Refrigeration Industry Trend Report

Market size and growth

According to the “2024-2029 China Refrigerant Industry Market In-depth Research and Development Prospect Investment Feasibility Analysis Report”, the global refrigerant industry market size will reach US$12.089 billion in 2023, and the compound annual growth rate is expected to be 4.18% from 2023 to 2029. This indicates that the global refrigerant market size will continue to grow in the coming years.

The market size of China’s refrigeration equipment industry has continued to grow in recent years, and although it will decline in 2022 due to fluctuations in domestic and foreign demand, it will still maintain a growth trend as a whole. With the stability of the macroeconomy and the recovery of market demand, the market size of the refrigeration equipment industry is expected to continue to expand.

Technological innovation and product upgrading

Technological advancements drive product innovation. New energy-saving and environmentally friendly refrigerants such as hydrofluoroolefins (HFOs) and hydrocarbon natural working fluid refrigerants (HCs) are emerging, which are expected to gradually replace traditional fluorinated refrigerants with lower environmental impact and higher efficiency.

The development of intelligent refrigeration technology is also an important trend in the industry. Technologies such as the Internet of Things, big data, and artificial intelligence will be widely used in the intelligent management and optimized operation of refrigeration equipment to improve energy efficiency and user experience.

Market demand and application fields

With the development of the global economy and the improvement of people’s living standards, the demand for refrigeration equipment will continue to grow. Especially in emerging markets and developing countries, there is still a lot of room for improvement in the penetration rate of refrigeration equipment.

Refrigeration equipment is widely used in domestic, commercial, and industrial applications. Household refrigeration equipment includes refrigerators, freezers, etc.; Commercial refrigeration equipment covers light and large commercial refrigeration products; Industrial refrigeration is used in petrochemical, food processing and other fields. In addition, emerging applications such as cold chain logistics will also bring new growth points to the refrigeration equipment industry.

4. Policy promotion and environmental protection requirements

Governments around the world continue to strengthen the formulation and enforcement of environmental protection laws and regulations, and promote the development of the refrigeration industry in a more environmentally friendly and efficient direction. For example, some countries have introduced stricter emission standards that restrict the use and sale of highly polluting refrigeration equipment.

At the same time, the government has also increased support for new energy, energy conservation and environmental protection to promote the green transformation of the refrigeration industry. This has helped to facilitate the development of the refrigerant industry towards low global warming potential (GWP) alternatives, such as natural refrigerants, HFOs, etc.

Industry competition and concentration

The market competition in China’s refrigeration equipment industry is fierce, but the market concentration is gradually increasing. Major players in the industry, such as Haier and Midea, have consolidated their market positions through technological innovation and brand building.

With the continuous development of the market and the intensification of competition, enterprises need to strengthen R&D and innovation, improve product quality and environmental performance to meet market demand and policy requirements.

Future prospects

Overall, the refrigeration industry will show trends such as technological innovation, market demand growth, policy promotion and increasing environmental protection pressure.

Industry enterprises need to pay close attention to market dynamics and technological development, strengthen R&D and innovation, improve product quality and environmental performance, and achieve sustainable development to meet market demand and policy requirements.

#commercialrefrigeration #refrigerationsystem #refrigerator #freezer #refrigereationequipment #refrigerationindustry #industrytrend