Commercial Refrigerator Market Future - Liebherr Partnership With Microsoft For Development of Smart Refrigerators
The presence of a large number
of domestic and international manufacturers has rendered the
landscape in the Asia Pacific commercial refrigerators market highly
competitive. As per Transparency Market Research (TMR), Midea Group
and Haier Electronics Group Co. Ltd. led the Asia Pacific commercial
refrigerators market in 2015. These companies have been increasingly
focusing on product innovation and improving customer experience in
order to gain a competitive advantage in the market.
For instance, Liebherr entered
into a partnership agreement with Redmond based Microsoft Corporation
in April 2016 for the development of smart refrigerators based on the
premise of the Internet of Things (IoT). More such developments are
expected to be reported from the market.
A substantial number of
enterprises in the market are looking to expand their product
portfolio in order to achieve sustainable growth. Apart from
investing in product innovations, the key players are also focusing
on competitive pricing to keep pace with the prevailing competition.
However, according to TMR, improvements in retail channels hold the
key for long-term growth for players operating in the Asia Pacific
commercial refrigerators market.
Booming Food and Retail
Industry in Asia Pacific Holds Promise for Commercial Refrigerators
Sales
The booming food and retail
industry in Asia Pacific is fuelling demand for refrigerators with
innovative design. Unlike the refrigerators used in domestic
applications, the ones used for commercial purposes have a high
storage capacity and an expansive operating temperature suitable for
a plethora of product types.
The growth witnessed in the
Asia Pacific retail industry is also attributed to the increasing
consumption of packaged food and beverages. “Due to the hectic
lifestyle of consumers and their increasing willingness to pay for
convenience food, the demand for packaged food and beverages is
expected to surge exponentially in the near future,” said a TMR
analyst. This is a primary factor driving the market for commercial
refrigerators in Asia Pacific. “Furthermore, the increasing number
of supermarkets, cafes, and restaurants will substantially bolster
sales of commercial refrigerators in Asia Pacific,” he added.
Besides this, the importance
of energy efficiency in commercial and consumer appliances has
considerably increased in the last few years. The rising awareness
about green appliances has paved the way for the advent of
eco-friendly commercial refrigerators.
High Prices Discourage
Deployment of Commercial Refrigerators across Small Retail Outlets
Contrary to this, the high
cost procurement and maintenance costs of commercial refrigerators
are hindering the growth of the market to an extent. Due to their
high price, small retailers tend to look for more affordable
alternatives. This limits the sales of commercial refrigerators to
smaller establishments such as cafes and local retailers. In
addition, the availability of alternate packaging solutions such as
temperature-control packaging is hindering the sales of commercial
refrigerators in Asia Pacific.
Advent of Smart and Solar
Commercial Refrigerators Presents a Fresh Opportunity
Dramatic changes have been
witnessed in commercial appliances over the last few years. The high
energy consumption of these appliances has led to the introduction of
smart and solar powered commercial refrigerators. With leading name
brands venturing into the development and manufacturing of
solar-based commercial refrigerators, the market witnesses lucrative
prospects to gain from in the near future.
This review is based on
information published by TMR in a report, titled “Commercial
Refrigerators Market - Asia Pacific Industry Analysis, Size, Share,
Growth, Trends and Forecast 2016 – 2024,”
Read Market Report @
http://www.transparencymarketresearch.com/asia-pacific-commercial-refrigerators-market.html
As per TMR, the Asia Pacific
commercial refrigerators market stood at over US$16.99 bn in 2015.
Exhibiting a CAGR of 9.8%, the market is expected to reach US$38.83
bn by the end of 2024. Volume-wise TMR forecasts the market to reach
60,253 thousand units by 2024 from 28,896 thousand units in 2015.
China emerged as the leading contributor in the Asia Pacific
commercial refrigerators market accounting for a share of 33.5% in
2015
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