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Asia-Pacific Commercial Refrigeration Equipment Market Growing Demand and Opportunities With Future Trends by 2023; Daikin Industries Ltd, Whirlpool Corporation, Panasonic Corporation and Hitachi Ltd., Hoshizaki Electric Co. Ltd, LG Corporation, Samsung E
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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.
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.
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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.
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P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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