On the basis of refrigerant type, the APAC industrial refrigeration systems market is categorized into ammonia (NH3), hydrofluorocarbons (HFC) carbon dioxide (CO2), and others, which include hydrochlorofluorocarbons (HCFC), chlorofluorocarbons (CFC), fluorocarbons (FC), air, hydrocarbons (HC), and water (H2O). Among these, the CO2 category will witness the highest CAGR during the forecast period owing to the banning of HFCs, HCs, HCFCs, and FCs as refrigerants, owing to their high Global Warming Potential (GWP).
Since the signing of the Montreal Protocol and coming into force of the F-gas Regulations, several developed countries around the world have adopted cleaner refrigerants, and the trend is now picking up in developing countries as well. Apart from not leading to ozone depletion on its own, CO2 is 5% more energy-efficiency than conventional refrigerants, which further helps in controlling air pollution by reducing the amount of fossil fuels burnt at thermal power plants.
Since China and India are two of the most-polluted countries in the world, eco-friendly refrigerants are being strongly promoted here. As a result of all the above-mentioned factors, the APAC industrial refrigeration systems industry was dominated by China during the historical period (2013–2017). The fastest growth in the market during the forecast period will be seen in India on account of its high-volume production of milk, fruits and vegetables, and fish.
Moreover, India is reeling under the COVID-19 pandemic, which is why the government is boosting the healthcare and pharmaceutical sectors. As per a February 2021 report in the Business Standard, Gavi, the Vaccine Alliance, a healthcare support agency based in Switzerland, is working with the World Health Organization (WHO) to supply 200 million for the first phase of vaccination in India.
Therefore, with the growing food and beverage, pharmaceutical, and cold chain sectors, the demand for industrial refrigeration systems will keep increasing in the APAC region. This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings