Asia Pacific Commercial Refrigerators Market: Key Trends
The commercial refrigerators market in Asia Pacific will continue to rise, with China leading the market from the front, Transparency Market Research says. As the region faces the mushrooming of convenience stores, hypermarkets, super markets, grocery shops, and restaurants, the installation of commercial refrigerators is expected to rise considerably in the forthcoming years. Along with this, the conspicuous demand for energy-efficient solutions will pave the way for research and development activities in the market.
With opportunities for foreign direct investment widening in the food retail sector, Transparency Market Research (TMR) expects the commercial refrigerators market in Asia Pacific to surge at a 9.8% CAGR between 2016 and 2024. Around this time, technologies such as magnetocaloric refrigeration, which offer 20% to 30% reduced energy consumption, will witness wider commercialization.
The booming hospitality sector and the food retail industry will enable the commercial refrigerators market in Asia Pacific to reach US$38.83 bn by 2024, rising steadily from nearly US$16.99 bn in 2015.
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Considerable Presence of Local and Multinational Players Helps Keep Prices of Commercial Refrigerators in China in Check
The commercial refrigerators market is gaining considerable traction across China, India, Thailand, and Indonesia. The rapid proliferation of quick service restaurants and the increasing penetration of multinational retailers in these countries have fuelled the demand for energy-efficient commercial refrigerators.
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China reports the highest demand for commercial refrigerators in Asia Pacific. It held over 33.5% of the Asia Pacific commercial refrigerators market in 2015. The country boasts a considerable presence of both local and multinational manufacturers; hence, commercial refrigerators are available at a comparatively lower purchasing cost in China. This will in turn propel the China commercial refrigerators market at a CAGR of 7.3% by revenue, from 2016 to 2024.
Demand for Beverage Refrigerators to Surge, Fuelled by Rising Tourism
The market for commercial refrigerators has been segmented based on beverage refrigerators, freezers, refrigerated display cases, glass door refrigerators, retail channels, and fridge freezers. Based on beverage refrigerator type, the market has been bifurcated into beverage refrigerator and wine refrigerator. In terms of revenue, the beverage refrigerator segment emerged dominant in the market, accounting for a share of over 57.2% in 2015. The growth witnessed in the tourism sector is expected to positively influence the sales prospects of beverage refrigerators during the forecast period. However, the segment is expected to lose its market share to the wine refrigerators as alcohol consumption increases in the Philippines.
Some of the most prominent companies operating in the market include Haier Electronics Group Co. Ltd., Liebherr Group, Hitachi, Ltd., Panasonic Corporation, LG Electronics, Samsung Electronics Co. Ltd., GE Appliances, Fukushima Industries Corporation, and others.
The coronavirus disease of 2019, now popularly known as COVID-19, has posed unprecedented mortality and morbidity in just a span of few months since 2019 in various parts of the globe. The causative agent SARS-CoV-2 has spread unexpectedly fast to populations worldwide with governments resorting to stay-at-home orders and other economic activity restrictions to minimize the health impacts. However, in recent times, industrial manufacturing and retail chains are gradually opening up especially in developing world. Thus, consumer demands have increased. This will also likely impact the consumer demands in end-use industries, thereby changing the course of Asia Pacific commercial refrigerators market in the foreseeable future.
Sustainable Technologies Attract Attention of Consumers in Asia Pacific Commercial Refrigerators Market
Commercial refrigeration technologies have become indispensable for a slew of industries such as food service chains, retail and groceries, and healthcare industry. Numerous economies in Asia Pacific have seen rapidly expanding consumer demand in these end-use industries. Prominently, the burgeoning retail food chains and hyperstores in urban regions in numerus economies have spurred the use of commercial refrigerators. The Asia Pacific commercial refrigerators market has been making advances on the back of the continuous technological advances toward making them more energy-efficient. The demand for environmentally friendly commercial refrigeration technologies that comply with regional regulations is expected to massively influence the market’s growth dynamics. For instance, such regulations have been discouraging the use of ozone-depleting substances (
ODS), motivating current users to replace their conventional technologies. Not only in Asia Pacific, but worldwide such substances who can adversely environmental affects have come under the scanner. These include chlorofluorocarbons (CFCs), hydrobromofluorocarbons (HBFCs), and hydrofluorocarbons (HFCs). Though a few of these materials are still used in commercial refrigeration systems, facility managers have become increasingly cautious in preventing any leaks.