The Asia-Pacific (APAC) commercial refrigeration equipment market is estimated to reach USD 29.3 billion by 2027, witnessing a 9.6% CAGR during the forecast period 2021-2027. The mounting demand for commercial refrigeration in the food & beverage industry, rapid urbanization, gradual shift to natural refrigerants owing to the rise in global warming, initiatives by the government to reduce greenhouse gas emission, has driven the growth of the Asia-Pacific (APAC) commercial refrigeration equipment market. Moreover, the e-commerce industry and fast-growing online retail channel for the sale of fresh and frozen foods are providing promising opportunities for the industry players in the Asia-Pacific (APAC) commercial refrigeration equipment market.
The COVID-19 pandemic has had an adverse impact on different industries such as travel & tourism, manufacturing, construction, and aviation in which commercial refrigeration equipment is used. Moreover, commercial refrigeration equipment is used in various end-use sectors like hotels & restaurants, supermarkets & hypermarkets, bakeries that are severely hit by the COVID-19 outbreak.
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Based on the application, the commercial refrigeration equipment market is segmented into food and beverage distribution, food service, food, and beverage retail, and others. Among these applications, the food & beverage industry dominates the market during the forecast period owing to the mounting demand for preserving and maintaining food quality, rising disposable income of consumers lead to inclination towards outdoor dining.
Key players operating in the Asia-Pacific (APAC) commercial refrigeration equipment industry: United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Frigoglass S.A.I.C., Hussmann Corporation, Emerson Electric Co., and Fujimak Corporation.
Source: VynZ Research
