Commercial Refrigerators Market In Asia Pacific Is Expected To Reach US$38.83 Bn Exhibiting A CAGR Of 9.8%
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.
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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.
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.
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 commercial refrigerators is also likely to increase considerably in India, Australia, New Zealand, South Korea, and Rest of Asia Pacific.
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.
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The refrigerated display segment is further categorized into plug-in and remote refrigerated display. By freezer type, the market has been classified into vertical freezers, chest freezers, and ice-cream freezers. In terms of glass door refrigerators, the market comprises glass door refrigerators with storage capacities of 6.1 Cu. Ft. to 9.0 Cu. Ft., 3.1 Cu. Ft. to 6.0 Cu. Ft., 0.5 Cu. Ft to 3.0 Cu. Ft., and others with a storage capacity of more than 9.0 Cu. Ft. Likewise, the fridge freezer segment includes single-door and multi-door fridge freezers.
By retail channel, hypermarkets in Asia Pacific are likely to demonstrate the highest demand for commercial refrigerators in 2015. As per TMR, the segment held approximately 30.6% of the market in 2015. Favorable policies encouraging the setting-up of hypermarkets across Asia Pacific will seal the dominance of this segment through the forecast period.Apart from this, the demand for commercial refrigerators is also expected to rise significantly across supermarkets, restaurants, and convenience stores in Asia Pacific.
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.