the prime players are Midea Group and Haier Electronic Group Co. Ltd. This market has a huge count of domestic and international players that have huge share in South Korea, Thailand, India, and China. This market will experience an increased competition and will expand more with the passage of time owing to the fact that the manufacturers are targeting on improving the product innovation and customer experience. The purchasing power of consumers and enhancement in retail channels will hold growth opportunities of the companies dominant in the Asia Pacific refrigerators market.

The commercial refrigerators market in Asia Pacific is predicted to touch US$38.83 bn by 2024 from a valuation of US$16.99 bn in 2015, rising at a 9.80% CAGR from 2016 to 2024. In terms of beverage refrigerator type, the segment of beverage refrigerator led the market on the basis of revenue in 2015 and held a share of 57.2% in the same year. The skyrocketing tourism sector is fuelled beverage refrigerators ‘sales. On the other hand, the wine refrigerators will supersede the beverage refrigerators segment owing to the increasing consumption of alcohol in the Philippines.

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Cheap Prices of Commercial Refrigerators to Boost their Demand in China

In terms of geography, the China commercial refrigerators market will hold a top share in the market by 2024. The presence of commercial refrigerators at cheap prices owing to the proliferation of both international and local manufacturers is augmenting the development of the market in this nation at a growth rate of 7.30% over the forecast horizon. In addition, the growing foreign direct investments within the sector of food retail is also presenting a swift push to the growth of the commercial refrigerators market in china.

The Asia Pacific commercial refrigerators market is fuelled by the booming retail and food sectors within Asia Pacific. The growing population of working women, the hectic lifestyles of individuals, increasing expenditure on convenience food will also provide impetus to the adoption of packaged food and beverages, hence fuelling the development of this market in Asia Pacific. In addition, the growing count of supermarkets, restaurants, cafes, and grocery stores will also augment the commercial refrigerators’ sales within this region. Furthermore, the increasing awareness regarding green appliances that are energy-efficient have also encouraged the adoption of commercial refrigerators that are eco-friendly, states a TMR analyst.

Proliferation of Alternate Packaging Solutions May Come Up as Roadblock in Market Growth

However, the proliferation of alternate packaging solutions such as temperature-controlled packaging may inhibit the large-scale implementation of commercial refrigerators within Asia Pacific. In addition, the soaring cost of maintenance and procurement of commercial refrigerators is also a bottleneck in the development of the market in Asia Pacific.

Nonetheless, the introduction of smart and solar powered commercial refrigerators will bring in new opportunities in the market for commercial refrigerators in Asia Pacific”, says a TMR analyst.

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This release was published on openPR.