Asia-Pacific (APAC) Commercial Refrigeration Equipment Market – Analysis and Forecast To 2024, Hussmby VynZ R. VynZ Research.Industry
The Asia-Pacific (APAC) commercial refrigeration equipment market is expected to grow at a CAGR of 9.5% during the forecast period with its market size predicted to reach USD 28.3 billion by 2024. The APAC commercial refrigeration market is anticipated to be driven by factors such as the increasing food and beverages industry, rising demand for ready-to-eat food, and increasing urbanization.
Commercial refrigeration equipments are the freezers and refrigerators used in supermarkets, restaurants, restaurants, commercial kitchens and convenience stores. This refrigeration equipment is of two types, firstly those which can be self-contained, wherein the whole system that includes the refrigeration case and the refrigeration system are combined.
Insight by Application
On the basis of application, the commercial refrigeration equipment market is segmented into food and beverage distribution, food service, food and beverage retail and others. Among all these segments, food service category accounted for the largest share in the market in 2018. The growth of the market for this application is attributed towards increasing utilization of foodservice refrigeration equipment in ensuring the quality of food from the supplier to the consumer.
Key players in the commercial refrigeration equipment market are focusing more on product and services launch to meet the growing demand for refrigeration equipment, leads to strengthening their position in the market. The top three companies accounted for the majority of the revenue share in 2018 in the APAC commercial refrigeration equipment market. United Technologies Corporation was the largest player in 2018, accounting for highest market revenue share in the market.
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Some of the major players operating in the APAC commercial refrigeration equipment market are 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.
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Created on Feb 18th 2020 02:29. Viewed 201 times.