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

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.

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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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