According to P&S Intelligence forecasted to reach $10,696.1 Million by 2023 .The market has been witnessing considerable growth, mainly due to factors such as growing food and beverage processing industry and increasing cold chain market.
the APAC industrial refrigeration systems market is categorized into compressors, condensers, evaporators, controls and others (pumps, valves, vessels and auxiliary equipment). The compressor category generated highest market revenue share of over 35% in 2017, as the compressors hold the largest share in the initial cost of the equipment. However, owing to increasing significance of controls in the coming years, which enables improvement of efficiency and functionality of the whole industrial refrigeration system, the controls category is projected to grow fastest, during the forecast period.
the APAC industrial refrigeration systems market has been categorized into ammonia, carbon dioxide (CO2), hydrofluorocarbons (HFC) and others, wherein others include chlorofluorocarbon (CFC), hydrochlorofluorocarbon (HCFC), fluorocarbon (FC), hydrocarbon (HC), Air and Water (H2O). The ammonia-based industrial refrigeration units recorded the highest market share of about 40% in 2017. As the region edges closer to phasing out of HFC, owing to its high ozone depletion potential (ODP) and a global warming potential (GWP), several companies are currently considering ammonia as a viable alternative, which is relatively cheaper as well as highly efficient.
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Growing food and beverage processing industry in developing countries such as India and China, is one of the key drivers supporting APAC industrial refrigeration systems market growth. The processed and ready-to-eat food is now being consumed in majority of APAC countries. The food processing rate in developing countries is however quite low. China processes 40% of its food produce. While, India’s food processing industry ranks fifth in the world in terms of exports of processed foods. Moreover, considerable government support with ambitious ‘Make in India’ initiative is further supporting the food processing industry in the country.
The APAC industrial refrigeration systems market is highly competitive. The market is consolidated with top five companies accounting for over 60% of the total market in 2017.
Some of the major players in the APAC industrial refrigeration systems market include Johnson Controls International PLC, GEA Group Aktiengesellschaft, Industrial Frigo SRL, Emerson Electric Co., Bitzer Kühlmaschinenbau GmbH, Danfoss A/S, Daikin Industries Ltd, Mayekawa Mfg. Co. Ltd, Dover Corporation, United Technologies Corporation, and Ingersoll-Rand plc.
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the APAC industrial refrigeration systems market is categorized into compressors, condensers, evaporators, controls and others (pumps, valves, vessels and auxiliary equipment). The compressor category generated highest market revenue share of over 35% in 2017, as the compressors hold the largest share in the initial cost of the equipment. However, owing to increasing significance of controls in the coming years, which enables improvement of efficiency and functionality of the whole industrial refrigeration system, the controls category is projected to grow fastest, during the forecast period.
Enquire Before Purchase : https://www.psmarketresearch.com/send-enquiry?enquiry-url=apac-industrial-refrigeration-systems-market
Growing food and beverage processing industry in developing countries such as India and China, is one of the key drivers supporting APAC industrial refrigeration systems market growth. The processed and ready-to-eat food is now being consumed in majority of APAC countries. The food processing rate in developing countries is however quite low. China processes 40% of its food produce. While, India’s food processing industry ranks fifth in the world in terms of exports of processed foods. Moreover, considerable government support with ambitious ‘Make in India’ initiative is further supporting the food processing industry in the country.
The APAC industrial refrigeration systems market is highly competitive. The market is consolidated with top five companies accounting for over 60% of the total market in 2017.
Some of the major players in the APAC industrial refrigeration systems market include Johnson Controls International PLC, GEA Group Aktiengesellschaft, Industrial Frigo SRL, Emerson Electric Co., Bitzer Kühlmaschinenbau GmbH, Danfoss A/S, Daikin Industries Ltd, Mayekawa Mfg. Co. Ltd, Dover Corporation, United Technologies Corporation, and Ingersoll-Rand plc.
Get More Information Visit : P&S Intelligence
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