The Asia-Pacific APAC commercial refrigeration equipment market is expected to grow at a CAGR of 9.6% during the forecast period 2023-2030, reaching a market size of $30.3 billion by 2030.
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The growth of the commercial refrigeration equipment market in APAC is attributed to a number of factors, including the thriving food and beverage industry, a growing demand for ready-to-eat food, and the continuous trend of urbanization in the region.
Key Market Drivers
- Thriving food and beverage industry: The APAC food and beverage industry is one of the largest and fastest-growing industries in the world. This growth is being driven by a number of factors, including increasing urbanization, rising disposable incomes, and changing consumer preferences. The growth of the food and beverage industry is driving the demand for commercial refrigeration equipment, as restaurants, hotels, and supermarkets need to store and preserve food and beverages safely and efficiently.
- Growing demand for ready-to-eat food: The demand for ready-to-eat food is growing rapidly in APAC, as consumers are increasingly busy and looking for convenient food options. This trend is driving the demand for commercial refrigeration equipment, as convenience stores and supermarkets need to store and display a wide variety of ready-to-eat food products.
- Continuous trend of urbanization: Urbanization is a major trend in APAC, as more and more people are moving to cities. This trend is driving the demand for commercial refrigeration equipment, as urban areas have a higher concentration of restaurants, hotels, and supermarkets.
Key Market Trends
- Increasing demand for energy-efficient equipment: The increasing cost of energy is driving the demand for energy-efficient commercial refrigeration equipment. Manufacturers are developing new technologies to improve the energy efficiency of their products. For example, some manufacturers are using natural refrigerants, such as carbon dioxide and ammonia, to reduce energy consumption.
- Growing demand for smart refrigeration equipment: The growing adoption of the Internet of Things (IoT) is driving the demand for smart commercial refrigeration equipment. Smart refrigeration equipment is equipped with sensors and software that collect data on temperature, humidity, and other factors. This data can be used to monitor and optimize the performance of the equipment, which can lead to energy savings and reduced food waste.
Competitive Landscape
The APAC commercial refrigeration equipment market is highly competitive, with a number of domestic and international players vying for market share. Some of the key players in the market include:
- Dover Corporation
- Electrolux AB
- Illinois Tool Works Inc.
- Frigoglass S.A.I.C.
- Panasonic Corporation
- Hitachi Appliance, Inc.
- Mitsubishi Electric Corporation
- Haier Group Corporation
- Gree Electric Appliances, Inc. of Zhuhai
- Midea Group Co., Ltd.
- Guangdong Kelon Electrical Holdings Co., Ltd.
Conclusion
The APAC commercial refrigeration equipment market is expected to witness significant growth in the coming years, driven by the thriving food and beverage industry, a growing demand for ready-to-eat food, and the continuous trend of urbanization in the region. Manufacturers are focusing on developing new technologies to improve the energy efficiency and performance of their products.
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