APAC Commercial Refrigeration Equipment Market Analysis 2018 to 2023 With Market Size, Growth, Revenue, Trends And Forecast

The APAC commercial refrigeration equipment market is projected to reach $24.4 billion by 2023. Growing food and beverage industry, and increasing urbanization are the key factors driving market growth.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. Among these, hotels/restaurants and catering category held the largest market share of 27% in 2017. However, e-commerce is expected to be the fastest growing end user category in terms of value, during the forecast period.

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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. According to the Ministry of Commerce of the People’s Republic of China, supermarkets in the country are growing at a rate of 11.5% year-over-year and is further anticipated to grow at faster pace.

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. Modern food retail is supported by the growth of cold supply chain infrastructure for chilled, fresh and processed foods. The growth of cold supply chain infrastructure is supported by the rising concerns of food wastage annually.

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Additionally, the dairy industry in APAC is expected to record CAGR of 4.2% during 2016-2021, followed by beverage and poultry industry (CAGR of 2.8% and 1.3%, respectively). The trend of eating out is fueling the food and beverage industry, in-turn propelling the demand for commercial refrigeration equipment in food service industry. In 2016, consumer spending was over 1,000 billion (PPP) which fueled the growth of food and beverage industry in APAC further supporting the sales of commercial refrigeration equipment.

The intensity of rivalry among players in the APAC commercial refrigeration equipment market is moderate. The top three players in the market accounted for a majority share in 2017. In the recent past, product and services launches, and partnerships were the major activities in the market. United Technologies Corporation, Dover Corporation, and Frigoglass S.A.I.C were involved in product and services launch in the market. Additionally, Hussmann Corporation, Frigoglass S.A.I.C, and AB Electrolux were involved in partnerships to expand their businesses in other countries.

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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